All Forum Posts by: Anne Williams

Hello,

   I'm looking to buy a property in Newark, but it's been quite frustration because I have gotten mixed reviews about certain areas. I know Ironbound is great and University Heights...but I really like the Springfield Belmont area as well. I was looking at a property by 18 Dandrige drive close to Bergen Street/Avon but I have been told that those areas are not the best. I intend to live in this property... Can anyone please give me more insight about the Springfield Belmont area and any other places in Newark or even NJ that I could consider. I will be commuting to New York everyday for work so location is key.

Thanks,

Cheryll

@Wayne Brooks, when you say appraisal price, you mean my offer price, or the difference if the appraisal isn't high even?

Hello,

   I'm trying to buy my first home to live in and the market is pretty hot right now in Newark. I was interested in a particular property, but I don't think its worth the cost of what they are selling it for after looking at data, area, comps etc. My agent is advising me to perhaps give them close to asking price or more and if it does not appraise we can renegotiate for a lower price later.  

Is this good advice? Do most sellers usually lower the price if their home does not appraise for the price of the accepted offer?

Is this a clever way to beat out the competition to get a property you want or is this a bad idea?

I would be going into the situation hoping that it will not appraise because I already "know " or assume I over bid.

My realtor claims that if it does appraises to the high offer price, at least I will be reassured that it is worth that price.

I'm just not sure if this is a smart way to go about this, but with bidding wars and low inventory I need to figure out what to do gain a desirable home.

@Ibrahim Hughes, so you feel its worthwhile to take the risk and rehab the cheaper condo? The loan officer at the bank says he can recommend a couple of contractors who have done 203k loans before who are already approved and will understand the process...

@Jennifer Petrillo ok, so how long did it take to go to closing?

How long did the construction take?

@Noel Challenger, My concern with the property is that the owners bought it last year and they are now asking 50,000 more for it... From looking at comps in the area that was sent to me...all properties have been selling in the low 100,00 which is what they bought it for...they have made minimal upgrades and I would still need to do a lot of cosmetic work to make it worthwhile...so Im not sure why there is such an increase and its supposedly went into contract twice and the deal fell through both times!

@Mike McKeown It is not FHA approved so that's why Im trying to find an alternative, any suggestions?

Hello, 

     I'm looking to buy a condominium in the Springfield Section of Newark New Jersey. I saw two, one is priced kinda high (I've looked at comps and have not been able to find any condos that have gone for that price in the area...they have all been much cheaper).  The other is much lower but is a fixer upper that would probably require work that would bring the total cost to be $140,000 with the addition of the money to do repairs. 

I am so tempted to buy the fixer upper and rehab it but I've heard and seen some horror stories of people who have done renovation loans where their property has been sitting around for months with the work undone. Either that or the workmanship is very poor.

If there is anyone familiar with the 203k loan, can you give me some insight about the process and if it is worth the stress involved? Are there any success stories? Can work actually be completed in 2 months with the right contractor?

Also, the condominium only accepts conventional loans but I'm only familiar with 203k which I believe is FHA...is there a conventional rehab loan alternative?

Should I just suck it up and go after the more expensive condo unit or take a chance with the rehab condo??? (Both units will still need to be updated  by the way)

 Yes, I would be interested! 

Hello,

   I am looking to purchase a condo in Newark, New Jersey in the Springfield Belmont area. There are two that I am considering. One needs major work and the asking price is in the low 100s while the other is in better condition but the asking price is $170,000. I don't want to pay too much being that I am not totally familiar with the area.  I've seen condos that were sold in the low 100s in that area so I'm not totally sure why they are asking that much.. Both properties will need some renovation either way...but the one at $170 is at least move in ready. 

I would love to try to get the cheaper one at a lower price and do a full renovation which would allow me to custom the unit as I want but I'm resistant because I've heard horror stories from people who did renovation loans where it took a ridiculously long time or the quality of the final work was poor.  Anyways, In brief can somebody who is familiar with this area tell me what is the market prices for those condos and what would be a smart starting offer for a condo going for $170,000 there? I plan to do a conventional loan by the way....