Secaucus Real Estate Today - July/August 2016

8 CONSIDERATIONS FOR FINDING A GREAT MORTGAGE 

SECAUCUS 

JULY/AUGUST 2016 

REAL ESTATE TODAY 

8 GOLDEN RULES 

ABOUT PROPERTY 

LIENS 

A 7-Part 

Guide To 

Making 

Your 

FIRST 

OFFER 

7 WAYS TO SECURE A 

DOWN 

payment 

YOUR 6-PART GUIDE TO MAKING AN 

OFFER FOR A HOME 

7 PRINCIPLES OF 

locating 

AND BUYING 

pre-foreclosure 

SECAUCUS REAL ESTATE TODAY | July / August 2016 1 

A 7-PART GUIDE TO NEGOTIATING YOUR HOME’S SALE

contents 

05 

06 

09 

If 

13 

For 

17 

Closing 

20 

If 

25 

If 

30 

If 

Publisher’s and 

Editor’s Letter 

6 For Sale By Owner Mistakes 

You Should Avoid 

There are many mistakes that homeowners make when they 

conduct for sale by owner home sales. Be careful that you avoid 

making them by reading this important information. 

7 Answers To Your Questions 

About Loan Modification 

you have been wondering if loan modification may be right for 

you, listen up! Many homeowners that are having financial difficulty 

are turning to loan modification. 

7 Ways To Secure 

A Down Payment 

many home buyers, a down payment is an extremely important 

part of the equation. Learn many different strategies to use to 

obtain a down payment for your new home. 

8 Tips For Surviving 

Closing Costs 

costs may not be cheap, but let’s face it, they are a part of 

the process. Learn what to expect in terms of closing costs and who 

is responsible for paying them. 

An 8-Part Overview Of 

Avoiding Predatory Lending 

you are having a hard time paying your monthly mortgage, you 

may be a victim of predatory lending. Learn how to spot errors and 

learn whether a lawyer can help you. 

6 Tips For Finding And 

Screening Tenants 

you shall be renting out a property, you should screen your 

potential tenants. Learn how to create and use application forms 

to screen any tenants you are considering. 

7 Principles Of Locating And 

Buying Pre-Foreclosures 

you are in the market for a new house, consider buying a preforeclosure 

property. Buying a pre-foreclosure is a great way to get 

an excellent deal on your new home. 

2 SECAUCUS REAL ESTATE TODAY | July / August 2016

contents 

8 Considerations For 

Finding A Great Mortgage 

Obtaining the right mortgage with the best repayment terms is 

the key to successfully paying off your home. Be sure to learn 

as much as you can about your mortgage now. 

A 7-Part Guide To Making 

Your First Offer 

Selling a home is a complex process from start to finish. This 

information explains what you should consider when you 

receive your first offer on the home you’re selling. 

An 8-Step Guide To Buying 

Foreclosures For Profit 

Have you thought about purchasing a foreclosure to try to 

make a profit on it? If so, you should know that it may be 

difficult to make money on a foreclosure property. 

6 Tips For Finding 

Competent Inspectors 

You always have to be careful when calling for “professional” 

help. Often at times, the only goal of a so-called “professional” 

will be to make cash off what you unnecessarily spent. 

7 Questions And Answers On 

Home Loans And Appraisals 

If you are purchasing a home, you probably need to start 

thinking about appraisals and home loans. Learn more about 

these important aspects of buying a home starting now. 

8 Golden Rules About 

Property Liens 

There are many different types of liens. It is possible there 

may be a lien against your home or liens on a home you are 

considering buying. Learn more about liens today. 

A 7-Part Guide To 

Negotiating Your Home’s Sale 

These tips for home sellers will show you how to recognize 

certain situations in the process. This includes dealing with 

multiple offers and conflicts of interests. 

Your 6-Part Guide To Making 

An Offer For A Home 

The process of making your offer on a home has become more 

complicated of late. This guide will show you how to show the 

seller that you’re indeed serious. 

34 

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41 

45 

50 

53 

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62 

SECAUCUS REAL ESTATE TODAY | July / August 2016 

3

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SECAUCUS 


Issue 4 

JULY-AUGUST 2016 

Editor 

Sandra O’Connor 

Writer 

Daniel Pratt 

Head of Creatives 

Nyvia Ross 

Graphic Designer 

Kerwin Wepee 

Digital Property 

Managers 

Maharlika Matutinao 

Layla Anaya 

Digital Property 

Assistants 

Krystine Sitjar 

Warren Nietes 

Online Presence: 

Facebook 

Google+ 

Twitter 

Tumblr 

Pinterest 

For advertising concerns 

please contact KJ Ross at 

kjross@authoritativecontentllc.com 

Secaucus Real Estate Today’s 

magazine content cannot 

be copied or reproduced in 

any form without the written 

permission of the publishers. 

Secaucus Real Estate Today’s 

editors and publishers shall not 

be held liable for any unsolicited 

materials. All prices and 

specifications published in this 

magazine are subject to change 

by manufacturers, agency and 

retailers. 

Welcome to Secaucus Real Estate Today! This is our fourth issue and 

I’d like to personally thank all of you who have been on board with 

us from the beginning. I’d also like to introduce my assistant, Danny 

Pratt. Without further adieu, here is what’s new! 

For our July/August release, we cover topics pertaining to both 

prospective buyers and sellers, as well as landlords eager to learn 

about the tenancy process. For buyers, being a first-timer can be a 

tricky situation. How your first home turns out for you can affect 

your financial status for years to come, and influence your future dealings in major ways, so 

we cover the things you absolutely must know. These include making your first offer, surviving 

closing costs, securing a down payment, and finding a great mortgage. 

For sellers, we talk about avoiding common mistakes made during the For Sale By Owner 

process, negotiating your sale from strong and weak positions, and competent inspection. When 

it comes to Real Estate, the same basic concepts apply no matter the deal, so it’s important to 

have an understanding of the process from top to bottom. 

With Secaucus Real Estate Today, you’ll put yourself in a position to capitalize on a great Real 

Estate transaction, regardless of what side you’re playing. For even the more tricky situations 

such as dealing with predatory lending and purchasing foreclosures, we’ve got you covered 

with knowledgeable tips and guides. As always, thanks for reading and I hope to see you in the 

next issue! 

Best Regards, 

Welcome to the fourth issue of Secaucus Real Estate Today! I hope 

you are all in good health and spirits as we continue down the road 

into summertime. It feels like just yesterday I was addressing you 

all regarding the beginning of a bright and promising new year; the 

time really does fly by. 

For the sports fans, I’d like to congratulate the Cleveland Cavaliers 

on their championship victory in the NBA finals. For those who 

don’t follow the NBA, Cleveland previously had not won a major 

professional championship since 1964 as a city, when the Cleveland Browns won the NFL 

championship game. After a drought of over 50 years, it’s amazing to see how sports continue 

to unite entire cities. 

Here at Secaucus Real Estate Today, the team’s been very busy continuing to create guides 

and provide tips essential to your efforts in buying and selling homes. As always, our goal is 

to improve the content we provide for our readers and introduce new topics. From the more 

typical processes of Real Estate to the more unusual and perhaps difficult situations, we touch 

many areas in an effort to aid a wide variety of visitors like you. 

Our editor, Sandra O’Connor, as well as her assistant, Danny Pratt, will take you through the 

specifics of what makes this issue special. I wish you all the best of luck, and I look forward to 

greeting you in our next issue! 

Regards, 

Kenan Ross 

KENAN ROSS 

CEO 

Authoritative Content 


SANDRA O’CONNOR 

Editor 

Secaucus Real Estate Today Magazine 

PUBLISHER’S FOREWORD 

LETTER FROM THE EDITOR 


5

6 FOR SALE BY OWNER 

MISTAKES YOU SHOULD 

AVOID 

by 


Follow Us: 

While a For Sale By Owner sale may sound like a good idea, you need to know what you 

are getting into before you attempt to sell your home on your own. 

Are you wondering whether or not it it 

possible to sell your home yourself? 

The answer is yes. However, it may 

not be advisable to do so if you do not 

have the necessary knowledge and experience 

to do so. Here are a few mistakes you need to 

avoid if you wish to have a For Sale By Owner 

and sell your home yourself. 

When the time comes for home-owners to 

sell their houses, many people elect to work 

without the aid of a real estate agent. This can 

be for a variety of reasons, but the biggest 

one is often to save money on the commission 

that you would be paying your agent; which is 

often 5-6 percent of your home’s total value. 

While many people have seen great success 


Closing costs may not be cheap, but let’s face it, they are a part of the process. Learn what to expect for 

closing costs and who is expected to pay them. 

CLICK HERE TO READ ON PAGE 17 

selling their homes on their own, there are 

some definite risks to this method, which will 

be elaborated on below. 

ASKING FOR THE WRONG PRICE 

1 Buyers aren’t going to take any interest 

in your property if you’ve priced it 

too high. Buyers being guided by agents who 

know property values will avoid your home, 

and you will miss out as it sits on the market. 

Alternatively, if you don’t ask for enough on 

your house, you could end up selling yourself 

short on thousands of dollars because you 

don’t know what the market value is. You might 

even end up losing more money than you would 

have if you’d just hired an agent. 

NOT PREPARING YOUR HOME 

2 PROPERLY 

More than likely, you’ve lived in your 

house for a long time. This familiarity means 

you may not notice (or be bothered by) the little 

things that could turn off a prospective buyer, 

such as miscellaneous clutter or cracked walls, 

or paint that needs to be redone. A real estate 

agent would bring a fresh pair of eyes into the 

situation, and allow you to have a heads up on 

things that could potentially lower your chance 

of being able to sell your home to a buyer. They 

will also have helpful advice on what you can 

do to spruce up your home. 

MARKETING TROUBLES 

3 Most people who are trying to sale 

their home start off by using only a 

simple For Sale sign, as well as a classified ad. 

This could mean that it takes a very long time 

for buyers to come calling. With the help of a 

real estate agent, however, you can have access 

to the Multiple Listing Service (MLS) and more. 

But if you’re determined to work by yourself, 

you’re probably going to need to research how 

you can use the Internet to market your home. 

One of the most important parts of the home 

selling process is actually getting the word out 

about your house. 


7

A LACK OF EXPERIENCE 

4 An experienced real estate agent will 

be able to tell the difference between 

a buyer with an intention to purchase and 

one who is just wasting your time. Your lack 

of experience may not allow you that kind 

of knowledge. Additionally, if you’re not an 

experienced negotiator, or are unaware of 

negotiating tactics, you could end up losing 

money to your buyer when talking over your 

asking price. If you lose your temper during the 

discussion or appear to be greedy, buyers will 

more than likely leave you alone. 

5 

LEGAL TROUBLE 

While it would be a victory to 

successfully sell your house without 

the aid of a real estate agent, none of that would 

matter if the buyer sued you once the sale 

was closed. There are certain local, state, and 

federal disclosures when it comes to property 

that can really come back to bite you if you skip 

them, even if you didn’t know about them. You’ll 

need a real estate lawyer who can work with 

you to put together a disclosure statement and 

sales contract that meets all the requirements 

of your area. If you’re not using a real estate 

agent, you should have a lawyer review any and 

all contracts before they are signed. 

NOT CLOSING THE SALE PROPERLY 

6 It would be a terrible thing for you to 

watch the deal you’ve worked so hard 

to attain fall apart in escrow. Do you know 

how to open an escrow, get a preliminary title 

report, have property inspections ordered, deal 

with contingency removals, and make a payoff 

demand for your mortgage? With a For Sale By 

Owner sale, you are in charge of getting all of 

these things done, rather than a real estate 

agent. Once you have a signed contract, there 

is still a lot of work for you to do. 

A For Sale By Owner may sound like a very good 

idea, but is it? Now that you know all of these 

mistakes that you could potentially make when 

attempting to sell your home on your own, you 

know that there are really two choices. Either 

you obtain the necessary knowledge to close 

a great deal on your own, or you enlist the 

assistance of a professional. 

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7 ANSWERS TO YOUR 

QUESTIONS ABOUT LOAN 

MODIFICATION 

by 


Follow Us: 

Have you wondered if loan modification is the right choice for you? Many homeowners 

who experience financial difficulty are turning to loan modification. 

WHAT IS THE 

1 GOAL OF LOAN 

MODIFICATION? 

In modifying your loan, the aim 

of your lender is for you to pay 

the entire mortgage amount 

back someday and to make 

the highest possible monthly 

payments in the meantime. 

You would rather keep all your 

payments as small as possible, 

with your ideal being to pay 

next to nothing. You will both 

have to compromise and an 

acceptable resolution should 

not only allow your lender to 

make some profit and reduce 

loss but also allow you to 

continue living in the home, 

without feeling like a slave to 

your mortgage. Remember, 

both sides will have their own 

ideas of fairness when it comes 

to modifying a loan. 

If you are experiencing financial hardship or are having 

a difficult time keeping up with your monthly mortgage 

payments, loan modification may be the answer. Many 

homeowners are turning to loan modification as a way to 

prevent future foreclosure. The following information will help 

you to decide whether loan modification is the right choice for 

you, right now. 

2 

WHAT DO LENDERS 

CONSIDER A ‘FAIR’ 

DEAL? 

Often, many people will 

think that re-amortizing their 

mortgage at a rate of 3% 

interest is the the fair way to 

lower the balance on the value 

of their property. The lender 

will see a fair deal differently 

though. The lender will often 


9

Selling a home is a complex process from start to finish.This information explains what you should 

consider when you have received an offer on your home. 


think that capitalizing penalties, fees and 

deficiencies, then dropping the interest rate 

to 4 percent for about three years (following 

that up with market rate based incremental 

increases) is what’s fair. However, fairness 

will usually lie somewhere in the middle of 

these 2 extremes. Luckily the U.S. Treasury 

Department has rules for deciding what is 

equitable and going to result in an affordable 

monthly mortgage payment. 

WHAT DOES AN AFFORDABLE 

3 MONTHLY PAYMENT LOOK LIKE? 

On www.makinghomeaffordable.gov, 

a person can view exactly what an affordable 

monthly payment should look like, according to 

the federal government. The website uses 31% 

as the baseline for what a fair payment should 

be on a mortgage loan. In order to figure out 

what the federal government considers fair for 

your home, visit the following site. Loans that 

are owned by Fannie Mae/Freddie Mac and 

loans owned by certain participating lenders, 

are all loans that fall within the MHA program; 

this also includes FHA and VA loans. However, 

what is fair is determined by the Treasury 

Department, using an affordability Debt to 

Income ratio. The goal is to get an affordable 

house payment for homeowners. A loan 

modification must meet certain criteria. For 

example, the front end debt to income ratio 

must be 31 percent or less and the mortgage 

payment including all the extras like taxes and 

insurance cannot exceed 31 percent of your 

monthly gross income. Additionally, the back 

end debt to income ratio has to be 55 percent 

or less. 

4 

WHEN IS DEBT COUNSELING A 

GOOD IDEA? 

The total for all of the payments 

made in the month including mortgage debt, 

credit cards, car payments and others should 

be less than 55 percent of the gross monthly 

reported income. Debt counseling may become 

necessary if that is the case. There are MHA 


programs that owner-occupied homes can 

follow. MHA plans help homeowners get to a 

31-percent DTI ratio by reducing the mortgage 

interest rate in order to get a lower opening 

DTI. The Treasury works to match additional 

reductions in monthly payments with the 

lender to work down to the 31-percent frontend 

DTI required. In order to get to this target, 

a lender can lower their interest, extend the 

length of the term and make a reduction to the 

principal balance in that exact order. 

SHOULD I CONSIDER REQUESTING 

5 AN EXTENSION TO THE TERM? 

The plan asks for a lender to look at a 

possible way to reduce the interest rate. If that 

won’t work in making the payment affordable, 

the next step is to look at an extension to 

the term. If reducing the interest rate and 

increasing the term don’t provide the solution, 

a principal reduction may be appropriate. The 

plan provides a way for lenders to deviate from 

the guidelines in order to make the loan more 

affordable and provide some borrower relief. 

As long as the lender and the borrower are able 

to put something together that falls within the 

31 percent front end debt to income ratio. The 

next challenge to be met is keeping the back 

end debt to income ratio at 55 percent or less. 

DO I NEED TO WORK WITH A HUD- 

6 APPROVED CREDIT COUNSELOR? 

Homeowners, whose back-end DTI 

ratio is greater than fifty-five percent, must 

sign a letter agreeing to work with a U.S. 

Department of House and Urban Development 

(HUD)-approved credit counselor. Once they 

meet with HUD, any changes that are made will 

not take any effect until after the homeowners 

have shown a signed statement that they will 

be getting credit counseling. This may not apply 

to all services, lenders and investors and the 

guidelines set forth by the MHA may change at 

any time. Fairness is determined differently for 

lenders through the MHA. The MHA will require 

all program participants (lenders) to apply the 

net present value test to every single mortgage 

loan that may be on imminent default and/or is 

at the very least 60 days past due as judged by 

the Mortgage Bankers Association delinquency 

calculation. 

WHAT IS CONTAINED WITHIN THE 

7 NPV TEST? 

Included in the NPV test is a series 

of complex formulas that look at cure rate, 

property value, liquidation value, REO stigma 

discount (stigma value attached to repossessed 

homes), selling costs, re-default rate, 

marketing time and depreciation. Whether a 

mortgage passes the test is adjudged by an 


11

NPV tool (provided by The Treasury) that allows 

lenders to put information into the system 

and determine whether it passes. Basically, a 

lender who participates in this MHA program is 

only required to do a mortgage modification if 

the NPV tests shows that it will cost them less 

to modify than to foreclose. While a lender has 

the option to modify a mortgage even if it fails 

the test, the only time they are required to is if 

it passes this test. 

Now you are ready to start thinking about loan 

modification realistically. While the process 

of obtaining loan modification can be quite 

involved and while you may encounter some 

hurdles along the way, in the end it will all be 

worth it if you are able to stay in your home 

and stave off foreclosure. So don’t just sit 

there overwhelmed with home loan expenses 

you cannot handle. Instead, try to obtain a 

loan modification, starting today. 

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Better Homes and Gardens Coccia Realty 

5 Harmon Cove Towers Secaucus, NJ 07094 

201.864.2100 


7 WAYS TO SECURE A 

DOWN PAYMENT 

For many home buyers, a down payment is an extremely important part of the 

equation. Learn several strategies for obtaining a down payment for a new home. 

by 

Danny Pratt 

Follow Us: 

If you are trying to purchase a new home, the 

first step may be to secure your down payment. 

If you do not just have it lying around or 

stashed in your bank account, you may need 

to be creative in order to come up with the 

money. The following advice will help you to 

start thinking about the various strategies you 

can use in order to obtain your down payment 

so you can purchase your new home. 

CONSIDER LIQUIDATING SOME 

1 ASSETS 

Many people have assets that they 

don’t consider liquidating into down payment 

dollars. If you have a car, stocks, or artwork 

that you can sell, you should consider it. 

However, you need to sell it in the proper 

manner by documenting the sale and selling 

only items that are appraisable assets. What 


13

It is possible there may be a lien against your home or liens on a home you are considering buying. 

Learn more about many different types of liens today. 


is an appraisable asset? Anything that can be 

independently valued by an expert in the field 

(always a third party). Car dealerships do this 

all of the time when they assess according 

to a blue book. Question is, do you have an 

expensive item like a watch or family heirloom? 

To ascertain the value, have the jewelry 

appraised by a gemologist. 

2 

YOU CAN ALSO BORROW AND USE 

ASSETS FOR COLLATERAL 

You can sell the piece for down 

payment funds. You can also pledge the 

money from a stock or investment account, in 

effect borrowing the money for the payment. 

The assets are not sold, you just borrow the 

money and use the assets as collateral. If it 

is unable to be quantified, the lender may 

not approve it as a down payment. You must 

be able to prove the down payment to use it 

for the loan. Lenders want to see a person 

or people save for their down payment when 

buying their home. It shows that these people 

are making money and able to save and will 

have a better chance of paying off whatever 

loan they get. Lenders will find you a risk if 

you are borrowing from another source. It will 

affect your collateral and your debt ratios. It 

will also effect your equity in the property. 

3 

YOU CAN USE A 401(K) TO PAY 

DOWN PAYMENT COSTS 

People cannot take cash from their 

credit cards for a down payment on a home. 

Retirement accounts like a 401(k) plan are 

allowable by lenders as a way to pay down 

payment costs, given they can see the terms 

of repayment and seem acceptable. Often, a 

lender will want to be sure the loan repayment 

won’t keep you from paying back your other 

debts including your mortgage payment. 

Another plus is that even if you have a 401(k) 


loan as well as your monthly payment, the 

lender won’t view that new payment as a part of 

your debt ratio. Get in touch with your human 

resources department and let them know 

of your plans to borrow from your 401(k) to 

purchase a house. 

IF YOU WISH TO USE A 401(K), START 

4 EARLY! 

It’s imperative that you get this ball 

rolling early on. It can take weeks, or even 

longer for the money to show up. There is a 

process to getting the money out of your 401(k). 

You actually have to apply to get the money and 

some companies, although few, will not let you 

borrow from your retirement. Keep copies of all 

your paperwork. A lender is going to want to 

see that you actually have received that 401(k) 

money and it’s available to use. Check if it’s 

okay for you to borrow against your retirement 

plan before you get started. Any of your family 

members can provide you with money for down 

payment funds. These are called gift funds and 

they are a great deal. 

GIFT REQUIREMENT LAWS HAVE 

5 BEEN UPDATED RECENTLY 

New updates to gift requirement 

laws permit only churches, government and 

immediate family members and labor unions 

to contribute cash for closing costs and down 

payments. These funds have regulations you 

should know the requirements of so that your 

closing is smooth. Gifts also need a notarized 

statement from the donor stating the money is 

a gift, not a loan to be used to buy the house. 

Lenders want proof of the form in addition to 

the paperwork on the gift funds. 

WHAT HAPPENS WHEN YOU RECEIVE 

6 A DOWN PAYMENT GIFT? 

If your parents are sending you 

$10,000, lenders require a gift affidavit, at times 

a photocopy of the check or transfer and proof 

of the deposit that shows the money being put 

into your account. Despite the fact that you’re 

receiving a gift, the average loan requires that 

you have some extra money available after 

the deal is sealed. Cash reserves usually want 

you to have 5 percent of the sale price of the 


15

home of your own cash along with the gift, 

despite whether you use your own money. If 

you purchase a $75,000 house the lender will 

want to ensure $3,750 of your own money in 

an account even if you get a gift of $7,500 from 

your parents. Having your own 5 percent of 

the cash is forgiven if your gift is 20 percent or 

more of the cost of the home. That is a bargain. 

Your down payment can come from a gift with 

no mortgage insurance or secondary financing 

and no verification by the lender that you have 

supplied 5% your own cash. 

THERE ARE ORGANIZATIONS THAT 

7 MAY BE ABLE TO HELP YOU 

You can find organizations whose 

function is to assist borrowers with their down 

payments. A lot of these organizations are notfor-profits 

whose mission is to assist first time 

home buyers. Many times you have to be a first 

time home buyer to qualify for their assistance. 

These programs can lend you money for your 

down payment and closing costs or even provide 

it to you as a gift. A good starting point when 

searching for a DPAP in the area is by asking 

your mortgage lender. The organizations may 

be sponsored by the state, the county or local 

municipalities and their sole function is to 

assist home buyers. There are also DPAPs that 

are not government agencies, but have not-forprofit 

status. Many of these types of DPAPs have 

been shut down due to IRS rulings. Use caution 

because the IRS may view a non-governmental 

DPAP as an illegal entity. 

Now you know several strategies that you can 

use to secure your down payment for your new 

home. Keep in mind that if you are having an 

extremely difficult time obtaining your down 

payment, you may wish to wait a bit before 

purchasing a home. That is because you should 

be in a decent position financially before you 

purchase a home to ensure that you will be 

able to pay for it. Best of luck obtaining your 

down payment and purchasing your new home! 


8 TIPS FOR SURVIVING 

CLOSING COSTS 

by 

Danny Pratt 

Follow Us: 

Closing costs may not be cheap, but let’s face it, they are a part of the process. 

Learn what to expect for closing costs and who is expected to pay them. 

If you are currently purchasing a home, you should be sure to anticipate paying closing costs. 

Closing costs can be a substantial amount, especially after you take all of the various charges 

and fees into account. Learn how closing costs work with the following information. 

CLOSING COSTS CAN BE EXPENSIVE 

1 You’re just going to have to bite the bullet and pay closing costs. Many people you’ve 

never encountered are involved with your home purchase, and they’ll all ask for money 

to pay for what they’ve done for you. These are usually one time payments. The total amount 

for closing will vary according to where you live, but they’re usually around 3 percent of the total 

loan, but more than this if you’re giving points (origination fees) to the lender. The fees that 

go to the agent aren’t counted in the good faith estimate the borrower gets. There could also 


17

For many home buyers, a down payment is an extremely important part of the equation. Learn several 

strategies for obtaining a down payment for a new home. 


be required inspections like for termites or 

radon, but these differ in various states. 

WHERE ALL THE FEES COME FROM 

2 Many businesses are involved with 

your account, so non-lenders as 

well as lenders charge, with the lender fees 

charged at the start of a loan offsetting the 

initial costs that come with the processing of a 

new loan. A new mortgage can generate profit 

for lenders in three fundamental ways. One 

is collecting fees at the loan’s start and this is 

the only way for a mortgage broker to make 

money. If everyone is charging a $200 fee to 

apply, that’s probably what you’re going to 

pay. The second is when the interest payments 

come in and the third is when the loan is sold 

to another lender. 

WHY LENDERS CHARGE FEES 

3 There are expenses with finding a 

mortgage and funding the work it 

takes to process a request, which is why lenders 

charge fees. Also, there may be no profit until 

after the new loan is a year old because of the 

initial costs to them. Of course, the lender is 

getting the interest payments, but there are 

salaries to be paid as well as rent, taxes and 

standard business costs. Lenders may try to 

offset these costs with the additional fees 

and you’re only able to save on those fees 

that are negotiable. There are some that are 

non-negotiable because of company policy 

and others that are set by various levels of 

government so they are “required” as opposed 

to “non-required” fees. 

HOW YOUR CLOSING COSTS WILL 

4 BE DETERMINED 

Find out how the closing costs will be 

determined prior to trying to negotiate with a 

lender or broker. Some of the fees collected by 

the loan officer are mandated by the company 

while others are optional. To take an example, 

loan officers inform the clients what the rate 

of interest would be and how much would the 

processing and administration fee be. The 

processing fee, in this case, is optional; the 


loan officer can either do without it or charge 

any amount according to his/her convenience. 

But the loan officer has no discretionary 

powers over the administration fee, which is 

determined by the company. 

WHAT HAPPENS IF A LOAN OFFICER 

5 DOESN’T COLLECT THE FEE 

If the loan officer fails to collect the 

required fee, it would be deducted from his/ 

her salary by the company. The lender might 

like to get a $300 processing charge but it can 

be conceded to the borrower should the loan 

officer decide to do that. He or she has that 

kind of discretion, so you want to catch them 

on a generous day because it comes from 

their pay. There are some fees that only the 

lender or broker can modify or waive. 

6 

LOAN OFFICERS MAY CHOOSE TO 

WAIVE CERTAIN FEES 

In theory, the loan officer can waive 

any fee in the good faith estimate. Are you 

hoping that the lender pays for your attorney, 

appraisal and settlements costs? You can 

certainly try to get them to, but you don’t 

want to get your hopes up. A loan officer can’t 

waive too many of these fees or they’ll end 

up with no money for themselves. Look at a 

typical case with a loan amount of $150,000; 

an origination cost of one percent and an 

appraisal, underwriting and processing fee 

that come out to $300 each. 

7 

DO NOT BE SHY TO ASK YOUR LOAN 

OFFICER TO WAIVE FEES 

This will bring the total to $2400. 

Your loan officer will earn about half the 

amount. If your loan officer has agreed to pay 

the appraisal cost and not charge the $300 

processing fee, then the $600 will be taken 

from their commission check. Since you’ve 

made it this far, you can ask for the loan 

officer to also deduct the cost for underwriting 

and inspection costs which could lower the 

commission to $200 rather than $1200. It isn’t 

possible for a loan officer to work like this, or 

if they can, it won’t be for long. 

YOU MAY ENCOUNTER 

8 OPPOSITION, BUT IT IS WORTH 

TRYING 

Often times, they will probably tell you ‘no’. 

But give yourself credit for trying. During the 

refinance process, you can find discounts 

for a re-issued title policy and if your lender 

requires a survey, you may be able to use the 

old one rather than going through the expense 

of getting a new one. When purchasing a 

home, you may have no chance at getting a 

reduced fee for your title or lawyer expenses. 

The sales contract explains who will hold your 

loan, where it will be and where your title 

insurance will come from. 

Now you know why closing costs can add up to 

such a hefty amount. You can, however, try to 

bring down closing costs by having some fees 

waived, but you have to ask. Congratulations 

on your new home and good luck bringing the 

closing costs down to a more affordable level. 


19

AN 8-PART OVERVIEW 

OF AVOIDING 

PREDATORY LENDING 

by 

Danny Pratt 

Follow Us: 

If you are having a hard time paying your monthly mortgage, you may be a victim of 

predatory lending. Learn how to spot evidence of predatory lending now. 


As you already know, selling a home in a weak and strong market are two very different processes. 

Some lenders can make it difficult when 

you are attempting to modify your loan. 

However, it is important that you are 

well versed in your rights regarding 

loan modification so that you can respond 

to a lender who is giving you problems. The 

following information explains how a lawyer 

may be able to help you and how to spot 

predatory lending to see whether you are a 

victim. 

BE SURE YOUR LENDER KNOWS 

1 YOUR RIGHTS 

If you’re in a situation where your 

lender doesn’t want to work with you on 

modifying your loan, you might want to remind 

them of the consumer laws in this area. You 

sometimes can get a hesitant lender to work 

with if you know what rights you have with 

regard to borrowing. There are regulations 

that protect both the lender and borrower 

and allow for civil litigation. In some cases, 

an individual borrower won’t be able to sue 

and only the government will be able to do so. 

Buying a home is expensive; therefore, many 

buyers borrow a substantial sum of money for 

the purchase. To obtain a loan modification 

or negotiation, using a previous TILA, HOEPA 

or RESPA violation on your lender or loan 

originator’s record can be a useful strategy. 

2 


LEGAL ACTION DOES NOT 

TYPICALLY YIELD LARGE 

SETTLEMENTS 

If, instead, you choose to pursue legal action 

because of the violation, do not anticipate a 

large settlement sum. Unless you are a lawyer, 

always seek legal counsel when filing a lawsuit. 

Given the fact that there is a considerable 

amount of money at stake, there have been 

disclosure laws put into place that will make 

sure a borrower fully understands what they 

are doing before they sign any documentation. 

If your lender in any way does not honor the 

disclosures and you are able to prove it, your 

lender could possibly be responsible to rewrite 

your mortgage and in some cases pay damages. 

If you find your lender being uncooperative 

or non-responsive, or if you think your lender 

isn’t giving you the proper disclosure and 


21

documentation, you may have an avenue for 

legal action. You need to talk to a lawyer who 

specializes in real estate to explore what your 

next step should be. 

WHAT HAPPENS IF YOUR LENDER 

3 MISSED A DISCLOSURE? 

Unfortunately, a missed disclosure on 

the part of the lender is considered to not be 

enough in most cases to win a judgment in 

court. If a lender has a habit of this type of 

bad business practice, your state’s attorney 

general office may file suit but this will have no 

effect on your case. You can argue that since 

they didn’t disclose all important matters, you 

were unable to fully understand the loan you 

undertook. One way to convince the lender to 

grant a loan modification is to argue that you 

were not disclosed on all key matters at the 

time of the signing of the original contract. 

THERE ARE MANY DIFFERENT TYPES 

4 OF MORTGAGES 

The mortgage is the product that a 

loan issuer sells, just like other retailers sell 

merchandise. There are a long list of different 

types of loans, amounting to over 400 that 

lenders offer, including reverse mortgages, 

amortization products and adjustable and 

fixed terms. The offerings of these mortgage 

products will change depending on the overall 

housing market. Although the last debacle 

in the mortgage industry has resulted in the 

removal of some of its dicier products, such 

things go in a cycle and it’s quite possible 

we’ll see those again. Any time that a lender 

gives you a product recommendation, they’re 

legally obligated to inform you of each 

of its components in a way that’s easy to 

comprehend. Getting those details makes it 

possible for you to compare such products and 

totally comprehend your intended purchase. 

5 

HOW IS YOUR MONTHLY PAYMENT 

CALCULATED? 

Loan terms and the cost for financing 

are what creates the amount of your monthly 

payment of the loan. The interest rate is a 

percentage of the base loan amount. A lender, 

during the advertisement of the loan will need 

to give consumers the APR. APR can come in 

either fixed-percentage or adjustable forms. 

Term defines the amount of time allowed to 

pay the loan back in full if all of the payments 

are made as scheduled. All fees included in 

the original loan have to be included in the 

new loan. 


WHAT ARE ‘JUNK FEES’? 

6 Be aware of junk fees that lenders will 

add to pad their future profits from 

your new agreement. They sometimes add 

fees for services that others in the industry 

do not charge. The lender can have junk fees 

but it needs to be stated prior to making the 

formal loan contract. This needs to be stated 

before the closing with any HUD-1 forms and 

is called a Good Faith Estimate. Shopping 

around for lenders is a very important step 

in the loan or refinancing process. Not only 

will you be granted varying interest rates, 

but you will be able to compare and contrast 

each lender’s fees. You may notice that one 

lender has more junk fees padding their 

profits. These will stand out on any good faith 

estimates obtained while shopping. 

COMPARE GOOD FAITH ESTIMATES 

7 If you don’t have multiple GFE’s from 

your original purchase to compare, 

you can contact a mortgage broker or even a 

real estate attorney to help guide you. If, on 

the other hand, you are seeking refinancing to 

get yourself out of a financial hard spot, don’t 

waste time getting multiple estimates. There 

are several questions that you will need to 

ask. Firstly, to obtain the quote requested will 

I need to pay any application or upfront fees? 

Secondly, if I do not close the loan are any of 

the fees completely or partially refundable? 

Adjustable-rate mortgages (ARMs) have 

caused many problems for borrowers in the 

past. Many lenders were aggressively arguing 

for the benefits of ARMs without discussing 

the consequences to unknowing borrowers. 

BE WARY OF LOW INTRODUCTORY 

8 RATES THAT RISE QUICKLY 

One of the main tactics used was 

the guarantee of low introductory rates to 

entice the borrower into taking the loan. 

Because of adjustments to interest rates, a 

selection of homeowners with ARMs saw their 

average monthly payment jump considerably 

over a relatively short period. ARMs adjust 

up or down. During the hardest part of the 

mortgage collapse, rates and payments for 

many homeowners dropped significantly. Even 

with that, the increase from the initial teaser 

rate (example 3.75 percent) 6 to 7 percent 

proved to be too much for homeowners to 

handle. You also cannot rely on rates staying 

at a low percentage. If your rate seems fairly 

stable now through your ARM, it still may be 

a good idea to look at a fixed-rate mortgage 

opportunity. 

As you can see, there is a lot to think about 

regarding a loan. If you fear that you have been 

the victim of a predatory lending scheme, it 

may be well worth your time to speak with a 

lawyer. While you may not end up with a hefty 

settlement as a result of a lawsuit, you may be 

able to obtain loan modification more easily 

if you secure a judgment against a lender. Or 

perhaps your lender will cave to the pressure 

and give you what you are asking for without 

you ever having to step foot into a courtroom. 

Whatever you do, if you feel you are a victim 

of predatory lending, do something! 


23

WHAT YOUR 

DENTIST DOESN’T 

WANT YOU TO KNOW 

Click Here to Learn More 

WHITER 

TEETH 

IN A 

FEW WEEKS! 

www.teethwhitening4you.com

6 TIPS FOR FINDING AND 

by 

Danny Pratt 

Follow Us: 

If you shall be renting out a property, you should screen potential tenants. Learn how to 

use application forms to screen any tenants you are considering. 

If you are planning to 

rent out a property, you 

really should screen 

your tenants. Screening 

tenants can save you a great 

deal of trouble in the long run. 

Learn how to screen tenants 

using applications and the 

importance of obtaining an 

authorization from potential 

tenants before screening 

them. 

TENANT SCREENING 

1 ISN’T DIFFICULT 

Tenant screening isn’t 

as dangerous as it might seem. 

You decide on how you’ll 

decide on a tenant, excluding 

factors that are discriminatory 

because they’re based on 

religion or race or various 

other things. After you’re sure 

about that, you can say for 

instance that you don’t want 

pets and exclude anyone who 

wants to bring in a pet. You’re 

excluding because of your own 

rule and not because of the 

tenant him or herself. So don’t 

be afraid; if you’re following 

the law, you don’t have to rent 

to just anybody. It’s important 

to treat every tenant applicant 

identically so you can’t request 

one to fill out the application 

Finding an inspector for your house is pretty easy, but finding the 

right inspector for you and your buyer is a bit harder. 


but another not to. Get your rental rules down in writing and give 

out a copy to everybody who inquires, so that you have proof 

of treating them all the same. The application that you give to 

everyone should ask for their whole name, address, phone and 

social security number. 

WHAT YOU SHOULD FIND OUT ABOUT POTENTIAL 

2 

TENANTS 

You want to find out how long they’ve lived at their present 

address and names and addresses of other landlords they’ve had. 

You want that same information for the current employer along 

with credit references and how much the applicant earns. It’s a 

good idea to ask any future tenant to provide a few references 

that could reinforce their claim to be a good tenant. If the case 

is that waterbeds are not allowed in your rental property, you 


25

should make that very clear to the potential 

tenant. It’s necessary for this potential renter 

to have proof of their identity and proof of 

employment. As a landlord, your best bet is to 

require a copy of a photo ID and a few recent 

pay stubs. 

HAVE THE POTENTIAL TENANT SIGN 

3 AN AUTHORIZATION 

Also you need to ask for an authorization 

to give you the information. When the applicant 

signs this authorization, credit references 

and employers will allow you to access this 

information. Usually, most references and 

employers won’t give out information if they 

don’t have a copy of the release. Employers 

probably won’t say an applicant works there 

if they don’t have a copy of the release first. 

Typically, credit references and employers will 

accept a release by fax. When you become a 

new tenant, you need to be prepared for the 

application process. Applications should be 

printed and professional. 

4 

DO NOT PREPARE YOUR OWN 

APPLICATION 

Preparing your own application or 

printing it from the Internet is not a good 

idea. Your best step would be to acquire an 

application from a real estate attorney, which 

then they can help you go over the application 

process, which is usually one to two pages long. 

Any other questions relating to your application 

and move should be presented by your attorney 

to be part of the application process to avoid 

any surprises with your landlord. You may like 

to ask different question to the prospective 

tenants, but some of the things you want to 

ask may be considered discriminatory by the 

law. So, to avoid unpleasant situations in the 

future, include only those questions which are 

permitted by the law. 

SPEAK TO AN ATTORNEY BEFORE 

5 CREATING AN APPLICATION FORM 

Consult an attorney before you print 

your application form. Once the application 

form and the questions thereon are approved 

by a qualified attorney, you will have nothing 

to worry about. Insist on every tenant to fill 

up the application form. It will also be a good 

idea to provide the tenants with a copy each 

of your terms and conditions of tenancy. It’s 

wise to ask a lawyer to go over the rules you’ve 


made to ensure that you’re complying with 

the law. Have every potential adult tenant fill 

out the tenancy application. Those that sign 

it should be those who’ll sign the lease. You 

want to know everything you can about them. 

With some luck, you can file this data away and 

never need it again. 

BE SURE YOU TAKE AN APPLICATION 

6 FROM POTENTIAL TENANTS 

It is always better to take an application 

from the tenant. The personal information 

the tenant provides on the application form 

will be of immense help to you sometimes. 

For example, if your tenant is a bachelor and 

is seriously injured in an accident and is not 

able to talk, you need to contact some of the 

tenant’s relatives or friends. The only place 

where you can expect to get contact numbers 

is the application form. By printing the 

application’s forms, you will not lose because in 

most places, the landlord is allowed to take an 

application fee from the tenant. An application 

fee is paid by the possible tenant to the person 

that owns the property so that the owner can 

do a background check of the possible tenant 

prior to the lease being signed. 

SHOULD YOU CHARGE APPLICATION 

7 FEES? 

Application fees should not be more 

than the expense of the screening, which 

might involve criminal background screening, 

credit report history and history of renting 

of the possible tenant. Criminal background 

checks are able to be obtained on the web. 

The application fee should be $25 if that is 

how much it costs for the screening. Basic and 

prudent costs are what must be paid for a credit 

screen, criminal history screen, or other record 

screenings that are of the like. You shouldn’t 

try to profit from the costs of applications. The 

goal is to cover your costs. 

Now you are ready to start screening your 

potential tenants. Remember that while the 

process may not be fun for either of you, it is 

a great idea. By screening your tenants, you 

can ensure that you only rent to responsible 

individuals who truly intend on paying rent. 


27

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to Smart Real Estate Investing 

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The Book on Tax Strategies for the 

Savvy Real Estate Investor: 

Powerful techniques anyone can use to deduct more, 

invest smarter, and pay far less to the IRS. 


The Homeowner Blueprint: 

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The Book of YES: The Ultimate Real 

Estate Agent Conversation Guide 


How to Get Approved for the Best Mortgage 

Without Sticking a Fork in Your Eye TM: 

A Comprehensive Guide for First Time Home 

Buyers and Home Buyers Getting a Mortgage 

Since the Mortgage Crisis of 2008 


Outrageous Authenticity: 

You Are Your Best Sales Weapon 


7 PRINCIPLES OF 

LOCATING AND BUYING 

PRE-FORECLOSURES 

by 

Danny Pratt 

Follow Us: 

If you are in the market for a new house, consider buying a pre-foreclosure property. 

Buying a pre-foreclosure is one way to get a good deal on a new home. 

If you are thinking about buying a pre-foreclosure property, you need to know as much as 

you can about the foreclosure process. The following information will teach you how the 

foreclosure process works and how to obtain all of the information you need. You can use 

this information to help you to determine whether you should be making an offer on the 

pre-foreclosure property you are considering purchasing. 


Have you thought about buying a foreclosure to try to make a profit on it? If so, you should know that it 

may be difficult to make money on a foreclosure. 


HOW YOU CAN FIND PRE- 

1 FORECLOSURE PROPERTIES 

Look for properties that are in the 

first stages of foreclosure. At this point, the 

property owners are going to be very fired up 

about selling the property before it goes to 

the auction block. Unlike an auction property, 

this option will give you an opportunity to 

inspect the inside of the home. You get a good 

idea of what you’re getting yourself into. You 

aren’t going to have a clue about the condition 

inside of the property unless you are the 

winning bidder. 

WHEN PROPERTY OWNERS RECEIVE 

2 DEFAULT NOTICES 

When a property owner has defaulted 

on the loan, they will often get a notice that 

the property is in pre-foreclosure and will 

remain in that status until the day it is up 

on the auction block. A default notice will be 

given to the property owner with the auction 

details. Generally, this happens three months 

afterward. You may think that the best way 

to buy the property at the cheapest price 

is to wait for auction. But if it is a judicial 

foreclosure, it is going to take a long time to 

complete the whole process, and you have to 

wait for quite a long time. If you can buy the 

property before it is sold at a public auction, 

you will be in a better position. Negotiate with 

the property owner and sometimes the owner 

will be willing to sell the property at whatever 

price you offer. 

3 

NOBODY WANTS TO DEAL WITH 

FORECLOSURE 

People normally try to avoid 


31

foreclosure of their properties because there 

is a certain degree of stigma attached to 

foreclosure, and it also affects their credit 

rating very badly. Having a foreclosure on 

your record won’t prevent you from getting 

future financing, but it will stick you with 

fewer options and an outrageous interest 

rate. Auctions don’t allow you the luxury of 

assessing the conditions inside a property. 

People that are in the midst of having their 

home auctioned off are not usually in the 

mood to give potential bidders a grand tour. 

You need to do your homework before you 

purchase pre-foreclosures. You should enjoy 

research and notice every detail. 

4 

HOW YOU CAN FIND PRE- 

FORECLOSURES 

The instructions for purchasing preforeclosures 

are to locate property owners 

who are behind in payments or in foreclosure. 

Write letters to get in touch with homeowners 

you have found. Calling people out of the blue 

or making phone calls are not effective. Once 

people have gotten to pre-foreclosure, it is a 

fact that they are exhausted with answering 

the phone and door due to the beating they 

get from collections representatives. They are 

not going to give their financial records to 

someone that just drops in. 

DO YOUR RESEARCH BEFORE YOU 

5 COMMIT TO BUY 

Check both the loan and court records 

so you have information as to liens and terms 

for paying them off, thereby wiping the debt 

on the property. Do a full inspection. After 

you have gotten all of the necessary financial 

information regarding outstanding loans and 

liens against the property, and doing a careful 

inspection so that repairs can be estimated 

into your decision, you have to figure out 

what price you are willing to offer the 

property owner. Taking the market value into 

consideration, you can meet with the property 

owner and discuss price options. Try to make 

an agreement with the foreclosing lender and 

also all subordinate lien holders. Get a shortsale 

package together. Make an offer to buy. 

Have a property closing. This is only one kind 

of pre-foreclosure property. 

SEARCH THE INTERNET FOR PRE- 

6 FORECLOSURES 

Also, you can use the same procedure 

and look on the Internet for different kinds of 

documents that will give information about 

any property that is facing foreclosure. For 

instance, keyswords can be: default notice; 

foreclosure notice; auction; tax liens; or 

something else that would offer details about 


Have you thought about buying a foreclosure to try to make a profit on it? If so, you should know that it 

may be difficult to make money on a foreclosure. 


financial problems that can lead to a possible 

foreclosure. Some bankruptcies and tax liens 

don’t result in foreclosure, so when you look 

with these codes, make certain you consider 

other filings for potential foreclosure when 

you are trying to find the properties you want. 

When you search the counties, you will find a 

document list as well as the codes you need 

for searching. 

CHECK THE NEWSPAPER FOR PRE- 

7 FORECLOSURE PROPERTY ADS 

Also you can look at a newspaper to 

see pre-foreclosure property ads. While you’ll 

find good leads from this, chances are they 

will come much later down the road. Searching 

online weekly gives you an edge against others 

hunting for foreclosure properties. You’ll find 

them within weeks of the process initiation. 

You’ll have the benefit of more time to make 

contact with the homeowner. Initial contact 

should always be by mail. Keep in mind that 

at this point in the process, home owners 

are feeling very burnt out by the pestering of 

creditors coming after them. It may be wise to 

avoid knocking at their door asking questions, 

and write them a letter about any proposition 

you would have for them. Mention some of 

the drawbacks of having their property go up 

for auction and that you would like to discuss 

with them some other options that could 

end up being more favorable for all parties 

involved. It would be a good choice to include 

in the letter that it may possibly be too late to 

save the property from the auction process. 

That is something you could discuss, if they 

are willing. 

You are now ready to start looking for 

pre-foreclosures. Keep in mind that many 

Americans are currently facing foreclosure, 

so don’t simply jump on the first deal you 

come across, as a better deal may be out 

there. Remember also that you are actually 

doing the owners of pre-foreclosures a favor 

by purchasing their property before it is 

foreclosed. So it is not only you that gets a 

great deal when you buy a pre-foreclosure. 

Best of luck! 


33

8 CONSIDERATIONS 

FOR FINDING A GREAT 

MORTGAGE 

by 


Follow Us: 

Obtaining the right mortgage and the right terms is the key to successfully paying off 

your home. Be sure to learn as much as you can about your mortgage. 

There is a lot you should take into 

consideration when you are shopping 

for a mortgage. Instead of just taking 

the first deal you encounter, shop 

around so that you can obtain the best deal 

with the best terms. The following information 

will teach you what to consider when you are 

looking for a great mortgage. 

WHERE TO FIND YOUR LENDER’S 

1 OBLIGATIONS 

The obligations of a lender in a 

mortgage is found in the mortgage paperwork. 

When you signed all of those documents in the 

loan, there were countless documents that you 

had to sign and they were carefully attended 

to for a reason. If there was any problem, 

usually an entire page and sometimes an 


If you are in the market for a new house, consider buying a pre-foreclosure property. Buying a preforeclosure 

is one way to get a good deal on a new home. 


entire set of documents would be reprinted. 

Over and over you signed your name and the 

reason for this is simple: if you made a mistake 

the mortgage could be canceled by the home 

owner in a bankruptcy proceeding or any other 

legal matter which involves title. Because of 

this, it is worthwhile to ensure that someone 

meticulously overlooks your paper work- either 

you or the lender should have copies. 

LENDERS ARE CAREFUL TO BE 

2 ACCURATE 

Lenders are more aware than the 

customer that accuracy is key and these usually 

are double checked through provisions that 

will cover the lender if there are errors or 

omissions in the documents (these provisions 

will still hold the debtor liable). However, there 

are inconclusive results as to how liable these 

provisions would leave the debtor or lender 

in the event of a foreclosure. Regulation Z, 

regarding the truth in lending documentation 

you are required to receive under RESPA (Real 

Estate Settlement Procedures Act), could bring 

about a hurdle. 

CHALLENGING THE PAPERWORK CAN 

3 BE DIFFICULT 

If you never received the paper work, 

or you received incorrect paperwork, you could 

challenge the mortgage one day down the road. 

However, challenging the paperwork is not 

often the easy path. A lender will do whatever 

it takes to deny your claim, which almost 

assuredly means litigation. Regardless, if error 

was made, then the debtor could use this as 

a way to stop the foreclosure of their home. 

Also, if using one of the traditional institutional 

lenders to help refinance your mortgage, then 

a private lender is also an option. Do not forget 

if you do any refinancing, you may have enough 

money to pay off your mortgage and stop the 

foreclosure process before you lose the time of 

the redemption period. 


35

If you are in the market for a new house, consider buying a pre-foreclosure property. Buying a preforeclosure 

is one way to get a good deal on a new home. 


WHAT ARE PRIVATE LENDERS? 

4 Private lenders are just that, private. 

They are entities and people that offer 

the financing you need for a price. The interest 

rate is generally higher and given they want 

higher loan-to-value ratios, you may not be 

able to benefit from their services. There are 

however some lenders that will look at your 

assets in relation to the loan. This could result 

in an increased loan amount. Something to 

keep in mind is that private lenders have the 

ability to structure a loan that will be in line 

with your needs. 

HOW CAN A PRIVATE LENDER 

5 STRUCTURE A LOAN? 

For example, they can offer reduced 

payments during the first 3 to 5 years of the 

loan or they could agree that you will not have 

to make any payments at all for few years and 

then make a balloon payment to pay the loan 

in full. In that case, you would probably have to 

sell the property or refinance. In any event, it’s 

worth it to see if a private lender can offer you 

some relief. You should look for someone in your 

state and make sure they are licensed to make 

loans in your state. A lender’s perspective. A 

borrower who faces one foreclosure might have 

other foreclosures. If you expect to purchase 

another home later on, make a serious effort 

to fix your mortgage credit. 

YOU SHOULD PAY OFF YOUR 

6 MORTGAGE IN FULL 

Do all you can to finish paying your 

mortgage. Free yourself from the debt. Don’t 

try to fool the lender. All mortgage applications 

request information about foreclosure. 

Currently, many also need you to say if you 

have a deed instead of foreclosure. (If you tell 

lies on this application, your credit report still 

gives information about foreclosure. But if it 

can’t be found on your report and you qualify 

for the loan, if you default later and someone 


finds out if you are not telling the truth on your 

application, there might be illegal civil and/or 

criminal charges.) 

HOW TO AVOID IMPENDING FORECLOSURE 

There may be a chance you can avoid 

7 foreclosure. It’s possible to do so, but 

you may need to sell something of 

value, like a car or boat, or something cherished 

by you, to raise money for your mortgage 

payments. It probably wont be easy and you 

should become more involved with your 

lender. If you did not obtain your mortgage as 

part of the purchase price and you walk, the 

lender could go to court and obtain a deficiency 

judgment against you. 

FORECLOSURE IS NOT INEVITABLE 

Foreclosure isn’t a nice thing to deal 

8 with and can be unpleasant. Things 

can turn around if you hold on long 

enough. A sellers biggest expense can be the 

real estate agent’s commission. Those run 

around 4 to 6 percent these days, depending 

on the area. Sellers can avoid this by selling 

on their own. For example, a home that sells 

for about $200,000 dollars, you are giving the 

agent around $8,000 to $12,000 dollars. There 

probably isn’t a seller out there who wouldn’t 

like to avoid this. 

There is definitely a lot to consider as you obtain 

home financing. By taking the right steps now 

to ensure that you obtain a great mortgage you 

can greatly reduce your chance of having your 

home foreclosed. That way you can stay in your 

home for many years to come and can one day 

pay your home off in full. 

FREE MARKET ANALYSIS 

Now you can get top dollar 

If you are considering selling or renting your property, 

Please give me a call 201-456-0584 

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Direct Line 201-456-0584 

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Senior Real Estate Specialist 

FOR SALE 

412 Egret Lane $389,000 

378 Whimbrel Lane $379,000 

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1325 Paterson Pank Rd. 

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c21peterson.com 

petersonrealtors@aol.com 

Office 201.348.0881 

Fax 201.348.1369 

RENTED 

2038 Harmon Cove Towers $2100 



2 Radio Ave. $1750 

www.Agnes4RealEstate.com 


37

A 7-PART GUIDE TO 

MAKING YOUR FIRST 

OFFER 

by 

Danny Pratt 

Follow Us: 

Selling a home is a complex process from start to finish.This information explains what 

you should consider when you have received an offer on your home. 

If you are selling your home, you should 

realize that the asking price may not match 

the offer you receive. Should you accept 

your first offer? Maybe, maybe not. You 

need to carefully examine any contingency 

clauses and think about the offer in terms 

of your actual yield. The following guide will 

help you to start thinking about whether you 

should accept an offer you receive. 

BE PREPARED FOR YOUR FIRST 

1 OFFER 

You probably will already have a 

general idea of what you want and if you’re 

not going to get it, the offer will seem pretty 

poor. Normally though, an offer is neither 

great, nor is it terrible. It falls somewhere in 

between with positive and negative points. 

This means you need to look deeper in order 

to see if the better points are in your favor. 

It won’t be easy deciding if you should take 

an offer or not. Buyers will often times give 

things in exchange for asking for things you 

may not be willing to let go of. For instance, 

you might get your price from one buyer but 

the terms will include difficult things like a 

mortgage over the long term that you need 

to carry back for a low rate of interest, and it 

becomes your decision. 

SOME OFFERS COME WITH CERTAIN 

2 TERMS 

You decide if it’s worth accepting 

these terms so you get your price. Or you 

might need to vacate within a month, even 


There are more ways than plainly putting money down to show a seller that you’re serious about buying 

a home. Here’s how to make a smart offer. 


though the children are in school and you need 

three months. But the prospective buyers 

need to move into the area and absolutely 

will not compromise on this. You will find 

that all parties involved will flex a little in one 

direction or the other. Will you get enough 

funds to be able to live in a rental and then 

move to your home later on? Certain routine 

contingency clauses related to financing are 

available as a part of the framework wherein 

the buyers select them using a check box for 

implementation. The documents have these 

clauses written on the back where the buyer 

has to put his initials. 

CONTINGENCY CLAUSES 

3 CONSIDERED 

You must be very alert while dealing 

with contingency clauses. Many times, the 

seller may misinterpret the contingency 

clauses as they are not a part of the offer 

form but are simply written in. Be certain 

that you have followed all insinuations of 

the contingency clauses before confirming 

acceptance or rejection. If you need to, it is 

okay to hold off on making a decision about 

the offer until you’ve had a chance to discuss 

it with your lawyer. A buyer will purchase 

depending on how the sale translates, as soon 

as they can vacate their current home. This 

is weak as far as offers go, because it means 

your home sale is dependent on the sale of 

another. The buyers will purchase based on if 

they will be able to get new financing. 

CONTINGENCY CLAUSES CAN BE 

4 EXTREMELY IMPORTANT 

It is smart to be sure you see the 

new pre-approval letter to be sure they are 

qualified. Contingency based on financing 

is fairly common. Contingencies may be 

acceptable or unacceptable, depending on 

your personal needs and preferences. It would 

be reasonable for buyers to make an offer 

contingent on whether they can move into the 

house within a specific time frame. It would 

also be reasonable for buyers to approve 

all disclosures and to have a professional 

inspection done. Usually, the inspection is 

done within a few weeks. Contingency clauses 

can provide an “out” for buyers and sometimes 

sellers as well. A serious offer will not have a 

ridiculous contingency clause. 


39

WHAT TYPES OF CONTINGENCIES 

5 ARE INAPPROPRIATE? 

“Uncle Todd’s cow must deliver her 

calf prior to purchase” is one example of 

an inappropriate contingency. Contingency 

clauses should be limited as much as possible. 

More motivated and knowledgeable buyers 

will put fewer contingency clauses into an 

agreement. They are often an indication of the 

buyer’s state of mind: the more reservations a 

buyer has, the more numerous and stringent 

the contingency clauses will be. You should 

take a systematic approach to contingency 

clauses by looking at each one separately 

and asking yourself three questions. Does the 

contingency seem within reason? The purchase 

happening once finance is available is very 

reasonable. Making it okay for Uncle Todd to 

come down and look the house over in the 

next few months is not. Will the contingency 

actually negate the value of the offer? 

IT IS WITHIN YOUR RIGHTS TO 

6 MAKE A COUNTER OFFER 

Buyers will offer cash given final 

approval of the property 24 hours prior to 

close. This isn’t a deal since the buyer can 

walk away from the property at any time, 

given it is their right. Am I able to handle that 

contingency, or should I set a limit? You could 

put a time limitation on the contingency, like 

one week. Or ask that it be completely taken 

off the table. But that means you’re making a 

counter offer, which might not be acceptable 

to the buyers. 

REMEMBER, AN OFFER IS JUST AN 

7 OFFER 

The offer to buy is just an offer and 

you do not have to accept. It’s not binding 

until you sign it. But you can’t accept and 

counter at the same time and any change, 

even the smallest, in essence turns down 

the offer. You’re writing a separate counter 

offer, which is submitted to the buyers for 

them to accept or reject. If you feel you aren’t 

comfortable with the standing contingency or 

it is unreasonable or negates the remainder 

of the offer, you have to do something. Keep 

in mind, though, that what you do might turn 

away an offer that can’t ever be made again. 

If the buyers don’t like the counter offer, then 

they do not have to accept it. They can just 

walk away. 

At this point, you are ready to start thinking 

seriously about any offer you receive on your 

home. Even if the offer is lower than your 

asking price, it may be a good offer. Just be 

careful to read any attached contingency 

clauses carefully so that you do not end up 

with terms you are not willing to deal with. 

Best of luck finding a great offer on your home! 


AN 8-STEP GUIDE TO 

BUYING FORECLOSURES 

FOR PROFIT 

by 

Danny Pratt 

Follow Us: 

Have you thought about buying a foreclosure to try to make a profit on it? If so, you should 

know that it may be difficult to make money on a foreclosure. 

homeowners will forgo repairs 

when strapped for cash and so 

the house will dip into disrepair. 

A smart investor should look 

into finding stable and reliable 

contractors, people who are 

efficient in their work but won’t 

steal you blind. This can be more 

daunting than investigating the 

home but is a necessity to make 

it appetizing for the prospective 

buyer. What your property looks 

like from the street is vital, so be 

sure your landscaping is neat 

and you have a freshly painted 

exterior. Once the property has 

closed, you need to get ready to 

roll up your sleeves and work, so 

budget and plan accordingly. 

Many people think about purchasing a foreclosure 

property in order to flip it for a profit. However, this 

dream may be more difficult than the actual reality. 

You may need to make considerable upgrades to a 

home in order to make it sellable and these may require a great 

deal of time and money. Ensure you know the process involved 

before you commit to buy a foreclosure to sell for profit by reading 

the following information. 

DETERMINE IF THIS IS A GOOD IDEA 

1 Buying foreclosures for profit may seem like a great idea, 

but contrary to the dream, it can require a lot more work 

to get a profit in a fast turnaround. Many previous tenants and 

HIRE A CONTRACTOR 

2 TO COMPLETE THE 

WORK 

If you can’t get the work needed 

done on your own, hire a good 

contractor. Keep an eye on the 

work being done, so it is up to 

the quality you expect. Set a 

schedule that your contractor 

can agree on and make sure the 

estimated date of completion is 

on your contract. When working 

with contractors, you should 

always make sure the length of 


41

Obtaining the right mortgage and the right terms is the key to successfully paying off your home. Be 

sure to learn as much as you can about your mortgage. 


the project is defined in the contract and that 

there are penalties specified for late delivery. At 

times, providing a bonus for early completion 

is warranted. In order to make sure that you 

get quality contractors, you should speak with 

people that you trust, such as family and friends, 

for referrals. 

AVOID HIRING A SCAM ARTIST 

3 But make sure that your contractor is 

licensed and insured and make sure that 

your contract specifies the price and details of the 

work to be completed are documented in writing. 

There are a lot of scam artists that will agree to 

do the work you need, but either won’t finish it 

on time, or possibly at all. You can get around 

this kind of problem by making sure you’re hiring 

only licensed and insured contractors. If they 

aren’t insured and if someone gets injured in 

your home, you could be the responsible party 

for some hefty medical bills. Find a licensed and 

insured contractor. Be sure you view their license, 

worker’s compensation certificates, general 

liability insurance and automobile insurance. 

MAKE SURE THE WORK DESIRED IS IN 

4 THE WRITTEN ESTIMATE 

To ensure the work you want done is 

contained in the estimate, it is important to have 

a written estimate. The estimate should contain 

specific descriptions of the work to be completed, 

along with a work schedule for beginning 

and finishing the work. Ensure any materials 

needed are described in detail in the order for 

the work. Make sure the order describes who is 

suppose to get the building permits if they are 

needed. Usually, it is the licensed contractor’s 

responsibility to get the permits. 

WHAT ELSE SHOULD BE WITHIN THE 

5 WRITTEN ESTIMATE? 

The written estimate should give 

breakdown of the costs and a schedule of 

payments to be made. For example if you are 

required to pay 50% at the beginning and 50% 

when the job is done, this should be set forth in 

writing. The written estimate should also disclose 

any applicable warranties as to workmanship and 

materials. Any time that work is done on your 

home and you do not pay the contractor in full, 

he can record a mechanic’s lien against the real 


property. All parties involved in a project should 

sign a waiver and release of lien when they receive 

their final payment. If the thought of managing 

your own project is daunting, you can use a 

tool such as Work CD, available through Home 

Depot, to help. It will clearly organize the building 

materials required and includes estimating tools 

to help you put real numbers to your project. It is 

linked to the stores, so you can even work up an 

estimate and generate an order for the supplies 

needed which can be sent directly to your local 

store. 

CONSIDER WORKING ON THE ‘CURB 

6 APPEAL’ FIRST 

One suggestion in renovations is to do 

the work on the outside of the property first 

as this will increase the curb appeal and be 

more inviting to potential buyers. The walk and 

driveway will need to be pressure washed, along 

with the home’s exterior. That could show you 

extra places that need work, like replacement of 

some of the home’s construction materials. After 

the dirt is gone, you can see if you really need 

a paint job too. After the exterior is taken care 

of, you can put up your For Sale sign and start 

to generate interest, but wait a bit if there’s so 

much work to do on the interior that it needs a 

few weeks or months to get ready. 

WHAT IF A CALLER EXPRESSES 

7 INTEREST BEFORE YOU’RE READY TO 

SHOW? 

If you get a caller expressing interest before 

the house is ready to show, you may only have 

a short period to hold them off, so don’t put 

your For Sale signs out until you’re absolutely 

ready to show your property. Scent can drive a 

buyer away, so be sure you don’t have any odd 

odors floating through your home when you’re 

ready to show your property. Neutron Industries 

produces a fantastic odor eliminator known as 

NI-712 Orange Odor Eliminator. This product can 

even make a skunk odor disappear. NI-712 gets 

rid of smells like smoke from cigarettes or cigars, 

rotting food, pet odors and those that come 

from bodily functions. Call 888 712 7127 and ask 

Neutron Industries about their prices and how to 

get more information. 

8 

CHOOSE LIGHT AND NEUTRAL PAINT 

SHADES 

When you’re painting, select light, neutral shades. 

Look in your area to see how the nicest homes 

are painted and choose something that fits in. 

With regard to the interior, white or off white is 

usually the wisest choice because it looks fresh 

and is simple for a buyer to paint another color if 

desired. Use a good, flat latex and make sure to 

do the trim and doors with a semi-gloss enamel 

for a bit of shine. 

Now you can see how much work may be involved 

in flipping a foreclosure property for profit. If 

you’re willing to invest the time and money into 

such a project, you should definitely take all 

the money you spend into consideration as you 

create your asking price. You may very well be 

able to make a profit by purchasing a foreclosure 

and selling it, but it is important that you consider 

the information above before committing to it. 


43

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CERTIFIED PERSONAL TRAINER 

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6 TIPS FOR FINDING 

COMPETENT 

INSPECTORS 

by 


Follow Us: 

Finding an inspector for your house 

is pretty easy, but finding the right 

inspector for you and your buyer is a 

bit harder. 

Inspecting The Inspectors 

Many of the “professionals” calling 

themselves inspectors don’t 

actually have any of the training 

necessary to claim such a title. 

To make this problem worse, very few states 

regulate the certification of home inspectors, 

and the ones that do don’t always do a thorough 

job. Just about anyone with the proper tools 

can claim to be a house inspector anywhere in 

the United States. 

1 

AVOIDING PHONY CORRECTIVES 

Beware of contractors who claim 

that they will inspect your house and 

then repair the issues they’ve found. Many 

home-owners who are not knowledgeable 

in construction can be lured into padding 

the pockets of their inspectors by paying for 

problems that the inspector exaggerates or 

outright makes up. To avoid this, you should 

hire someone who is solely an inspector, and

While a for sale by owner sale may sound like a good idea, you need to know what you are getting into 

before you attempt to sell your home on your own. 


does not perform repairs. These will be the 

people with no motive to direct you to have 

unnecessary work done. 

FINDING A PROPERTY INSPECTOR 

2 It’s usually pretty simple to find a 

house inspector. The Yellow Pages 

usually has them under “Building Inspection 

Services” or “Home Inspection Services.” It’s 

also a good idea to ask any friends or business 

partners who have recently bought or sold 

houses if they have any recommendations. If 

you’ve got a real estate agent on your side, 

they should be able to come up with a list of 

reputable inspectors within the area. The more 

well-known an inspector is, the more a buyer 

will trust that your home has been properly 

taken care of. 

LET BUYERS HAVE THEIR 

3 INSPECTIONS 

While you should always let a potential 

buyer review your inspection report prior to 

making an offer, you should also encourage 

them to have their own inspection of your 

home performed. It’s possible that even if your 

inspector is highly reputable that they still 

might have missed something, and it would be 

better to discover any potential problems still 

luring before the sale was closed, because once 

that happens, it’s possible for you to be sued. 

The last thing you want is a buyer claiming that 

you misled them with an inaccurate inspection 

report. 

INTERVIEWING YOUR INSPECTOR 

4 You need to put in a little work in 

order to find the right inspector. 

Firstly, you’ll need to interview any inspector 


you are considering hiring, as there are some 

important questions you should have the 

answers to before you consider trusting them. 

Are they a full-time, professional property 

inspector? The only answer you should accept 

here is “yes.” Find out how many houses they 

inspect every year. An active professional will 

see between 100 and 300 annually. Ask about 

their certifications and licenses, as well as the 

range of their pre-marketing inspections (make 

sure that the entire home’s major structures 

are covered, from foundation to roof), and 

ask them how long these inspections take. A 

thorough one will take between three and four 

hours. 

INSPECTORS TO AVOID 

5 When interviewing your inspector, 

ask them whether there will be a cost 

estimate for their price on the corrective work. 

This is a trick question, as good inspectors 

only inspect; they don’t switch to the role of 

repairman (or woman) after the inspection is 

over. If you receive an answer of “yes” to this, 

find an inspector whose job is to only inspect, 

nothing else. Avoid inspectors with sample 

reports that are written in language too 

complicated to understand, contractors who 

won’t give you references (or have dissatisfied 

customers), and those who have only been in 

the business for a short amount of time. 

6 

ATTEND YOUR INSPECTION 

More than likely, you will not be 

permitted to sit in on any inspection 

your potential buyer has done. This is what 

makes it important that you and your agent 

are present during your pre-marketing 

inspection. It is one thing to read a report 

on the defects within your home, but it is 

something completely different to actually 

see the issues with your own eyes, hear the 

inspector’s commentary, and understand why 

certain repairs are priced the way that they 

are. After your inspection, see if you can obtain 

an extra consultation for an explanation of the 

report to buyers. While there will probably be 

an extra price to pay for this, it will be worth it 

if it allows you to bargain for a lower corrective 

work credit. 


47

How To Not Get Your Ass 

Kicked In The Real Estate Business 


A Guide to Making It in Real Estate: 

A SUCCESS GUIDE for real estate lenders, 

real estate agents and those who would 

like to learn about the professions. 


The Book on Tax Strategies for 

the Savvy Real Estate Investor: 

Powerful techniques anyone can use to deduct more, 

invest smarter, and pay far less to the IRS. 


How to Make a Million Dollars a 

Year Flipping Houses 


How Real Estate Developers Think: 

Design, Profits, and Community (The 

City in the Twenty-First Century) 


Cash-Flow Finish Line: 

Top 12 Strategies for Making 

Money in Real Estate 


7 QUESTIONS AND 

ANSWERS ON HOME 

LOANS AND APPRAISALS 

by 

Danny Pratt 

Follow Us: 

If you are purchasing a home, you probably need to start thinking about appraisals 

and home loans. Learn about these key aspects of home buying right now. 

Are you preparing to purchase a home? If 

so, you should know that there is much to 

think about. The following is information 

regarding appraisals and home loans. 

Reading this information will help you to 

decide whether you are financially prepared 

to purchase a new home. 

HOW MUCH DO APPRAISALS COST? 

1 A traditional appraisal cost is usually 

$300. Occasionally the approvals 

return with lowered appraisal obligations due 

to the appearance of AUS applications. There 

are five different appraisals. The appraisal 

costing $300 includes interior and exterior 

photographs. An only outside appraisal with 

photos costs $250. The appraisal costing 

$100 is considered a ‘drive by’. You can 

get an automated valuation model, also 

known as AVM, that costs under $100. This 

is an electronic method of scanning public 

information for current home sales in the 

property area in order to get an estimated 

value. If you get an appraisal waiver you don’t 

need to get the actual appraisal. 

WHAT TYPE OF APPRAISAL DO YOU 

2 NEED? 

Who and what determines the kind 

of appraisal you will need to have? The AUS 

determines what is needed. In case you have 

no money for a down payment, with average 

credit you will definitely need the full appraisal 

required. But if you have good credit and have 

at least 20% down, you may be able to get by 


If you shall be renting out a property, you should screen potential tenants. Learn how to use application 

forms to screen any tenants you are considering. 


with the limited appraisal and save yourself 

some cash. The only way that an appraisal 

can be waived is by the issuance of waiver by 

the Automated Underwriting System and this 

will depend upon things like credit, amount 

of equity, your income and your assets. The 

credit report you get through AUS will also 

reduce your costs. Previously, a credit report 

for a residential mortgage cost $70 or more 

and would take 3 to 5 days to come back. 

HOW HAS AUTOMATED 

3 UNDERWRITING CHANGED THINGS? 

Now, due to automated underwriting, 

the system can generate its own report that 

goes to the lender who is using the AUS to 

reach a determination on a loan. Inquire if the 

lender has to have a RMCR and $70, or if an 

AUS credit report will suffice. Using the same 

title agency, you can receive discounts when 

refinancing. This is also called a reissue of a 

title report, costing a lot less than complete 

title insurance. This has to be asked about. Just 

because there is a lower policy premium does 

not mean you will automatically get it and not 

the more costly full title policy. Depending on 

what state you live in, one company provides 

a variety of services related to title insurance. 

WHAT DO TITLE INSURANCE 

4 COMPANIES DO? 

They can research the title, provide 

insurance, complete insurance and record 

the docs. It is not required that they provide 

all your services, but they will often offer a 

package deal cheaper than al a carte services. 

The paperwork is numbered in six parts. 

Numbers for the section are 800, 900, 100, 

1100, 1200 and 1300. 800 will be any items 

that can be paid in connection with the loan 

or lender fees that can include any appraisal 

cost, credit reports and fees for origination. 

900 Items will need to be paid in advance 

as per your lender. These would include any 

hazard insurance coverage, interest on the 

loan and additional premiums. 

WHAT DOES EACH NUMBER MEAN? 

5 There should be 1000 Reserves 

deposited to your lender along with 

escrow or impound accounts. In this example, 

take 1100 as being fees for title costs, attorney 


51

and settlement work performed. 1200 are 

Government recording and transfer costs. 

1300 will be for all other costs that would 

include things like survey costs or inspections 

for pests. Since lenders are the responsible 

party to give this estimate, they will normally 

know the cost for their applicable fees, but 

will not be as certain when it comes to third 

party charges. Loan officers, for the most part, 

should be able to give you a pretty accurate 

quote. You will first need to recognize fees 

that count and fees that will not. The items 

listed in the 900 and 1000 sections are paid in 

advance. 

WHAT OTHER CHARGES ARE TO BE 

5 EXPECTED? 

These are charges such as property 

taxes and home insurance that do not change 

no matter the lender. They are fees paid 

depending on your personal obligations. These 

charges are estimated by the lenders and 

should not be considered when considering 

closing costs. You should ignore third party 

charges, as the lender that you select doesn’t 

have any impact on title insurance, attorney 

charges, or tax rates. There may be some 

controlled business arrangements available if 

you choose to bundle these services together; 

not a rule, an exception. Compare fees only 

in the 800 section. It can work great for you, 

if used right. Some loan officers don’t know 

how to calculate the APR and that could be a 

problem. 

HOW CAN YOU GET BURNED? 

6 You can get burned in a couple of 

ways. Check the numbers, make 

sure that your loan agent has done the math 

correctly. Another thing to watch is the APR. To 

get this right, one needs to have a comparison 

of two carbon copy loans from non-related 

lenders. The importance of APR may be underexaggerated 

by a loan agent that doesn’t want 

to put the work in, or one that isn’t getting you 

the best APR rate they can. It has been said 

by some loan clients that APR is viewed as a 

randomly calculated number that has no real 

purpose and little effect on a loan. Come on 

now, we weren’t born last night. 

At the end of the day, you need to think about 

the big picture before you buy a home. There 

are many expenses to consider; it is not just the 

price you offer. So use the information above 

to decide whether you are in a good position 

financially before you decide to purchase a 

new home. While it may be irritating to wait, 

especially if you’ve found your dream home, 

waiting may be the best choice if you are not 

sure you can afford all of the above expenses 

right now. 


8 GOLDEN RULES 

ABOUT PROPERTY LIENS 

by 

Danny Pratt 

Follow Us: 

It is possible there may be a lien against your home or liens on a home you are considering 

buying. Learn more about many different types of liens today. 

find multiple liens in need of 

clearing before closing. This 

will explain the many liens you 

may come across and how they 

come to be held against the 

intended property. A statutory 

lien is one where a creditor 

can obtain security interest 

in your assets in order to pay 

a debt by state and in some 

instances, federal law. 

Whether you are a current homeowner or a 

prospective homeowner, you should learn about 

liens as soon as you can. A lien needs to be dealt 

with before it becomes a bigger problem. The 

following information will explain much about various types of 

liens so that you can understand what they are and how they 

work. 

UNDERSTAND THE CAUSES OF LIENS 

1 You may end up with a lien against your property, or 

find that the land you intend to purchase has one or 

several liens against it. You need an understanding of what the 

cause of those liens were in the first place and how to get them 

cleared. If you buy a foreclosure property, don’t be shocked to 

UNDERSTAND 

2 COMMON FORMS OF 

LIENS 

The two most common forms 

of a statutory lien are a 

mechanic’s lien and also a tax 

lien. If the property you intend 

to purchase is one where a 

statutory lien is in place, the 

lien holder will need to be paid 

in full at time of closing. This 

should help in determining how 

much you offer on the property 

and what the homeowner will 

get from the property. When a 

homeowner is losing money on 

a property, most likely they will 

need to have a certain amount 

of money to pay the lien for 

the property closing. There is 

an invalid statutory lien if the 

documents are not sent to 

the right government office, a 

procedure called perfected. 


53

Have you wondered if loan modification is the right choice for you? Many homeowners who experience 

financial difficulty are turning to loan modification. 


KNOW HOW LONG ONE HAS TO FILE 

3 A MECHANIC’S LIEN 

Typically, someone has 30 to 90 days 

to file a mechanic’s lien after finishing the 

work and one year is the limit. There is a two 

to three limit for tax lien filing after the due 

date. When there is no payment, there can be 

a foreclosure of the property and sale of it for 

the tax money a person owes. If the property 

has an equitable lien, the homeowner can 

keep their property although they owe a debt. 

A debtor can’t use a lien to pay for a debt with 

a foreclosure. It may be an express or implied 

equitable lien. 

KNOW WHAT AN EXPRESS 

4 EQUITABLE LIEN IS 

The express equitable lien is a written 

document. For instance, you can purchase a big 

screen TV and write a personal check and put 

“express” on the sales contract, but if the check 

bounces, the person that owns the store can 

take a lien on your property. This is a secure 

transaction lien. The court has to declare an 

implied equitable lien and this depends on the 

parties conduct and dealings. The debtor still 

owns the property regardless of whether it is 

an express or implied equitable lien; however, 

the owner of the property needs approval from 

the debtor before removing or changing the 

property. If you are thinking about purchasing 

a property with an equitable lien, you should 

make sure the lien has been paid before you 

buy the property. A lien is a claim on a property 

due to an unpaid debt. 

BE FAMILIAR WITH THE DIFFERENT 

5 KINDS OF LIENS 

There are different kinds of liens which 

can include the following: a mechanic’s lien 

or a tax lien. In these cases, a lien would be 

placed on the property because the owner of 

the property did not pay taxes or a mechanic 

bill. Other types of liens include a trust deed, 

an attachment or a lis pendens. These liens 

are all a type of specific lien; liens can also 


e a general lien. This type of lien affects all 

property owned by a particular person. These 

liens include judgment liens, federal income 

tax liens and state income tax liens. A general 

lien will affect most of a debtor’s possessions. 

Specific liens will only affect the property or 

goods that created the debt. 

KNOW WHAT TYPE OF 

6 PROFESSIONALS USE GENERAL 

LIENS? 

Business professionals like lawyers and 

accountants are apt to make use of a general 

lien, which means keeping someone’s 

documents and such till they have received 

payment. A banker could keep stocks and 

bonds, too, until payment is made of everything 

that is due. Retail stores that sell goods for 

customers on commission are allowed to 

hold onto all of the goods until the owner has 

paid the entire balance due. The store also is 

allowed to sell what is left on hand in order 

to pay for the general lien, but will need to 

provide the owner with record of sale, and if 

there is additional profit as a result, they must 

return that to the owner. General liens are not 

used as commonly as a specific lien. 

7 

UNDERSTAND WHAT REAL 

PROPERTY TAX LIENS ARE 

Homeowners can have a real property 

tax lien levied against their property by their 

city or county government if they do not pay 

their property taxes. The lien amount will be 

based on whatever past due taxes amount 

to, with interest and any penalties. If the lien 

remains unpaid for 2 or more years after the 

taxes roll past due, city or county tax collectors 

can foreclose on the tax lien and sell the 

property at a tax deed sale. A county clerk can 

advertise a tax deed sale listing the properties 

that will be coming available over the next 

month before the sale date. Many counties 

have their tax deed sales one to two times per 

month. 

BE FAMILIAR WITH FEDERAL TAX 

8 LIENS 

The IRS can put a federal tax lien on 

the property if back taxes are owed. It has to 

first file a notice of the lien at the county or 

state office in which the property is found. 

This is the kind of procedure that the IRS can 

engage in to collect past due taxes. The IRS has 

no obligation to inform a property owner that 

there is a federal tax lien on their property. It’s 

all perfectly legal for the IRS to do this and they 

can keep it as quiet as they want to. Generally 

these liens are filed a few years after the taxes 

are past due. The lien can stay valid for ten 

years then they cease to be relevant. The IRS 

does have a year after a lien expires to refile 

the lien. 

At this point, you have a basic understanding 

of liens. If you aren’t sure if there is a lien 

against your property or a property you are 

considering purchasing, speak to an attorney 

or a real estate professional as soon as you 

can to see whether there is, in fact, a lien. 

That way, you can take care of any liens that 

are in existence before they become a bigger 

problem for you. 


55

Real Estate Smart: The New Home 

Buying Guide (Color Version) 


SOLD on CHANGE! 


So you wanna be 

a Real Estate Super Star? 



Sell with Soul: The Smart Agent’s 

Guide to an Extraordinary 

Career in Real Estate 


Check, Check, SOLD: A Checklist 

Guide To Selling Your Home For More 

Money Without An Agent 


I Love Short Sales : 

The Real Estate Agent’s 15 Minute 

System for Short Sale Profits 


A 7-PART GUIDE TO 

NEGOTIATING YOUR 

HOME’S SALE 

As you already know, selling a home in a weak and 

strong market are two very different processes. 

by 


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Buyers who are motivated to finding their 

perfect home tend to rush from one 

property to another in search of perfection. 

In a strong market though, there is pressure 

to make an offer before that potentially perfect 

home is snatched up by another buyer. In a 

down market, however, there is time for them 

to shop around, as multiple offers are much 

less likely than they are in seller’s markets. This 

means that you need to know how to not only 

price your home well, but also to negotiate 

with a buyer who is hesitant about (or outright 

rejecting) your asking price. 

DEALING WITH MULTIPLE OFFERS 

1 When a property has been overpriced, 

or if the market is just slow, offers 

trickle in slowly, and even then, buyers and their 

agents are paranoid. Postponing your response 

to an offer without an explanation is one of the 

fastest ways to get a potential buyer worried, 

even if the reason is for something as simple 

as running the buyer past your lawyer. They 

might start to worry that you are “shopping” 

their offer, or letting other potential buyers 

know their terms and offer price in order to 

get someone to bid higher. While this isn’t 

illegal behavior, it definitely isn’t respectable. 

Every buyer has the right to their privacy, which 

If you are having a hard time paying your monthly 

mortgage, you may be a victim of predatory 

lending. Learn how to spot evidence of predatory 

lending now. 


includes having their negotiations be discreet. If 

you know you’re going to be receiving multiple 

offers, have a plan of action before you put your 

home on the market. 

DELAYING OFFERS ETHICALLY 

2 While shopping offers is bad, there 

isn’t anything negative about giving 

potential buyers advance notice that you will 

begin accepting offers at a specific time in order 

to increase the amount of exposure you can get 

for your property. It’s important to time this 

waiting period carefully, as waiting too long 

could cause potential buyers to withdraw their 

offers, and not waiting long enough could leave 

your home with not enough exposure. Bear in 

mind that with this tactic, some people may not 

currently be in town, and others may not offer 

because they cannot present right away. Others 

may avoid a situation involving multiple offers 

for fear of overpaying in a bid war. 


59

If you are having a hard time paying your monthly mortgage, you may be a victim of predatory lending. 

Learn how to spot evidence of predatory lending now. 


3 

SETTING PRESENTATION GUIDELINES 

In order to keep things organized, 

you should set ground rules for both 

yourself and your presenters. Presentations will 

be first come, first serve, in the order of who 

announced their offer. It helps here to have a 

list of names and the dates their offers came in. 

Let your buyers know you will not be accepting 

offers before the designated period of time for 

presentations, and that they (or their agent) will 

be presenting straight to you (and your agent). 

You should also tell potential buyers ahead of 

time that you will either be counter-offering or 

accepting the best offer you receive, so that they 

come to the table with the best offer they have. 

PICKING THE BEST OFFER 

It doesn’t matter whether you have 

4 two or a dozen offers: when it comes 

to selecting the right one, making 

the decision can be hard. Price isn’t the only 

thing to consider here, as a contract that has 

contingencies everywhere could fall through in 

a week flat. You don’t want to pit your bidders 

against each other, however, and you definitely 

don’t want to set them up in a bidding war. 

Remember, if you decide to counter an offer, 

don’t counter more than one. You could end up 

engaged in a contract with more than one person 

to sell your home; a devastating mistake indeed. 

CONFLICTS OF INTEREST 

5 Avoid a situation in which your agent 

is also representing one of the people 

presenting an offer on your house. This agent has 

a conflict of interest, as there is no way for them 

to help you get the best value for your home 

while simultaneously helping the buyer to keep 

as much money in their pockets as possible. Real 

estate firms usually have policies for handling 

dual agency, but if your agent practices alone, 

that is a situation you will definitely want to get 

out of. 


NEGOTIATING FROM WEAK 

6 POSITIONS 

The real estate market could leave you 

in a position where you’ve been approached with 

absolutely no offers. In this case, you might be 

stuck taking what all you can get. However, if 

you’re in a flourishing market and not getting 

offers, chances are that your price is a little 

too high, or that there’s something wrong with 

your home. This awkward position could lead 

to you receiving a very low offer on your house, 

also known as a lowball offer. These offers are 

stunningly low prices that come from either 

someone who doesn’t know the market well, or 

who is hoping that you don’t. Pass on them. 

RECOGNIZING REAL BUYERS 

7 As a seller, you should value your time 

spent negotiating with a potential buyer. 

If you spend time negotiating with a buyer who’s 

not serious about buying your house, a serious 

buyer could be entering talks with the seller 

down the block. Make sure that you know your 

buyer means business. Real buyers should be 

creditworthy, realistic, motivated, cooperative, 

and have a time frame that they need to work 

in (don’t reveal your timeline however, as they 

could use it to bully you). 

Selling a home in a strong and a weak market are 

two entirely different things. Whereas a strong 

market leaves you negotiating your deals from a 

position of strength, a weak market could leave 

you feeling a little desperate. But while you may 

end up having to lower your price somewhat, you 

should never cave completely to a buyer’s wishes 

just so that you can sell. There are measures 

you can take to increase your home’s appeal. 

Remember, no matter the market, any house 

can be sold. 

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Century 21 peterson 27 

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WEIchert 5 

Prominent Properties 4 

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secaucus units sold june 1 - september SECAUCUS 1, 2015REAL ESTATE TODAY 1249 | paterson July / August Plank Rd. Secaucus, 2016 NJ 07094 61 

Office: 201.325.0033 I Fax: 201.325.8883 

Source: Hudson Country MLS Listing and Sales 6/1-9/1/15

YOUR 6-PART GUIDE 

TO MAKING AN OFFER 

FOR A HOME 

by 


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There are more ways than plainly putting money down to show a seller that you’re serious 

about buying a home. Here’s how to make a smart offer. 

When you find a house that appeals to you, meets your needs for a home, and is 

within an affordable price range for your personal financial situation, the time has 

finally come for you to make an offer. Your seller may already be in the middle of 

negotiating deals with several people, or you could be their only offer at that moment 

in time. Whatever the case, the type of market that your region is in will determine how easy it is 

to negotiate your price: in a buyer’s market, you’ll be able to try and keep your price low, while a 

seller’s market might see you having to increase your price just to be able to get the house. 


If you are purchasing a home, you probably need to start thinking about appraisals and home loans. 

Learn about these key aspects of home buying right now. 


THE NEGOTIATION PROCESS 

1 The process of talking over a price for 

a house is one of offer and acceptance. 

All sellers start out with an asking price, which 

is a combination of what the seller feels like 

the property is worth, as well as a percentage 

increase that is often based on closing costs 

and real estate fees. The potential buyer can 

either opt to pay the seller’s asking price, or 

they can make a different offer. Their offer 

needs to appeal to the seller in order for the 

deal to go through. 

DECIDING ON YOUR OFFER 

2 Before you pose your offer to the seller, 

you’ll need to know what the rest of 

the housing market in your region looks like. 

The best way to do this is to examine the local 

market and look at the prices of homes similar 

to the one you want. A great person to help you 

with this would be a real estate agent. In order 

to get the seller to accept your offer, you’re 

going to want to keep from going too low, as 

those offers tend to offend sellers. But if you 

make too high of an offer, you could end up 

spending extra money for no reason. The idea is 

to settle on an offer that leaves you with money 

still in your pocket and the seller as though 

they’ve gotten a good deal. When making your 

offer, you should take into account the seller’s 

individual situation, the condition of the home, 

the financing terms, the prices that other homes 

are selling for in that neighborhood, and how 

long the home has been on the market. 

MAKING COMPARISONS 

3 

It’s not a good idea to use tax values 

as a way to determine how much a 

property should be worth, as many of those 

values are based on sales that occurred years 

ago, on home prices that are now outdated. A 

good way to determine whether your offer is 

near the mark is to take a look at what other 

homes recently sold in your area went for. 

Things to compare are how large the home 

is, its total lot size, the property’s age, the 

amount of bedrooms and bathrooms it has, 

the size of its garage (if it has one at all), the 

condition of the bathrooms and kitchen, and 

any other amenities that might come along 

with the property, like a patio, fireplace, or 

pool. The reason that these comparisons are 

made is because a home very similar to your 

seller’s might have gone for $50,000 less just a 

few months ago. In that case, that comparison 

would allow you to know that you have room to 

drive your seller’s price down. 


63

EVALUATING YOUR OFFER 

4 There are resources available to help 

you with determining whether your 

offer is appropriate. One of them is House 

Value, at www.housevalues.com, where you 

can use one of the Internet’s many home value 

estimators for free. You can also use data from 

appraisers and tax collectors by searching 

online (typing phrases like “tax collector” or “tax 

appraiser” into Google are good ways to start). 

You can also enlist the help of a real estate 

agent in deciding on your offer. However, it’s 

advised that you trust your own instincts above 

a real estate agent’s, as they may be trying to 

usher you into a quick sale so that they can get 

their hands on their commission. 

RECEIVING A COUNTEROFFER 

5 A counteroffer is a response that a 

seller might make to your offer. This is 

a part of the negotiation process, and often isn’t 

limited to just money. For example, there could 

be a fixture within the home that you would like 

the seller to leave behind, like the microwave. 

The seller could agree, but on the condition 

that your offer be increased to compensate. 

Some deals between sellers and buyers involve 

several counteroffers; in other instances, 

buyers will take the initial offer. However, there 

are cases where deals fall through entirely due 

to both parties being incapable of coming to an 

agreement. 

6 

PROVIDING EARNEST MONEY 

When you say you are interested in 

buying a home, a seller wants to have 

proof that you are serious. This is provided in 

the form of a deposit, known as “earnest money,” 

and received by either the seller, their real 

estate agent, or a lawyer. In the case that your 

deal falls through, unless the offer or binder 

expressed that the money was refundable, it is 

unlikely that you will get it back. If you cannot 

be approved for a mortgage, a contingency 

clause may have been included that will allow 

your money to be returned to you. Typically, 

earnest money is 1% to 2% of your offer. In 

the case where the market is particularly hot, a 

larger amount of earnest money can be a great 

strategy for holding a seller’s attention. 


Town Of Secaucus New Jersey 

Event & Meeting Calendar July 2016 

SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY 

26 27 28 29 30 1 2 

Caucus Meeting 

5:00 pm - 6:00 pm 

Mayor & Council 

Meeting 

7:00 pm - 9:00 pm 

Senior Yankee Game 

vs Rangers 

10:00 am - 4:00 pm 

POSTPONED: 4th of 

July Celebration 

4:00 pm - 10:00 pm 

3 4 5 6 7 8 9 

Independence 

Day 

Alcoholic 

Beverage Control 

Board Meeting 

7:00 pm - 9:00 pm 

Movies in the Park 

8:30 pm - 10:30 pm 

Green Summer 

Speakers 

7:00 pm - 8:00 pm 

Summer Concert 

Series - Beginnings 

7:00 pm - 9:00 pm 

10 11 12 13 14 15 16 

Municipal Utilities 

Authority Meeting 

7:00 pm - 9:00 pm 

Board of Adjustment 

Meeting 

7:00 pm - 9:00 pm 


8:30 pm - 10:30 pm 

Green Summer 

Speakers 

7:00 pm - 8:00 pm 

Kids Pool Night 

7:00 pm - 9:00 pm 


Series - British 

Invasion 

7:00 pm - 9:00 pm 

17 18 19 20 21 22 23 

Riverkeeper Boat 

Ride 

9:00 am - 11:00 am 

Planning Board 

Meeting 

7:00 pm - 9:00 pm 

Tot Day Swim Club 

11:00 am - 1:00 pm 


VS Orioles 

10:00 am - 4:00 pm 

New York 

Spectacular - 

Rockettes 

5:30 pm - 11:00 pm 


8:30 pm - 10:30 pm 

Green Summer 

Speakers 

7:00 pm - 8:00 pm 


Series - Jimmy Sturr 

7:00 pm - 9:00 pm 

24 / 31 25 26 27 28 29 30 

Housing 


7:00 pm - 9:00 pm 


5:00 pm - 6:00 pm 


Meeting 

7:00 pm - 9:00 pm 


8:30 pm - 10:30 pm 

Green Summer 

Speakers 

7:00 pm - 8:00 pm 

Teen Pool Night 

7:00 pm - 9:00 pm 


Series - All American 

Variety Show 

7:00 pm - 9:00 pm

Town Of Secaucus New Jersey 

Event & Meeting Calendar August 2016 

SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY 

31 1 2 3 4 5 6 

Municipal Utilities 


7:00 pm - 9:00 pm 

Alcoholic 

Beverage Control 

Board Meeting 

7:00 pm - 9:00 pm 

National Night Out 


Series - 

Showstoppers 

7:00 pm - 9:00 pm 

7 8 9 10 11 12 13 

Board of Adjustment 

Meeting 

7:00 pm - 9:00 pm 


8:30 pm - 10:30 pm 

Tot Day Swim Club 

11:00 am - 1:00 pm 


Series - Neil & The 

Diamonds 

7:00 pm - 9:00 pm 

14 15 16 17 18 19 20 

Planning Board 

Meeting 

7:00 pm - 9:00 pm 


VS Blue Jays 

10:00 am - 4:00 pm 

Board of Health 

Meeting 

7:00 pm - 9:00 pm 


8:30 pm - 10:30 pm 

Kids Pool Night 

7:00 pm - 9:00 pm 


Series - AM Gold 

7:00 pm - 9:00 pm 

21 22 23 24 25 26 27 


5:00 pm - 6:00 pm 


Meeting 

7:00 pm - 9:00 pm 


8:30 pm - 10:30 pm 


Series - Cameos 

7:00 pm - 9:00 pm 

28 29 30 31 1 2 3 


8:30 pm - 10:30 pm 

Back to School 

Family Pool Night 

7:00 pm - 9:00 pm 

Movies at Xchange 

8:00 pm - 10:00 pm

TUNE IN 

FOR OUR 

NEXT 

ISSUE! 

The September / October edition of 

Secaucus Real Estate Today Magazine 

will be available this summer for free! 

• 8 ANSWERS TO YOUR QUESTIONS ABOUT 

CONSTRUCTION LOANS AND MORTGAGES 

• 7 PRINCIPLES FOR SURVIVING FOR SALE 

BY OWNER HOME SALES 

• A 5-PART INTRODUCTION TO REVERSE 

MORTGAGES FOR RETIREMENT 

• 8 TIPS TO HELP YOU CONQUER YOUR 

HOME BUYING FEARS 

• A 9-PART OVERVIEW OF COMMON MISTAKES 

BY POTENTIAL HOME OWNERS 

• A 6-STEP CHECKLIST TO READ BEFORE 

BUYING YOUR FIRST HOME 

• 8 FREQUENTLY ASKED QUESTIONS ON 

CREDIT SCORES AND HOME LOANS 

Follow Us: 

SECAUCUS 



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Secaucus Real Estate Today - July/August 2016

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