All Forum Posts by: Jackie Cramer

Greetings All. 

Am helping a very good friend try and sell his Moms house. He is the Executor.   Ea sternMonmouth County, NJ

We have sweated over the listing price and even with the downturn, at least in our little corner of the world the prices are strong and supply is low. Besides Zillow "guesstimate" I have full MLS access and we feel pretty confident in the starting price. The plan is if not under contract by the end of Jan. it will go on MLS. We know that this is not the most opportune time for sales,

We expect mostly the investor type. It is ok shape, but does need work [NOT a teardown].  It is close to a municipal parking lot and I consider it to be a B- to C+ location.  Oh, it is 2 miles to the Altantic Ocean. 

So, my question is: besides "STRICTLY ''AS IS''. "Do your Due Diligence. Seller will not make any repairs or issue any credits."Any and all offers must be presented in writing on a Contract For Sale. That contract will be presented to the Sellers Attorney for his review and approval. No exceptions."

Is here anything else I should add to the handout for the open house.

Lastly [for now] I had asked him to get his lawyer to write a contract for sale for this. The lawyer responded wqth "allow The Buyer[s] to present a contract and then we can accept/amend/or reject at that time. 

I have sold 3 houses FSBO [a long time ago] and always controlled the process by having MY contract, received from an atty. and modified and re-used twice. Here, I feel that if we were to get say 3 or 4 contracts/offers the review costs could be significant.

I thank you for the opportunity to ask these question and appreciate any and all input.

Jackie Cramer

P.S New Jersey is a lot bigger than Jersey City or Newark but these were the only 2  areas available.

Thsts a question that you can get best answered by ssking the sdmins esch of those towns or cities.

it can vary widely in esch locale.

besides which you can usually learn something new in those areas that ca be useful

No. 

you are in control of your property not this susp...uh, prospect.

All move in monies, 1st month rent, full security deposit and any all fees, utility deposits and proof of paid renters insursnce must be provided Before you hand over the keys.

FIND someone who can afford it

Unless are very confident that its a "right price" I would consider getting  a fee appraisal, not a BPO.

Too, I would never accept the Sellers contract unless and until  my attorney ok'd it. 

lastly, since you have this large amount to put down, why not get a low interest long term mortgage

good luck

I closely watched the last 4 real estate "crashes" and never got a rental until 2008/9.

My POV is that the 'walk down memory lane' while feeling good does not reflect current scenario.

The price rise is not fueled by cheap money though it has helped alot, but by cash in the market.

The last crash, as most recall was about the undewriting guidelines being thrown away in a misguided attempt at fairness. We all saw how that worked out. Many here greatly benefitted from that.

it did reinforce the lesson that crap properties were still crap.

Today the market drivers are different and underpinned by people that have grown tired of money market instabilities and lack of personal control of their futures

FOMO applies here too, but my opion is that many, both individuals and institutions have realised the housing is something needed by all AND 'THEY AIN'T MAKING ANYMORE DIRT"

I recently had a prospect who told me that. That was enough for me. I felt I would be their next victim if they decided to go.

BUT...given your scenario I would inquire at her current complex. 

I would think their desired are their problem.  If situation was reversed snd you wsnted to bresk the lease how would that go?

Its likely They are gonna go anyway as they are looking to dishonor the agreement.

Send a certified letter allowing them get out of the leade with a 2.month lease break fee...one month is not enough.

You will need to refresh the place then market it, so a 2 month fee should be fair compensation for the trouble.

do not give back ANY  security deposit money until you have an empty unit and sre able to assess damages. Return any unused deposit as legal appropriate and provable.

Good news is with recent pricing you may be able to significantly increase the rent.

Good luck

My concern is that 2 months of vacancy, 4/6 weeks of reno then 2/3 weeks of marketing can take me to end of Summer/school begins/ prime rent season.

Oh yeah a potential loss of 7K rental income.

But besides being great T's, there are 4 months for her to prepare