Nobody wants to give their home away, so the key to getting the most value for a home is knowing how to set its price. Common sense and market sense are two very different things. It should not be surprising to many readers that people who have experience doing something have more knowledge than those who don’t. Yet I often times find home owners ignoring the advice from great real estate professionals in order to try to get more money for their home.
More often than not, over pricing a home results in no sale or a lower sales price due to many issues, with the most common being seller fatigue and seller fear. Understanding current market conditions is a critical prerequisite in determining the accurate market value of a home. Motivated homeowners should not hire the real estate company that proposes the highest home value, rather they should hire the real estate company that demonstrates the best ability to get the home sold.
Getting The Most Value For A Home
January 27th, 2010New GIT/REP3 Form
October 8th, 2009We recieved this from our underwriter the other day:
Please be advised that the Division of Taxation recently released an updated Seller’s Residency Certification/Exemption (GIT/REP-3) form. The revisions appear to be:
1. Insertion of “Residents and” into Seller Assurances box which now reads, “SELLER ASSURANCES (Check the Appropriate Box) (Boxes 2 through 8 apply to Residents and Non-residents)”
2. Insertion of “residents and” in the instructions for “Seller Assurances” on the back of the form in conformity with the amendment on the front of the form.
3. Addition of the phrase, “unless the Power of Attorney is attached to the deed.” At the end of the instruction on the back of the form for “Signature”.
As to the third revision above, the purpose appears to be to clarify that if a deed is executed pursuant to a Power of Attorney which is being recorded with the deed, an additional letter signed by the Principal granting authority to the Attorney in Fact to sign the GIT/REP-3 is not also required. It is unclear whether the Division is requiring that an additional copy of the Power of Attorney be literally attached to the deed under this circumstance or whether submitting it for recording simultaneously with the deed will be sufficient.
Please be reminded that settlement attorneys and agents are required to use the most current forms (GIT/REP and RTF) when submitting them for recording.
We have uploaded the new form to our forms page for your convenience. Click here to download it.
Recently we updated our website www.etsnj.com
October 3rd, 2009Elite has a new site that is current with today’s trends…flash page opener, adobe forms, online ordering, blog, etc. Take a look around…you might find some things you need. Of course any suggestions you might have, are always welcome.
Hudson County Register’s Office
October 3rd, 2009After more than 50 years being located in the Hudson County Court House, the Register and it’s Record Room have moved to a new location. The most prominent innovation is computerization of all records dating back to 1962. The physical books prior to this date are accessible in the record room. The county block index are retained, but are no longer updated. The Record Room for the Hudson County Clerk has also been located to this building, being on the 4th Floor. Unfortunately, the Office and Record Room for the Hudson County Surrogate remain at the Court House.
Hudson County Register 201-395-4760
257 Cornelison Avenue, 2nd Floor, Jersey City 07302
New Statute of Limitations – Mortgage Foreclosures
October 3rd, 2009As per Nancy Koch, Esq., NJ State Counsel for Old Republic National Title Insurance Company, please be advised that Governor Corzine recently signed into law an amendment to the Fair Foreclosure Act which establishes a statute of limitations for certain mortgage foreclosures. Enacted as P.L. 2009, c. 105, this law was effective August 6, 2009.
As a reminder, a statute of limitations is a law which sets the time in which a lawsuit may be filed. (There are different statutes of limitations for different actions or charges and they apply to both criminal and civil matters.) If the limitations period set by the statute expires without a lawsuit or charges being filed, such suit or charges may no longer be filed.
You will recall that prior to this enactment, New Jersey did not have a codified statute of limitations specifically applicable to mortgage foreclosure actions. Courts in New Jersey had generally applied a 20 year limitation period to mortgage foreclosure actions meaning that a lender had to institute a foreclosure action within 20 years from the date of default or be barred from instituting the foreclosure action.
It is important to note that the limitations periods established by this law apply only to residential mortgages which are defined in the Fair Foreclosure Act as mortgages on owner-occupied one-to-four family houses or condominium units.
The new law provides that an action to foreclose a residential mortgage shall not be commenced once the earliest of the following time periods have expired:
a. Six (6) years from the date fixed for the making of the last payment or the maturity date set forth in the mortgage or the note . . . except that if the date fixed for the making of the last payment or the maturity date has been extended by recorded or unrecorded agreement the six year period shall run from the extended date; or
b. Thirty-six (36) years from the date of recording of the mortgage (as long as the mortgage does not provide for a repayment period in excess of 30 years); or
c. Twenty (20) years from the date on which the mortgagor defaulted.
While the Inter-Underwriter Indemnification Agreement continues to allow insuring without exception to many prior owner mortgages, the enactment of this law will allow title insurers to insure without exception to some mortgages where the Agreement may not apply.
Title Insurance Information Books
September 27th, 2009Elite has been handing out to our clients info books with such things as title application forms, realty transfer tax tables, title insurance tables, recording information, etc. If you have not received one, please send us a fax or email…we’d be happy to drop one by.
Elite Title goes “Green”
September 27th, 2009In 2009 Elite has really tried to go paperless as much as possible, therefore all files are now “virtual files”. We do have “paper files” for the odd document, but once a matter is finished (policy out), the paper file is sent to the shredder. It hasn’t been easy to convert files and our brains to use the computer to this extent…but it has saved, time, money..and a few trees here and there.
Foreclosure Rescue Scams, Loan Modification Fraud
September 2nd, 2009The Obama Administration announced a new coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners seeking assistance under the Making Home Affordable program .
“The Administration’s Making Home Affordable program is a critical piece of our efforts to stabilize the financial system and ensure that it works with our efforts to grow the economy,” said Treasury Secretary Tim Geithner. “American homeowners desperately need the relief this program offers, but the very last thing they need is to be taken advantage of as they try to hold on to their homes. This Administration is deeply committed not just to providing at-risk homeowners with assistance but also to cracking down on anyone who seeks to defraud them.”
The U.S. Department of the Treasury and Financial Crimes Enforcement Network (FinCen0) have an advanced targeting effort already underway to combat fraudulent loan modification schemes and coordinate ongoing efforts across agencies to investigate fraud and assist with enforcement and prosecutions.
As part of this effort, Attorney General Eric Holder has emphasized his Department’s commitment to ensure a response to the problem. “For millions of Americans, the dream of home ownership has become a nightmare because of the unscrupulous actions of individuals and companies who exploit the misfortune of others. The Department of Justice’s message is simple: if you discriminate against borrowers or prey on vulnerable homeowners with fraudulent mortgage schemes, we will find you, and we will punish you.”
Several private loan servicers, as well as HUD are distributing materials warning consumers nationwide about mortgage relief scams. “There are legitimate people, places, and agencies that American families can turn to when they are facing foreclosure, starting with www.MakingHomeAffordable.gov and the Homeowner’s HOPE Hotline at 1-888-995-HOPE for free foreclosure counseling assistance,” said HUD Secretary Donovan.
March 27th, 2009
Learntitle.com offers Continuing Education classes online for title agents in New Jersey, Pennsylvania, and Florida. Course can be taken any time and anywhere you have an internet connection. Very convenient.
LearnTitle will also be conducting a course on the changes required on the new HUD. Send an email to admin@learntitle.com if you are interested in one of these classes.
Check them out here
What does a real estate lawyer do?
March 27th, 2009Taken from Lending Tree
Whether you’re buying or selling a home, your team of expert advisors should include a real estate lawyer as well as a REALTOR®. Your REALTOR® can help you find the right house or the right buyer and negotiate a price and closing date that are right for you. Your lawyer can review any offer you make or receive and make sure that your rights are protected and your duties clearly defined.