A year ago, many real estate professionals didn't know what a short sale was. Now, with the mortgage industry in a meltdown and failings of financial institutions making headlines, some agents are getting a crash course. I know I have-
According to RealtyTrac, with the number of foreclosures increasing over last year across the country, lenders are opting to sell homes facing foreclosures rather than let them go to auction in order to minimize losses.
Coming Up Short
During the recent real estate boom, many buyers paid more for their properties than they are worth today. Compounded by the 100 percent financing that was so readily available, these buyers now find themselves with mortgages higher than their current property value.
When these buyers encounter hardships, such as divorce, medical conditions or loss of employment, they are unable to market their property and pay their outstanding loans. In many cases, they fall victim to foreclosure or even bankruptcy.
Mortgage lenders have found a viable alternative - a short sale - which allows homeowners to sell their properties as long as their lender agrees to satisfy the loan for less than the outstanding balance. The advantages to lenders are purely financial. In many cases, foreclosure proceedings can be long and expensive, so a short sale offers lenders the opportunity to minimize their losses.
Plenty of Pitfalls
One of the biggest obstacles involving a short sale is the amount of time lenders take to make a decision. Typically, this process can take 30 to 45 days Even up to as long at 4 months. Buyers must understand the process and be willing to wait for the final decision to know if they will actually be able to buy the home.
Lenders can dictate what other seller settlement expenses they will be willing to accept. Lenders see this as an opportunity to recuperate some of their losses since they're already accepting a payoff that is lower than what's owed. This benefits the buyer usually.
In most cases the buyer will have to be willing to obtain the Certificate of Occupancy- at their own expense. Which the listing agent should already have had it the home inspected by the local Building department. This will show potenial buyer the underlying cost that may have to be incurred. ALL RESALES MUST HAVE A C of O to transfer title/in some cases it's not necessary - BUT Not Reccomended. With the present inventory out there today first time home buyers will benefit form the SHORT SALES
It's still a great time to buy- To fully get informed information Call me or one of my Team members for a complete update on the current trends here in Ocean County New Jersey
Patricia " PATTIE" Romano
REALTOR® Associate
RE/MAX At Barnegat Bay
31 North Main Street ( RT 9 )
Manahawkin,NJ 08050
www.soldbypattie.com
609-978-4046
Direct cell-609-312-9043
eve: 609-978-5985 - till midnight
The Romano Team
Buyers Agent-
Janis Olson
REALTOR® Associate
609-276-1741
Sales Assistant
Beatrice Ogule
732-261-1570
Did you know that you're supposed to clean the outside of your computer screen?
YOU'RE ALSO SUPPOSED TO CLEAN THE INSIDE OF IT TOO!
Not many people know about this or know how to do it. so I thought I would send you a link to help you
http://www.raincitystory.com/flash/screenclean.swf
Okay- I was bored today- everything is closed so I thought I would play a little on the computer
It's always a wonderful feeling to Give back
"PATTI'S PROM PROJECT" Boutique event: 3/28/09
If you have any gowns, shoes, costume jewelry or accessories and would be kind enough to donate to Ocean County's First Annual "Patti's Prom Project" we would greatly appreciate it. All Junior and Senior High School girls in need of prom wear from the Ocean County area are welcomed to attend our scheduled event on March 28, 2009 at the Lacey Community Center.
Please Drop off all your Donated Dress',Shoes,Gifts to any of the 3 RE/MAX at Barnegat Bay office
Please call RE/MAX At Barnegat Bay
Lacey office- 609-693-5002
Manahawkin Office609-978-4046
Toms River office-732-914-0074
or call
Please call Robin Bahr 732.600.0778 OR Elisabeth, 732.330.2152
All donations are greatly accepted.
We will be offering a six hour Limo ride for 10 people! To one lucky winner.
If you have a business that would like to donate to our Project, please call. We need nails, hair, flowers, shoes, accessories, etc. Thank you for all your help.
All proceeds to go to American Cancer Society's Relay for Life!
Donations for all Tastes If you are a business and would like to donate please call. We need nails, hair, flowers, shoes, accessories, tanning, gym, limo service, etc...
Scheduled Boutique event is March 28, 2009 starting at 10 AM to be held at the Lacey Community Center.
Email Robin Bahr Robinrealtor@comcast.net OCBR @732-244-8111 or Carly @ VIP Cleaners, 732.269.3888.
If your closet is fresh out of taffeta, make a contribution to The Princess Project today! Please help with anything a young lady will need to have the best time of her year!
All proceeds to go to American Cancer Society's Relay for Life!
Making Dreams Real
Have a love and luck filled St. Patrick's Day!
Thanks,
Patti's Princess Project Team
Making Prom dreams come true.
"This project was created by Robin Bahr"
Understanding the Housing Recovery Plan The recently announced Homeowner Affordability and Stability Plan is a sweeping effort to stem the national tide of foreclosures and to help as many as 9 million homeowners stay current on their mortgages. Here's a look at what the plan will entail and who will be eligible for assistance. Basics of the Plan The nationwide foreclosure problem has caused a ripple effect of lowering home values throughout individual communities. The Obama administration's plan marks the largest government response since the beginning of the housing crisis. At its core are three main strategies: Housing Affordability Under the Housing Affordability and Stability Plan, qualifying homeowners would be able to refinance their mortgages to current rates, making monthly payments more affordable. For those borrowers who are currently facing high rates following an ARM reset, the plan offers a chance to switch to a lower fixed rate mortgage. Who Qualifies - In order to qualify for this portion of the plan: Homeowners with second mortgages will also be eligible but with additional restrictions. Along with the 105 percent limit, borrowers must be able to prove that they can still meet payment terms on the original loan and the lender must agree to keep the original loan in "primary position" in terms of monthly payments. Who Doesn't - While some details of the plan have not yet been released, initially it appears that the following groups of borrowers may not qualify for this portion of HASP: Housing Stability Some components of the plan include: Who Qualifies - Who Doesn't - The administration has indicated that the following categories of borrowers will not qualify for this portion of the plan: Support for Fannie and Freddie Using money authorized by congress in 2008 under the Housing and Economic Recovery Act, the Treasury Department is increasing its funding commitment to Fannie Mae and Freddie Mac by $200 billion total. Specifically, Treasury will increase Preferred Stock Purchase Agreements to $200 billion each (from the previous level of $100 billion each). The overall goal behind this move is to increase confidence in the two mortgage giants and by doing so support the continuation of low mortgage rates. Other Provisions in the Plan
Under traditional rules, homeowners who owe more than 80 percent of their home's value cannot easily refinance their mortgage. Many homeowners who have paid money down and are current on their monthly payments have seen their home's value drop enough that they lack the necessary equity to qualify for refinancing.
The second portion of the plan is designed to provide relief to homeowners whose loan payments have risen to 40 or even 50 percent of their monthly income. The plan's goal is to reduce the total monthly mortgage payments for struggling homeowners. To do so, the Financial Stability Plan has allocated a total of $75 billion in incentives that should encourage lenders to modify loan terms.
Patricia " PATTIE" Romano
REALTOR® Associate
RE/MAX At Barnegat Bay
31 North Main Street ( RT 9 )
Manahawkin,NJ 08050
www.soldbypattie.com
609-978-4046
Direct cell-609-312-9043
eve: 609-978-5985 - till midnight
Buyers Agent-
Janis Olson
REALTOR® Associate
609-276-1741
In reading the Most Recent post by Jim Crawford- 
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO
Buying the Listing! Understanding Deceptive Listing Techniques. -
I needed to follow up as he sparked a controversial subject and one that it seems to be the in my own area seems to be the practice-,It amazes me when I look at the daily updates posted on the MLS board. I can pick out immediatly who the culprits are- It's the Same Agents- From the Same Agencies- Over and Over Again-
They are making false promises to sellers about the current market and what They can sell their home for- only to have the home sell 6 to 8 months later for 30% Less.
What are these agents thinking?
My question to them is:
Do you really need the signs out on non saleable inventory? Do you think that to list 20 homes is a contest of abilities? It isn't. A professional agent is the one conducting the interview to see if they are taking on a salable home into their inventory. A professional Real estate agent, will in fact turn a listing away and in some cases encourage a seller Not to sell.
What we as Real Estate professional must remember is: Overpricing can result in lawsuits- Overpricing can often cause hypocrisy- Overpricing can cause a stale reputation-Overpricing can help your neighbor sell their home-Overpricing often misleads sellers-Overpricing can frustrate selling sales associates Overpricing can frustrate brokers and sales managers-Overpricing can frustrate sellers-Overpricing can frustrate buyers-Overpricing can result in NO showings-Overpricing can result in losing listings Overpricing usually results in NO SALE-Overpricing can result in the termination of a Sale
The Professional listing agent's goal is to see if the seller:
•1. Is motivated to sell a home
•2. Understands what the current sales that have taken place in the last 3 months
•3. The seller is willing to price the home at a market price or below.
•4. Realize they'll have to make concessions on price, and contributions toward buyer's closing costs.
•5. Is aware that appraisal may have limitations.
The Pricing a home has never been more important than it is today-because of the harsh market we are in, Our Pre- Foreclosure market is 2 in every 5 homes on the market- Short Sales are over running our market, with Sellers just walking away from their obligations, The last thing we need to do is make promises we can not keep- We need to be totally honest and ethical to the public we serve. We are doing a total injustice and breaking the law-
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Servicing The Jersey Shore Area, Ocean & Monmouth County- Long Beach Island, Manahawkin, From Barnegat to Lacey,Forked River, Berkeley, Lanoka Harbour. Little Egg Harbor, Tuckerton, Atlantic County,
There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work. That said, in my experience as a Full Time Real Estate Professional, I've also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs. This "client first" philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I've found that the latest technologies are enabling me to do everything I've always done, only much more quickly and efficiently. They've also helped me to extend the range of services I provide to my clients.
My entire business is based on your satisfaction and referrals and please know how grateful I am to each of you! This site is especially for you and any one you refer to me. I want all of your friends, family and associates to be as convinced as you are of my dedication and superior service Whether you're a buyer /seller or just the curious, I am committed to providing honest, courteous, full and professional service. You'll experience the difference of a full service full time REALTOR.
"24 hours a day"
I'm a professional introducer. I've seen and know hundreds of homes, so as we clarify what you prefer, it's easier to find a match. When you see the right home, there will be a reaction. You'll know the right home when you see it, right?
In the meantime, if there are homes on the market that you would like to 'meet', I'd love to arrange an introduction.A consistent top producer in Southern Ocean County, I'll always put my clients interests first by being a strong negotiator .awards-
I find that our relationship goes beyond the closing and a bond of friendship begins. You will discover and experience,knowledge and my professionalisms. How I will go the extra mile to satisfy both buyers and sellers. Finding a Home at the Jersey Shore area should be simple, Whether you are Buying or selling. It is one of the most important decisions you'll make. Email me today and get a list of satisfied Clients/Customers Get to know who your agent is.
So Begin with one website with direct access to the entire Multiple listing Service for Ocean and Monmouth Counties. From Toms River / Long Beach Island /Forked River/ Little Egg Harbor/Manahawkin,Barnegat to Atlantic County.
24 hours a day 7 days a week in the privacy of your home or anywhere around the world.
or call me Direct at 609-312-9043
office:609-978-4046 ext 5114
"The Romano Team of Real Estate professionals"
Beatrice Ogule- Sales asisstant
Janis Olson- Buyer agent- 609-276-1741
Servicing The Jersey Shore Area, Ocean & Monmouth County- Long Beach Island, Manahawkin, From Barnegat to Lacey,Forked River, Berkeley, Lanoka Harbour. Little Egg Harbor, Tuckerton, Atlantic County,Burlinton County, Lakewood, Whether you're a buyer /seller or just the curious, I am committed to providing honest, courteous, full and professional service. You'll experience the difference of a full service full time REALTOR.
I Specialize is all forms of Real Estate- New Construction, adult Communities, waterfront ,Ocean fronts, shore homes, Townhouse ,estates,commerical,short sales,foreclosures to investors. One stop home shopping experience,
Client Care Program
Both during and after your transaction you will be introduced to professional individuals in all fields of business to assist you in every way with your home & purchase. As part of my commitment to you, I will offer my advice for any items that you may need during and after the selling process. During my years of service to my clients, I have worked with many businesses in order to better assist my clients. I can introduce you to any of the following trades who can provide you with great service:
* Attorney * Electrician
* Plumber
* Landscaper
* Contractor/Roofer
* Home Cleaning Company
* Handyman Services
* Notary Public (I am a Notary Public and will assist you as a complimentary service)
* Tax Assessment Appeals (I will assist you with this as a complimentary service)
* And SO much more! My client care program is designed to ensure that there is ALWAYS an advantage to working with an experienced Full time agent in helping you enjoy the buying/selling process
Specialize in first time buyers - Age restricted communities- Ocean front- & Vacation homes
The New Jersey Association of Realtors Circle of Excellence Awards in 2002(Bronze), 2003 (Silver), 2004 (Gold) 2005-2007 (Gold)-2008 Silver level
2007-2008 RE/MAX Platinum Level
The Realtor' REAL ESTATE AGENT
"Pattie Romano is a Professional Realtor and sold our home under a tight deadline with a very aggressive approach and marketing campaign. In the years we've known Pattie, she gives the business "her all;" we not only have a great real estate agent but a wonderful friend too.
Pat & Rich Eckloff
Pat is a NJ licensed real estate agent
"- Pat & Rich Eckloff, Long Beach Island,NJ
Beyond WONDERFUL
Joanne and I know how lucky we are to have found you through your radio show. As our realtor, you so went beyond the "norm" for us in finding our new home (which we love). As you well realize, making the decision to move from a home we already loved was difficult at best, and I appreciate your patience with me specifically because I know at times I was difficult at best. You also kept Jo and I optimistic in a not-so-good market. Your professionalism, knowledge, sense of humor and compassion made everything come together for us and we will be forever grateful. Most important, when all was said and done, Jo and I had a new friendship for which (unlike a home), there is no sell price.
-ED & Joanne Romaine-Manahawkin,NJ
The BEST !
"Pattie Romano is "the best!" We originally tried to sell our property on our own, but once Pattie had the listing there were 3 offers just days later. Pattie is a motivated professional in the industry and has an extensive network of buyers and sellers. Now our family and friends work with Pattie for all their real estate deals.
Jason and Danielle Soltis
Owner Marchioni's Restaurant ~ Barnegat, NJ
"- Jason and Danielle Soltis, Manahawkin NJ
The One to call on!
"Pattie Romano worked 24 hours a day --- 7 days a week for us both with the sale and purchase of our homes. She did everything possible without any problems whatsoever and with each day we grew to be friends in addition to already having a successful and productive business relationship.
Ed and Eileen Benko
Manahawkin, NJ
"- Ed&Eileen Benko,Tuckerton,NJ
The REAL-REALTOR
"I was referred to Pattie Romano through an associate and can say she is one of the most patient professionals in the business. She made the transaction smooth and easy; anything that was asked was done quickly and efficiently. In my career I work with real estate agents every day -- Pattie is the "tops" -- and now I refer my clients to her.
Pearl Buehler
Manahawkin, NJ
"- Pearl Bueler,Manahawkin NJ
Top Real Estate Agent around
"We have sold two homes and bought our homes with Pattie Romano and each time she negotiated the terms we wanted and had signed contracts in less than one week! As part of her sales marketing plan Pattie took both exterior and interior photographs, which gave a virtual tour of the property to prospective clients before they arrived.
Jenny & Joe Ferrara
Manahawkin, NJ
"- Joe & Jenny Ferrara,Manahawkin,NJ
Beyond Words
Pattie,We love the house and have been making it our own. We have settled in with new appliances, couches, rugs and two newly painted bathrooms. Thanks again for all your hard work and help getting us our miracle house. The Lord really blessed us with you as our realtor. :0)
Rob & Joanne Case- Manahawkin,NJ
You Can Trust Her
She won't push you into anything you're not ready for. You can definitely trust her.
Kathleen M. Beresford
Administrative Assistant
Legal Department
*******************
Goldman, Sachs & Co.
"In today's market a relationship with an experienced professional can make all the difference. Pattie is just that person. Here's our story...
Our house had been listed with another agent for 6 months, there were very few showings and no offers. We switched our listing over to Pattie, who quickly turned up the heat on our marketing strategy, gave us great advise on price (to ensure renewed interest in the property), and got us the offer we had been hoping for all along.
When purchasing our new home, Pattie impressed us again. Her web site is fun and helpful, she took us through as many houses as we wanted to see (and that was a lot) allowed us to explore what was available at different price points. When we'd made our decision, her knowledge of the property and the owner (since Pattie had sold the home to its current owner a few years prior) helped us greatly.
In short, weather you're buying or selling, you need a good realtor in this market and Pattie is the very best. She is experienced, hard working, professional and, - here is the clincher - very very fun to work with."
-Lisa Maginnis
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God Works in Strange ways, he brought you into my life to help me in the most difficult decision ever.,My sincerest thanks for your patience, Knowledge and advice in the sale of my Manahawkin Home & purchase of my beautiful home in Barnegat. you have a very important job and you do it excellently. You are a credit & asset to RE/MAX and I will never forget you. Stop by for a cigarette, coffee or better yet Champange; You are the best
Linda Farrell- Barnegat New Jersey
***********************
Thank you so, so, so, much for your hard work,efforts and kindness in my grandma's real estate transaction. You have greatly helped in giving our precious grandma a new life she deserves and can finally enjoy. Not only are you an awesome realtor,but a great person. Please keep in touch.
William,James ,Brian Corliss- Barnegat New Jersey
(Linda Farrell Triplet grand kids)
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