About Basking Ridge's The Hills

By SUSAN STELLIN

Published: September 15, 2011

I took this article from the NY Times because it's true. Everyone needs their own byer representation and the listing agent is not always the right person for the job. Read below and hoepfully you can decide what is the best choice for you but at least you have options. Then visit my website and check out my "BUYER'S" page to see what I do as a buyers representative. I have been trained and certified as an "Acredited Buyer's Representative". Not every buyer's agent has.

www.AdrienneFrancis.com or text me at 201 259-4449. Also visit my blog www.BaskingReige-NJ-HomesforSale.com .

IN this do-it-yourself era of online real estate listings, it is easy to find out what is on the market, visit open houses and even research sales data to come up with a reasonable price to offer for a home.

So why should a buyer bother using an agent?

In a nutshell: to protect his or her interests in an expensive, often complex purchase that can become even more complicated by the labyrinthine co-op approval process in New York City.

A buyer who relies on the seller’s agent to handle both sides of the deal may not hear about problems with the apartment or the building, or have a real advocate during contract negotiations.

“When you work with a buyer’s agent, their fiduciary responsibility is to you as a buyer,” said Walter Molony, a spokesman for the National Association of Realtors. The organization has helped establish state laws that require clearer disclosure to consumers about which party in the transaction an agent represents.

In New York, real estate agents must have clients sign adisclosure form that explains the difference between a seller’s agent, who provides undivided loyalty to the seller, and a buyer’s agent, who represents the buyer’s interests. A dual agent can represent the buyer and the seller, but both parties must consent to the arrangement and acknowledge that they are giving up the benefits of exclusive representation.

“Obviously if you’re representing a buyer and a seller in a transaction,” said Neil B. Garfinkel, the residential counsel to the Real Estate Board of New York, “you can’t have undivided loyalty.”

A dual agent can maintain each party’s confidence, Mr. Garfinkel said — for instance, by not disclosing to the seller that the buyer just received a big bonus check, or by not telling the buyer that the sellers are divorcing and want a quick sale. But things get murky when it comes to negotiating a price or discussing a home’s flaws.

“Perhaps it’s a defect in the property or potential financial issues in the building,” said Gea Elika, the founder of Elika Associates, a real estate agency that works exclusively with buyers. “Or maybe the resale potential is terrible. Buying a home is an emotional thing, so buyers may not see what’s wrong.”

When the market was booming, it was sometimes difficult for buyers to find a broker to show them properties unless they had millions of dollars to spend. That is because properties were selling so fast that agents preferred working with sellers rather than buyers who might take months to make up their minds. But agents say that with listings taking longer to sell, there is generally more willingness to work with buyers.

Noah Rosenblatt, the founder of the real estate data site Urban Digs, is among the agents who focus exclusively on the buy side of the deal.

“The buyer clients who come to me tell me that they’re not interested in someone to show them what’s on the market,” Mr. Rosenblatt said. “Once they find a property they like, my services really kick in at that point.”

Those services include providing a market analysis, evaluating comparable sales, coming up with an offer based on the value of features like outdoor space, and handling the back-and-forth of negotiations and contract terms. The role of a buyer’s agent may also involve preparing a co-op board package and navigating speed bumps that can derail deals, like delayed seller responses to a bid.

“I would not allow my client’s offer to be used as leverage by a seller who might be entertaining two or three other deals on the side,” Mr. Rosenblatt said. “I would put a deadline on the offer.”

A common uncertainty is at what point a buyer should start thinking about bringing an agent into the picture. Many savvy shoppers are happy to visit open houses on their own, and many even acknowledge, when signing visitor’s logs, that they are not working with an agent. But brokers recommend finding a buyer’s agent before making an offer or scheduling an appointment for a second viewing.

Engaging a buyer’s agent later in the process opens up the potential for a dispute over whether the new hire is entitled to a portion of the selling agent’s commission. Also, by this point in the proceedings, a buyer may have chatted too much with the selling agent, revealing information that could influence the outcome of the deal.

“You may have already lost your negotiating power because you’ve already told them what you’ll spend,” said Kimberly Kahl, the executive director of the National Association of Exclusive Buyer Agents.

Although the seller typically pays the agents’ commission, that fee comes from the purchase price of the home — in other words, out of the buyer’s pocket — so buyers who think they have no financial obligation to an agent are deluding themselves.

“You’re paying for it,” Ms. Kahl said. “You might as well hire someone to represent you.”

Some buyers worry that if they work with a buyer’s agent, their offer may be less attractive to the seller, whose fee to his own agent could be smaller than the full 6 percent if that agent represented the buyer too. In many cases, the listing agreement stipulates a 6 percent commission if the deal is split between brokers and a 5 percent commission if the listing agent represents both buyer and seller.

But with financing tight and qualified buyers scarce, Mr. Rosenblatt said, for the seller to be swayed on this issue, he would have to receive two very similar offers, with similar terms and financing conditions, and both buyers would have to have similar appeal to a co-op board.

“How often does that really happen?” Mr. Rosenblatt asked. “It happens, but the stars do not align that perfectly often enough that it’s something buyers should be paranoid over.”

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If I can help you with any of your home buying or selling needs, please visit my website www.AdrienneFrancis.com or contact me at 201 259-4449. I look forward to helping you.

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The secret to filing a successful disaster insurance claim is getting prepared long before catastrophe actually strikes your home. I hope this information is not too late. But this is problably not the last storm we will see on the East Coast. No, it's never too late! Good luck and best wishes to everyone that has been through this nightmare.

“Be prepared” is a motto that rings true for homeowners as much as Boy Scouts, especially when it comes to disaster insurance claims. Hurricanes, floods, earthquakes, and tornadoes strike with little warning. The aftermath can be devastating. The time to get your insurance in order is before one of these calamities ravages your house and ruins your possessions.

By doing so you can have everything you need in a safe place and know exactly what steps to take to restore your life to normal as quickly as possible. Keeping detailed records and important policy information ready and accessible can make a big difference in facilitating your disaster insurance claims during an intensely stressful time.

During the calm before the storm

Create a home inventory. Every homeowner should record images of a house and its contents. Photographs, either print or digital, are fine, but insurance consultant Jack Hungelmann favors video because audio descriptions of items can be included. Store a copy of the images off-site, perhaps in a safe-deposit box, in case your home is destroyed in a disaster.

Hungelmann, author of “Insurance for Dummies,” suggests using an online backup service like IBackup for storing digital media. If you’re reluctant to spend up to $50 or more per month on a backup service, save a copy on a portable data-storage drive, says Kelan J. Vorbach, an insurance representative with John B. Wright Insurance in Manasquan, N.J. Keep the drive in a pre-packed emergency “go bag,” which contains the essentials your family needs in case you must flee on short notice.

Check your coverage. Once you have a good inventory of your possessions, review your homeowners insurance, as well as any supplemental disaster policies, to ensure that you’re covered for their full value, says Marisa Alonso, a representative with Allstate in Silver Spring, Md.

Be sure you’re covered too for the replacement value of your home—the cost to rebuild it—which could run into six or even seven figures. Also find out what provisions the insurer makes for inflated price of materials in post-disaster regions. Vorbach says that he has seen the price of plywood double in some regions that were rebuilding after natural disasters.

Compile a “go-sheet.” Create a one-page document with all of your policy and account numbers, as well as the phone numbers of your local agents and the main phone numbers of the insurers, Vorbach suggests. That way, if your local insurance agent isn’t able to help you because of his or her own disaster damage, you can try the insurer directly. Also include contact information for entities like your bank and mortgage company, which you may need to reach out to eventually.

Responding once disaster strikes

Contact your insurer. Call your insurance agent as quickly as possible. Big insurance companies often dispatch catastrophe units to handle large-scale disasters. Also ask the insurer for the catastrophe claim number for the event in your region. If there is one be sure to include it with all of your communications. This will help expedite your claim. Brace yourself for reams of paperwork. Vorbach suggests that if you don’t have a home inventory to support your claim, ask friends and family members for pictures or videos taken in your home.

Secure the property. After inspecting the damage and taking photographs or video, it’s your responsibility to secure a property. That may include putting a waterproof tarp on the roof to prevent further water infiltration, or boarding up doors and windows that have been damaged. If you don’t, Hungelmann says, insurers may deny some claims on the basis that it can’t be determined what was damaged during the disaster and what was damaged afterward. An inch of water can cause $7,800 in damage.

Leave negotiations to the adjuster. You should monitor an adjuster’s negotiations with contractors, but avoid getting in between the two, Hungelmann advises. Instead, let the adjuster work directly with contractors. Alonso, the Allstate rep, adds that it’s often a good idea to work with the insurer’s approved contractors, especially when the insurer guarantees the work. Otherwise, she warns, homeowners may run the risk of hiring contractors who try to jack up charges after the adjuster has settled on an amount.

Get everything in writing. You may be overwhelmed, says Hungelmann, but it’s important to keep a record of all correspondence with the insurance company, the adjuster, contractors, and anyone else involved in your claim. Record dates, times, and details of phone conversations in a log, keep copies of email correspondence, and get all estimates in writing.

Stay Focused When Negotiating a Price on Your New Basking Ridge Home Keep your emotions in check and your eyes on the goal and you'll pay less when purchasing a home. Buying a home can be emotional, but negotiating the price shouldn't be. The key to saving money when purchasing a home is sticking to a plan during the turbulence of high-stakes negotiations. A real estate agent who represents you can guide you and offer you advice, but you are the one who must make the final decision during each round of offers and counteroffers. Every potential transaction is different and there is no sure fire strategy to ensure you get the price you want. However, here are six tips that will go a long way in helping you negotiate the best price on a home: Get prequalified for a mortgage Getting prequalified for a mortgage proves to sellers that you're serious about buying and capable of affording their home. That will push you to the head of the pack when sellers choose between offers; they'll go with buyers who are a sure financial bet, not those whose financing could flop. Ask questions Ask your real estate agent for information to help you understand the seller's financial position and motivation. Are they facing foreclosure or a short sale? Have they already purchased a home or relocated, which may make them eager to accept a lower price to avoid paying two mortgages? Has the home been on the market for a long time or was it just listed? Have there been other offers? If so, why did they fall through? The more signs that sellers are eager to sell, the lower your offer can reasonably go. Work back from a final price to determine your initial offer Know in advance the most you're willing to pay. With your real estate agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A bid that is too low may offend sellers emotionally invested in the sales price. A bid that is too high may lead you to spend more than necessary to close the sale. Work with your real estate agent to evaluate the seller's motivation and comparable home sales to arrive at an initial offer that engages the sellers yet keeps money in your wallet. Avoid contingencies Sellers favor offers that leave little to chance. Keep your bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. For your protection, however, you should always keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon. Remain unemotional Buying a home is a business transaction, and treating it that way helps you save money. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating. Each time you make a concession, consider asking for one in return if appropriate. If the sellers ask you to boost your price, maybe a request for them to contribute to closing costs or pay for a home warranty is in order. If sellers won't budge, a tactic may be to make it clear you're willing to walk away. They may get nervous and accept your offer. Don't let competition change your plan Great homes and those competitively priced can draw multiple offers in any market. Don't let competition propel you to go beyond your predetermined price or agree to concessions—such as waiving an inspection—that aren't in your best interest. If you have any questions about buying a home in Basking Ridge, Harding, Bernardsville, Madison, Chatham, or anywhere in the area, just give me a call at 201259-4449 or visit my website www.AdrienneFrancis.com for more "buying" tips.

Amherst Mews - Basking Ridge, NJ Marketing Report May 31st, 2008 The following are active listings in the Amherst Mews neighborhood. Address Status List Price BR Baths Gar Bsmt 8 Benedict Crescent A $699,000 3 2.1 2 U 22 Hadley Court A $745,000 4 3.1 2 FWO 16 Benedict Crescent A $754,999 3 2.1 2 U 10 Dickinson Road A $774,900 3 3.1 2 FWO 20 Hadley Court A $849,900 4 3.1 2 FWO 43 Dickinson Road A $994,900 4 3.1 2 F

Information deemed reliable but not guaranteed. Reference: Garden State Multiple Listing Service, LLC. Click on http://www.LisaFriedman.com/BaskingRidge to read about Amherst Mews and other Basking Ridge, NJ neighborhoods. Put my 19.5 years of local real estate experience to work for you. Contact me at RE/MAX Pinnacle Realtors in Bedminster, NJ at (908) 658-5995 or via my web site at http://www.LisaFriedman.com. I am happy to help you with your real estate needs in Somerset, Hunterdon, Morris, Middlesex and Mercer Counties. Status key: A - Active, UC - Under Contract, S - Sold Basment key: U - Unfinished, F - Finished, FWO - Finished Walk-out For information on a fabulous healing & energizing health tonic that Lisa is also marketing, visit http://www.ViaForHealth.com © 2008, All Rights Reserved. Lisa Friedman, Broker Associate, RE/MAX Pinnacle Realtors, Bedminster, NJ.