The January Challenge is here! Ready! Set! Toss!

this is from one of my favorite bloggers Jamie Novak on de cluttering I thought I'd put it out there as well.

I just started so who knows how many bags I will get done by end of January. Also a good time to start if you are thinking about selling your home this or buying. Good Luck to All.

Post in comments to tell me how you do.

The January
Challenge is here! Ready! Set! Toss!

The goal: challenge yourself to “toss” as many bags of stuff as
you can before the January 31st deadline.

Tossing can mean tossing in the garbage, recycling, donating,
giving to a friend, free-cycling or any other way you can think of to get a bag
of any size filled with unused stuff out of your home.

The big bag tossing has started so jump in today!

Will you be the winner? Will you toss the most bags?

Check in here to post your ongoing tally, share
photos, report progress, share thoughts, get ideas and stay motivated. I'll
check in too so I'll see you there!

Remember friends don’t let friends toss alone so forward this
email to a friend today, they'll thank you!

Underground Stroage Tanks

UST Funds Depleted/Program Suspended

The New Jersey Department of Environmental Protection has sent out notification that the “Petroleum Underground Storage Tank Remediation, Upgrade & Closure Fund (UST Fund) has been depleted. Therefore retroactive to May 3rd new UST Fund applications for both “leaking” and “non-leaking” tank programs will not be processed. These programs had previously provided grants to property owners for the removal, replacement and if needed remediation of petroleum tanks. Both programs are suspended until further funding becomes available. Applications are no longer being accepted for the “non-leaking” tank program however, applications for the “leaking” tank program will continue to be accepted and will be processed in the order which they were received once funding is secured. To view the NJDEP letter that was sent to NJAR^®,.Download USTProgramCancellation letter.

PREVIOUSLY

Governor Signs Underground Storage Tank Funding Law

On October 1, 2009, Governor Jon S. Corzine signedA-3739 into law. This new law, which NJAR^® strongly supported, allows homeowners replacing or closing petroleum underground storage tanks (UST's) to apply for reimbursement from the state before actually doing work on their UST. Prior to this law, homeowners had to expend their own funds before applying for reimbursement. In addition, the state will have to issue written confirmation to a homeowner that they are eligible for reimbursement funds to close or replace their UST before any work is actually done.

Legislature Approves Underground Storage Tank Fund Legislation

On June 25, 2009, the New Jersey State Senate approved A-3739, legislation which allows certain homeowners to apply for funding to replace or close an underground storage tank (UST) before they begin replacing or closing it. Under current law, homeowners must use their own funds to replace or close a UST before they can apply for funding. A-3739 changes this and also requires that written confirmation be given to homeowners stating their eligibility for reimbursement from the Petroleum Underground Storage Tank Remediation, Upgrade and Closure Fund. This legislation was previously approved by the General Assembly on March 16, 2009 and is now pending the approval of Governor Jon Corzine.

 

New Jersey law now provides grants and loans to homeowners and business owners who qualify from the Petroleum Underground Storage Tank Remediation, Upgrade and Closure Fund to help finance closure and associated remediation of unregulated underground storage tanks (USTs)before they begin to leak. For further details, read the full text of the law.

6 Worth The Price Fix Ups

1. Cleaning and Decluttering Remove any personal items, unclutter countertops, organixe closets and shelves nd make the home sprakling clean. ($299 cost $1990 RETURN)

2. Brightening. Clean all the windows inside and out, replace old curtains, update lighting fixtures and REMOVE ANYTHING BLOCKING the windows, that means also on the outside any shrubs, flowers that have not been trimmed in years. ($375 cost $1550 RETURN)

3. Smart Staging Rearrange furniture, bring in new accessories and furnishings to enhance rooms.incorporate artwork and play soft music in the background.($550 cost $2194 RETURN)

4. Landscaping enhancements Punch up the homes curb appeal in the front and back yards by adding mulch, bushes and flowers and ensuring current plants and grass are well cared for and manicured. ($540 cost $1392 RETURN)

5. Reparing electrical and plumbing. Fix leaks under sinks, remove any mildew stains, and make sure the plumbing is in working order. Update the homes electrical by updating outlets and any lights that don't work. ($535 cost $1505 RETURN)

6. Replacing or shampooing dirty carpets. Steam clean carpets, replace any worn carpets and repair any floors that creak. ($647 Cost $1739 RETURN)

All this is good and worth it as long as it has been taken care of PRIOR to putting the house on the market. So that it is in the best possible light when it first comes on the market. Doing it while it is on the market diminishes all that is being done because the first few weeks any one seeing the house already as their impression of it.

costs excerpted from home gain 2011 home sle maximizer survey. www.homesalemaximizer.com

 

 

Tell Congress: 20% Down Payments Put the American Dream Out of Reach

What's at Stake:

NAR believes Congress intended to create a broad QRM exemption. Evidence shows that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk, not high down payments. Proposals that require high down payments will drive more borrowers to FHA, increase costs for borrowers by raising interest rates and fees, and effectively price many eligible borrowers out of the housing market.

A provision in the Dodd-Frank Act requires that financial institutions retain 5% of the risk on loans they securitize. The purpose is to discourage excessive risk taking and create strong incentives for responsible lending and borrowing.

Congress came up with the QRM concept to ensure that banks were only putting up ‘safe’ loans for securitization. NAR supports this goal, but in practice, regulators have come up with draconian parameters for what constitutes a QRM.

NAR feels this will not only affect buyers, but would also affect the ability of home owners to sell their homes, since there would be fewer buyers who could qualify for home ownership.

NAR wants federal regulators to honor Congressional intent by crafting a QRM exemption that includes a wide variety of traditionally safe, well underwritten products such as 30-, 15-, and 10-year fixed-rate loans; 7-1 and 5-1 ARMs; and loans with down payments in the 5% to 20% range with PMI, where required, and with other features found in low-risk loans such as no prepayment penalties or balloon payments.

 According to NAR Research, 60% of recent home buyers made less than a 20% down payment, and it would take 14 years for a typical person to save up a 20% down payment to buy a median-priced home.

TAKE ACTION NOW! Click on link below and it will automatically send for you!

Please contact Congress today and ask them to make it clear to the regulators that this proposed regulation was not their legislative intent and to instead implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan.

Property Tax Appeals...how to

All properties have been assessed for 2011, so many homeowners start wondering whethter they should start a tax appeal or not.

Here are some guidlines about tax appeals I hope this helps you

1. Both buyers and sellers can benefit from tax appeals. 
    a. the seller can make thier property more appealing to prospective purchasers
    b. the buyer can potentially reduce their taxes by using their purchase price.

2. The Appeal Process:

    a.Filing deadline: APRIL 1st in ALL municipalities that have not had a municipal wide revaluation or   reassessment.

    b. MAY 1st or 45 days after the Final Notice pf Assessment in municipilaties that have undergone a Municipal wide revaluation or assessment.

    c. The filing deadline is STRICTLY ENFORCED. Failure to file your appeal by the deadline will result in you appeal being rejected.

3. Where will the appeal take place?

    a. COUNTY BOARD OF TAXATION    if the assesment is $1,000,000 or less, you must file with the County Board of Taxation (for me it is Monmouth)

    b. TAX COURT OF NEW JERSEY  if the assessment is more than $1,000,000 you have the right to file with   the Tax Court directly.

4. When is the date of Valuation?
    a. The Valuation date for Tax Appeals is  October 1st of the previous year. So in todays case it would be Oct. 1st 2010.

5. How Can I tell whether I am over- assessed?
    a. In New Jersey, most municipalities do not assess at 100% of true value.
    b. At what percentage of true value is my municipality assessing?
                Rumson:         84.96%
                Little Silver:   76.84%
                Sea Bright:     67.90%
                Red Bank:      100%

To find your municipality percentage value :  Tax equalization rate

6. How Does Assesed Value Compare to Implied Value?
     In the following hypothetical example I will use the above towns as an example:
            If your 2011 assessment is $500,000

            In Rumson your property is worth $588,512 using the 84.96%
I took the assessed value of $500,000 and divided it by town percentage value which in Rumson is 84.96%
    
            Little Silver: $650,703 using 76.84%
            Red Bank:     $500,000 using 100%

7. What does the homeowner have to prove?

    Assessing is not an exact science.

            You must Prove that the Implied Value is 15% TOO High
using the above example the Rumson owner is assessed at $500,000- the owner will have to demnstrate that the value was less than $511,771 as of October 2010 for any relief.

            How did I come up with this number?  on the chart that you clicked the above link, already has it done for you. 
        
If you want to do it manually you would take the percentage rate in this case 84.96% x1.15= 97.70 (upper rate). move the decimals over to the left. Then divide the assessed value again in this case $500,000ivided by .9770 =$511,770.726 and that' how it is done :)

 8. Appeal at Your Peril!!!
     a. When a homeowner appeals and their assessment is too low, their assessment can be INCREASED!
     b. The possibility of an increase is another reason that it is vital to consider engaging an attorney who focuses mainly on real estate tax appeals to examine the case.

9. Tax Court Value

    Residential Properties
        Tax Court Value generally equals Actual Market Value
        Sales Comparison Approach
        Cannot compare assessments or taxes to other properties -  
                    The question is what was the Property Worth as of October 1 2010?
                    in other words Is YOUR VALUE too versus the comparable sales?

10. How can a Realtor Help YOU the Homeowner?
      a. A Realtor can gather the information on comparable sale.
      b. A Realtor can use the MLS to locate sales data between October 1, 2009 and October 1, 2010.

            What is a comparable?
            It must have similar location, square feet, acreage, HOME TYPE, age, condition, amenities (pool, basement etc.)

     c. Make sure that the Comparable Sales are high Quality.
     d Questions to ask:
            -Was the sale marked non-usable? ( the SR1A's will have that marked, these are the papers that the town has on each property sale).
            - Was the property exposed on the market for a very long time?
            -Were there several offers made?
            -Was the seller UNUSUALLY motivated to sell?

Monmuth County Appeal paperwork

for more detailed information on assessments

Before starting the appeal proces you may want to get an appraisal done cost can be anywhere from $450 up.

As a buyer who has a contract on a property and feels that taxes and assessment is high can legally start an appeal before they close on the property. This way they can benefit from the appeal during their first year in the new home.

Please feel free to contact me or Ted Kuch contact below for more information. 

This information was obtained by me from a seminar that Edward Kuch held. He and his firm handle Real Estate Tax Appeals to contact them:
                                                    Edward J Kuch III 
                                                    Skoloff & Wolfe ,P.C. 
                                                    973.232.2972
                                                    [email protected]

Let them know where you got your information.

This information is deemed reliable and nnot guaranteed. Consult your professionals for accurate information pertaining to your individual situation.

 

 

Top 10 Cities Buy vs Rent

1. Minneapolis
2. Arlington, Texas
3. Miami
4. Fresno, Calif
5. San Antonio
6. Mesa, Ariz
7. Jacksonville, Fl
8. Phoenix
9. El Paso,Texas
10. Las Vegas

Minneapolis tops the list of US cities where home prices have become affordable that it makes more sense to buy a home than rent one according to the recent buy vs rent index published by the online website Trulia. The index's price to rent ratio is calculated using average list price compared with the average rent on a 2 bedroom apartment, condo or townhouse listing.

 

 

Showing a condo today that had valet parking

I am soo incensed today. I was showing condos to a family today in Long Branch, NJ along the ocean and one of the condos a high rise called the Imperial House had valet parking.

I told the man that I was a REALTOR and that I was only there for about 15 to 20 minutes and that my people were behind me. He said I still had to valet it as well as my people.

We valeted it and I showed the unit absolutely beautiful and unobstructed views of the ocean, then we went down to get our cars, and the guy actually stood there waiting for a tip. Can you believe that? Just for 15 minutes of parking? Now mind you there were spots right by the entrance marked for unit owners 30 minute parking only he could have let us park there, but no they wanted their tip money.

I wonder how many owners know about this and how do other REALTORS feel about this. Frankly I am NOT going to show the Imperial House during the summer months. I don't feel I should have to valet my car with them, as I am hoping to sell the Owners unit.

Tell me what do you think about that?

6/21/2010

I had posted this to a real estate community as well yesterday and this was on of the replies which really opened my eyaes and I am glad for it.

"Let me preface this by saying that you asked for opinions, so please don't be offended, it's just my opinion based on the facts you gave.

I would have tipped the guy for both my car and my clients' car, no questions asked. To do otherwise seems petty and I think would reflect badly on me as an agent.

Think about it - regardless of why, or for how long or shot a time, you are utilizing the valet services. You're a REALTOR hoping to sell a beautiful oceanside property, and if you do, you'll pocket a nice commission (thousands of dollars). The guy parking your car is probably minimum wage plus tips, and he has to park and retrieve your car just like he has to do with every other car who goes in and out of there. In your case, to not hold things up, he has to go get two cars at the same time since you guys came together and will be leaving together, which probably requires two guys servicing your group.

I would have pointed out to the prospective buyers the benefits of being able to afford a lifestyle that includes valet service for your vehicle. It's probably something that would resonate with anybody looking at that type of luxury property. Not to mention, it's safer for my wife and children (and myself) to be able to not have to park in a dark parking lot and then walk to the building - or the convenience of being able to unload the groceries right there at the front door and not trek across the lot, or any of a dozen or more advantages that such a service provides.

I hope to God that 1) you paid the valet tip (what would it be, a few bucks each car, five bucks each tops?) for your prospective buyers, and 2) that you didn't complain to them about it. Seriously, it would not reflect well on you, and I can only imagine the thoughts that it might provoke about you to them - like "why is she acting so cheap when we know she's going to make a fat check off of this sale?" or "I can't believe how awkward that was, and how rude she was to the valet", or "I can't believe she didn't pay the valet's tip for us", or who knows what other things they might've thought.

This was a chance to make your buyers see that buying this place would make them a big shot by upping their quality of life, and that you were a seasoned professional who could navigate that world but yet is so down to earth. I'm guessing that that isn't the impression they were left with, though. And that's unfortunate. Christopher Cassidy."

Thank you Christopher for opening my eyes and making me look at it from a different perspective.

#3 Priority for Remodel Curb Appeal!

Priority #3 - Crank Up the Curb Appeal

Small changes outdoors can really boost your home's curb appeal for a potential buyer. Here's where a $1,000 budget can create the biggest impact:

• Add a deck. If you're a handy guy or gal, or you have friends that fall into that category, consider building a wood deck to add to your home's outdoor living space. If you're not looking at a mammoth-sized deck you should be able to purchase the lumber, tools and supplies for less than a grand.

• Replace the lawn. HGTV suggests that if you can get the job done for your $1,000 budget, ripping up your existing lawn and replacing it with sod will positively impact your home's value. Just don't forget to water!

• Pretty up the entranceway. Draw buyers to your front door with attractive planters, flowers and a hardwood bench or set of chairs and a small patio table. Line the walkway with a border of perennial plants or simple lighting fixtures.

NJ Homebuyer Tax Credit

State Senate Approves Legislation Creating New Jersey Home Buyer Tax Credit

On June 10, 2010, the New Jersey Senate approved A1678, legislation creating a home buyer tax credit program in New Jersey. This legislation was previously approved by the General Assembly and is now awaiting Governor Chris Christie's signature.  

 

Since spring 2010, the New Jersey Association of REALTORS^® (NJAR^®) has discussed the possibility of the New Jersey Legislature passing a bill that creates a state tax credit program for home purchases. Recently legislation, A-1678/S-692, was approved by the General Assembly establishing a New Jersey Home Buyer Tax Credit Program under the state gross income tax for home purchases made within a one year period following enactment of the law.  As a means of bolstering the Garden State’s faltering economy, the bill creates a refundable tax credit of up to $15,000, or 5 percent of a home purchase price (whichever is less) for qualified home buyers. If eligible for the credit, home purchasers will receive the credit over three years, during which time the home purchased must be used as a primary residence.

Under the current bill, $75 million in funding is set aside for the purchase of newly constructed homes and $25 million will go towards purchase of previously occupied homes. While NJAR^® is working to have more money dedicated to the purchase of existing homes, the main focus of the bill is to put people in the building trades to work and stimulate the economy through income and sales tax revenue created by the new construction. NJAR^® submitted a memo explaining the economic benefits associated with enacting a state home buyer tax credit and expanding it to include more existing homes.

Before this legislation can become law, it must be approved by the full state Senate and be signed by Governor Chris Christie. The full Senate may vote on the bill as early as its next scheduled meeting on June 10, 2010. To date, we have not received confirmation as to whether Governor Christie is inclined to support the legislation

Odds and Ends Tips

Under the Sink Archives

Don't file away the manuals to your kitchen and bath fixtures, instead slip them into a zip lock plastic baggie and hang them in the cabinet under the respective sink. This way they will ALWAYS be there where and when you need them! Toss in the paint samples and spare cabinet hardware too.