All Forum Posts by: Tom Hall

Recently I purchased a house did overpay 60K my offer was the second highest offer seller didnt accept that but they called me back after a month since the first offer didnt go thru, I gladly moved forwad and recently moved in however I dont like the house at all it is accross the cemetary I dont feel homy there a bit house is nice but I simply i dont love it! I am looking into option what can i do at this point selling I dont think anyone would pay me this much since the value of the houses are slighly going down in NJ. what would be my options at this point? 

Soon closing on a property property cost $458k and the closing cost is really high we are doing FHA mortgage they are charging 2% of the loan plus application fee and mortgage insurance on closing for the amount of $7k and plus monthly mortgage insurance... in 2020 there was not just a thing 2% of the loan on mortgage origination loan fee!

Now total closing cost is 26k and my closing is soon, i am just feeling uneasy about this? is this normal for todays market? can someone give me some clarity ? 

I have been offering 50-60k above the asking price and surprisingly I never get the house, coz they had a stronger offer, offering more than me.

What's gonna happen to market  in Spring is it gonna get easier to buy home or it will get worse? 

 unfortunately it is the reality of todays market seller get everything their way.

 great points, yes I will get one done for sure, to see what i ma getting into. Yes I am putting 20% down 

In the process of buying home, the owner received very similar offer, around the same price range however the other offer waved inspection and appraisal. Now the listing agent called and asked if we could do the same, our offer, the listing agent said is slightly higher but they want us to wave inspection and appraisal and we have time till tomorrow. House is indeed in a good shape the basement is fully done with full bath. No cracks has been seen on the foundation from my visional observation.

How to protect myself on the contract? your advice is more needed then ever ..

 Thx for following up, still in the process I was outbit the first 2 times by 93k and 73k. 

It is hard to believe that people are offered 93k above the asking price but it is what it is happening. This market is insane 

I need someone to explain to me, why it is a GOOD/BAD time to buy a house? most people say the price of the houses wont go down why? Price of the house s will go up why ?

I know there are a lot of petty casual answers to this but i want to learn more about todays market and what's gonna happen IN YOUR OPIONION based on your past real state buy and sell experience...

Looking for investment property in South Amboy and/or  Sayreville.

I am kind of confused which one to pick because there is path train and ferry to commute to the city in South Amboy. However i found properties more attractive in Sayreville coz they have bigger backyard and bedrooms are more specious.

Is there a realtor or an investor who is familiar with this locations and can comment about which one has more potential for value growth and investing ?

 it is more like buy and hold. In todays market it is impossible to have cash flow so i am not hoping for that. I am seeing some properties in Sayrevelle NJ or near it.  I found this neighborhood somehow close to the city and affordable. However I am worried if the value ever  goes up more then 5-6% per year. Considering property taxes is almost 1k i don't think there will be a lot of people interested in purchasing property there, but that's the case in whole NJ.
I don't own a primary, recently sold a property and would like to invest back in real state