Irene Kennedy Sussex County NJ Realtor®

The Sussex County Association of REALTORS is hosting a Webinar on June 8 in Sparta, NJ. A bargain price at $10 for members and $15 for non-members, SCAR's subject is "Real Estate Shows" by trainer-extraordinaire Jeff Turner.

Just registered for the Webinar with SCAR and Megan is ironing out some confusion about the time the Webinar will start. UPDATE: Will start at 1:00 p.m. EDT. She'll send out a final email but I just forwarded her a little blurb, which she might incorporate:

This is the best training opportunity I've been offered in a long time - and at a bargain price! I personally have reaped ENORMOUS benefits from other training Jeff Turner has offered. Jeff has a real gift for presenting material in an easy-to-follow fashion. I'm not technically gifted but walk away from Jeff Turner's training thinking "Yeah, I can do that!" Can't wait to attend...

First, I encourage all my fellow Sussex County, NJ, AR members to attend. Otherwise, I'll know all the tricks and will sell my listings long before you sell yours! ;-) Second, let's pass word within our individual offices and pack the SCAR house on Monday to welcome Jeff to beautiful Sparta, NJ!

 In my areas of Sparta, Hamburg, Vernon, Wantage, Frankford, etc., more and more homeowners are having difficulty paying the mortgage.  Once a homeowner is several months late, the mortgage company/bank starts to consider its options.  Some options will keep the owner in the home by modifying the loan; some will mean the owner must list the home for sale.

 When a distressed property needs to be evaluated by the bank, one or more Broker Price Opinions are normally requested - very often through a third-party, outsourced vendor.  BPOs are not as detailed as an appraisal. A BPO is a quick assessment by a real-estate agent that gives the bank an idea of what the home could sell for within the next 90 - 120 days. It is based primarily on MLS listings of similar properties in the same neighborhood.

 I have done countless BPOs around Sussex County. I view BPOs as a discussion of list price with a potential seller, albeit one who is far away and has never seen the property. I am that bank's local real estate agent for the sake of a price opinion. (While my experience has been localized, I do BPOs for the same vendors and same banks that get them done across the U.S. Hopefully, my opinions and expertise might help someone elsewhere.)

Here are the main reasons I've been hired to do BPOs in Sussex, Morris and Passaic Counties:

1. A homeowner is late and the bank is weighing its options - perhaps deciding whether to foreclose or consider a work out;
2. The owners have no means of remaining in the home and have listed or are prepared to list it for sale, have had some hardship and are asking the bank to consider a Short Sale;
3. Potential buyers have put in a written offer and the bank needs to evaluate it based on today's market conditions;
4. Foreclosure has occurred. The property is now an REO and the new owner (the bank) needs to set a price for the sale of the home.

 Reason 1 is the type I like least. These owners are usually unaware that the bank is having a BPO done. (The mortgage documents specify the rights of the bank to inspect the property under prescribed conditions.) This will always be an exterior or drive-by BPO for which I need to get my outside photos very, very discretely and be prepared for some unpleasantness if the owners drive down the street and spot me...  Too, these home are not currently listed for sale, so there is no MLS listing with current interior photos. My research will take much longer.

 With the other 3 reasons, the sellers are typically supportive of the BPO. Many times I am hired to do an interior BPO. By appointment, I access the home and take interior & exterior pictures. Frequently, multiple BPOs are done on the same property within the same time frame. The current record for me is when I was in one Lake Mohawk home for sale at the same time 2 other agents were also taking their interior pictures! Triple opinions from real estate agents working for 3 different brokers but it was a very high-priced home. This indicates just how inexpensive a BPO is, but I'll return to that later.

 Future posts will detail which BPOS I will agree to do, what information I provide, the stumbling blocks I've encountered, how listing agents view my BPOs and my compensation for these efforts.

Part 2: Pink Elephant BPOs based on a case in Sparta, NJ.

Hubby Chip & I excitedly planning a short vacation from our comfy home in Sussex County, NJ. We're headed to the White Mountains of New Hampshire to car-camp. You know, where you pull up to a site, unload a 4 bedroom tent with hot & cold running water, ask James the butler to don his flannel shirt, throw a gourmet feast on the barbie, etc.

What prompts me to do this? I want to see a moose in the wild. Better yet, many meese. (While I am aware that the plural of moose is moose, I have spent many sleepless nights worrying how geese feel about that. Besides, it amuses me - if no one else - to use the term meese and watch reactions; I'm big on funny and you're most welcome to laugh at me along with me!)

To the right is a photo of the only moose I will ever see in the Sussex County vicinity!

So, with a real estate transaction in which I represent both the home sellers and the buyers closing this week and a great colleague to back me up while I'm away, I off to hunt real meese.

Our moose-hunting arsenal consists of a couple cameras and a tripod, so no need to alert PETA to my plans. I may never blog again because I've warned Chip that I am staying in the White Mountains until I see a moose. He pointed out that it is a very long walk home, lovingly adding that he'll miss me in the interim. Bet you will too!

So, Chip and I will relax, enjoy the beauty of Mother Nature for a few days and hunt meese.

Oh - and one other dream. I'm hoping to return with ONE picture that is of the quality that Richard Weisser - Coweta Fayette Real Estate - Newnan homes for sale shares with us day in and day out.

The one to the left is from US wildlife authorities - free use. I intend to pose the meese against more greenery to yield better contrast. I'm utterly surprised that the wildlife folks didn't think of that but then again, they probably don't say meese either...

Celebrating a $15,000 price reduction on a home in Wantage Township by announcing Sussex County's second HomeAndLunch tour!

On Saturday, June 6, between 11:30 a.m. and 2:00 p.m., I'll provide lunch to all real estate agents who bring their buyers to tour this home. To get the goodies, the real estate agent must call me by noon the day before (Friday, June 5) and let me know how many will be in that party.

This completely renovated 2-bedroom ranch home is set on .84 acres on desirable Beemer Church Road, Branchville, NJ. (Wantage Township with a Branchville zip code.) Great for first-time home buyers, those wanting to downsize, folks who want something small but not within a planned community.

Take a closer look at this lovely home

in Wantage with a Branchville mailing address.

Learn more about  my HomeAndLunch tours.

Search Sussex County NJ Homes for Sale - ask me about any!