Maxine Brimmer

Buying a home can be a particularly stressful and trying experience, but it will be much smoother for consumers who relax and take their time during the search for a house.

One of the key issues that will arise during the whole process involves knowing exacxtly how much to pay for a property. To prepare, house-hunters should take careful notes on each property's marketing data such as selling price, price changes, length oftime the home has been on the market, and difference in list and sale price. This will enable the potential buyer to get a better freel for what is a good deal and what is not.

Although looking at a number of houses is a good idea, buyers should be ready to seize the perfect home wh en they see it - even if it's the first or second one that they encounter. For buyer swho have their doubts, however, revisiting the property several times can ease the jitters, as can a thnorough and professional inspection of the entire property.

In addition, making the transaction contingent upon a property appraisal that matches the purchase price can greatly help buyers avoid paying too much for a home. Home-seekers should also keep in close contact with their agent, as this will also make the process less stressful.

Finally, buyers should have high expectations at the start, but be ready to make compromises eventually. there is no such thing as the "perfect home". However, with a little give and take, buyers should be able to finda house that comes close to meeting all of their needs and desires.

Maxine Brimmer, Broker Associate

RE/MAX TRI COUNTY

609-587-9300 ext 360

visit my website at: www.maxinebrimmer.com

You've picked a great time to buy your first home. You can enjoy peace of mind working with RE/MAX, the industry leader in experience and service. Here are some tips to help you with the process of becoming your own landlord.

• PREQUALIFY for a loan: Being prequalified for a loan determines how much house you can afford. It also allows you to move more swifty when you find the right house, especially when you aren't the only interested buyer.
• SHOP for mortgage rates and terms: A difference of even half a percentage point can make a huge difference in how much you pay over the life of the loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs 7.5 percent is about $35 a month. Over 30 years that's $12,600.
• USING A BUYERS AGENT: A buyer agent is legally responsible for representing the buyer's interest in a real estate transaction. Generall, the buyer's agent is compensated by the seller at the time you purchase a new home. There are some l imitations to using a buyer agent, however. Before you decide, have a REALTOR (R) explain the advantages and disadvantages of using a buyer agent.
• FEATURES THAT HELP OR HURT RESALE VALUE: In some areas, a swimming pool actually detractcs from a home's value and makes the home harder to sell. In neighborhoods with two-car attached garages, a single-car or detached garage may impact the home sale and future value. Your REALTOR (r) can p oint out features that hurt, as well as those which help, resale value.
• RATE THE HOUSES YOU TOUR: After touring each home, write down what you liked and didn't like. Develop a rating system which will hel p you narrow the field down to the house that's best for you.

Visit my website to view homes for sale or to find more tips, including more information on the First Time Homebuyer credit offered by the Federal Government. Also visit my blog entitled House Hunting.

Maxine Brimmer, Broker Associate

RE/MAX TRI COUNTY

609-587-9300 ext 360

visit my website at: www.maxinebrimmer.com

When you're looking for help buying or selling a property, it's important to remember that the terms "real estate agent" and "REALTOR"(R) are not synonymous. REALTORS (R) can provide an extra level of service, and to be a REALTOR(R) you must be a member of the N ational Association of REALTORS. the equivalent organization in Canada is the Canadian Real Estate Association. Both are non-profit trade organizations that promote real estate information, educadtion and professional standards.

The National Assocaition of REALTORS(R) has also earned a strong reputation for actively championing private property rights and working to make home ownership affordable and accessible.

CODE OF ETHICS

NAR and CREA members adhere to a strict code of ethics founded on the principle of providing fair and honest service to all consumers. REALTOR(R) business practices are monitored at local board levels Arbitration and disciplinary systems are in place to address complaints from the public or board members.

This local oversight keeps REALTORS (R) directly accountable to the individual consumers they service. Real estate licensees who are not REALTORS (R), work solely under state/provincial licensing regulations.

RE/MAX REALTORS

RE/MAX real estate agents are required to be REALTORS (R) as a condition of membership in the RE/MAX organization. As a percentage of membership, RE/MAX agents hold more RELATOR (R) professional deignations compared to any other national or international company.

The various designations are a symbol of achieving and maintaining advanced levels of education in real estate sales and marketing. Look for hte RELATOR (R) or "R" logo when s hopping for real estate assistance, for assurance of ethical standards and commitment to the community. Link a RE/MAX agent to that "R" for additional assurance of experience, productivity and advanced education. Visit Maxine's Website to find out how she can best serve you. Whether you're looking in New Jersey or anywhere in the world, Maxine can help you find a REALTOR (R) that will be able to assist you in your real estate needs.

Do you want tips for Avoiding Foreclosures? Are you having problems keeping up with your mortgage payments? Are you receiving notices from your lender? Don't know where to turn? Here's a good website to help avoid foreclosure, just click here.

For help on buying or selling Real Estate Click on Maxine Brimmer and give us a call or send us an email at remaxine@aol.com

We can help with short sales as well as selling your home for top dollar. Give us a call, we are licensed in New Jersey, but can help by referring you to a top agent in your area that knows your neighborhood and is highly experienced.

Let us know we're here to help!

This is an email I received from a mortgage representative regarding receiving a "bridge type loan" on the federal tax credit:

Hello, in response to many, many inquiries on this issue, we have confirmed that only specific entities can advance monies as a "bridge loan" against the $8000 federal first time homebuyer tax credit.
Luckily, the NJHMFA is a participant in this program, and is currently offering up to a $5000 pre-fund loan against the tax credit that can be used for down payment
http://www.state.nj.us/dca/hmfa/consu/buyers/ownprg/
Here is the wording directly from their website
Tax Credit Loan Program - The NJHMFA "Prefund" Program

Now Available Up to $5000.00 Pre-Fund Stimulus Rebate!

The First-Time Home Buyers Tax Credit Loan ("TCLP") Program provides a loan to pay downpayment and/or closing costs to Agency Home Buyer Program first-time home buyers who meet all of the requirements of the Home Buyer Program and who are eligible for the credit as permitted by the federal law establishing the credit and the guidance provided by the IRS in the General Instructions that accompany IRS Form 5405 and who apply for a TCLP loan on or after April 8, 2009 and close on the home purchase between April 8, 2009 and December 1, 2009. The TCLP loan will not exceed $5,000 ($4,000 in the case of married filing separately) and will be secured by a second mortgage. The borrower will pledge to apply the refunds received from the first-time home buyer tax credit toward the repayment of the TCLP loan.
¨ (These funds must be repaid by the borrower no later than June 30th , 2010 or upon receipt of the tax credit from the government)
In regards to FHA loans, a borrower can only obtain monies for their actual downpayment of 3.5% by the following :
Their own saved funds
up to 100% of a documented gift from a relative/family member
From the Federal, state, and local governmental agencies and nonprofit instrumentalities of government
FHA approved non-profits
Funds from their employer in a form of employee contribution
Funds from secured borrowed assets... IE. borrowing against your car that is free and clear or borrowing from your 401-k, etc, etc , and qualifying with those payments.

With regards to Conventional loans, the borrower must have a minimum of 5% of their own funds towards down payment and the NJHMFA prefund can be used for that purpose, however obtaining mortgage insurance has become very difficult for maximum finance loans (loans above 90% LTV)
Finally, the NJHMFA will allow this prefund scenario on top of the smart start grant!!!