10 Things to know when buying Waterfront Property in New Jersey and the Jersey Shore

Pre-qualifying for a home, understanding navigable water use laws, conducting a professional home inspection, verifying property lines and purchasing insurance; buying a home can be a complicated process. But add “waterfront” into the equation and things get a little more complex. The good news is, real estate agents who regularly deal with waterfront properties know the ins and outs of this process. The following tips will give you a heads-up on what to expect when purchasing a home by the water.

1. Find a real estate agent that specializes in waterfront properties. Since there are fewer waterfront properties for sale, most agents won’t have the specialized knowledge of appraising or investigating waterfront properties. In fact, it’s not unusual for a real estate agent to never have a single waterfront transaction in the entire career. Sometimes “you may think you’ve found a great deal” but the reason it’s a great deal could be restrictive use conditions or protected plants and animals etc. You might not be able to create that private beach you’ve been dreaming about.
2. Consider the property more than the house. “Oftentimes, people fall in love with a house, but after they buy it, they realize the swimming is mucky, the view’s not very good, it’s difficult to get down to the water, or the place is not very private,” says Ted Silberstein, a real estate agent and GIS analyst with Parsons Realty. Ted specializes in land use restrictions and is an advisor to all of the Parsons’ real estate agents. Long story short, you can change the house, but you can’t change the location, so buy a property that you really love after you’ve checked it out first.
3. Can anyone use the waterway in front of your home? The answer is YES. Therefore it’s important to know if the area you’re considering is the “local hangout” on the weekends or during the summer months. Agents specializing in waterfront properties will know this. Here’s an excerpt of the regulations regarding waterways. Federal case law further define and affirm these rights. The United States Constitution says – Freedom of navigation and the public’s right to use rivers are guaranteed by the Commerce Clause. The congressional Act admitting States to theUnion requires that “all the navigable waters within said State shall be common highways and forever free.” Therefore, when you barbecue, be sure to throw on another shrimp just in case you have company.
4. Choose a property that dovetails with your lifestyle. You may find a beautiful property for sale, but it’s a 30 minute drive to the closest boat launch. “If you’re passionate about fishing, that’s going to make a difference in how often you actually do it. Focus on the activities you’re passionate about and choose a property accordingly.
5. Look into loans programs early. Since many waterfront properties are more expensive than other properties, loans will often fall into the jumbo mortgage category, In addition, there may not be recent sales in the area to justify the “cost per square foot” since a good chunk of the purchase price is allocated to the unique location. John Coneys with Superior Home Mortgage says “lenders will therefore only consider very qualified buyers.” And, buyers ought to start the loan process before they start looking for a property because waterfront property loans can take a lot longer than a normal home loan,” Coneys says.
6. Carefully check out the structure and look for deferred maintenance. Waterfront homes receive more abuse from the elements than the average home, so extra measures should be taken to protect them.
7. Insurance can be complicated. Look into this early to make sure you know what you’re getting into. For instance waterfront homeowners may have to cover additional perils such as a flood insurance policy and liability policies with higher than normal limits.
8. Find out what you can do with the property. If you want to make any changes to your waterfront property, such as adding a dock, start this process early to ensure that these alterations will be possible. Government agencies are very strict to deal with especially inNew Jersey, and you don’t want to commit to purchasing an expensive home without knowing these limitations. Also find out what kind of activities are allowed on the body of water, as some areas have restrictions on jet skis, speedboats and other watercraft.
9. Talk to the neighbors. Get insider information from neighbors by asking if they enjoy living in the community, if they have any issues with the property you’re thinking about purchasing, or if there are any waterfront-related problems.
10. In rural areas look into utilities. Waterfront buyers who are accustomed to the convenience of suburban life may assume that electricity, clean water, an adequate septic system, cable and Internet will be readily available at their new property, but this is not always the case. Bringing these services in to remote areas can be very expensive

Veterans....Thank You

Veterans

They were there,
And they remember,
The shock, the horror
Of watching strangers die.
A life ended
By a fellow soldier's shaking hands.

The unimaginable debt,
Owed by a free world
Can never be repaid,
Still we try
Giving up an hour, a day
To thank you for the burden you now carry
Laid there so we can live our lives.

They fought,
And killed
Enemies with faces
Identities unknown to the bullets
Shattering the protective shield
Laid there by those they loved.

For one day a year we honor you
For our lives,
It can never compare
Still we try
Thanking you on this day
For a million moments
You lived so we could too.

Home Buyers and Sellers Prefer RE/MAX

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Home Buyers and Sellers Prefer RE/MAXRE/MAX Ranks Highest in Customer Satisfaction in 2011 J.D. Power & Associates Study DENVER, CO – Results from the J.D. Power and Associates 2011 Home Buyer/Seller Study, recognize RE/MAX for providing the highest overall consumer satisfaction for both home buyers and home sellers. In last year’s study, two different companies ranked the highest in each category, but this year home buyers and sellers both rated RE/MAX the highest. "It all comes down to professionalism and a commitment to a premier level of customer service," said RE/MAX Chairman and Co-Founder Dave Liniger. "Because RE/MAX agents average more experience and training than other agents, they are better prepared to deal with home buyers and sellers in any kind of market. And, consumer preferences tell the story . . . nobody sells more real estate than RE/MAX." This is the fourth annual study of home buyer and seller satisfaction with the largest national real estate companies, conducted by J.D. Power and Associates. For the home buying experience, three factors were considered: agent/salesperson, office and a variety of additional services. Four factors were examined for the home-selling experience: agent/salesperson, marketing, office and a variety of additional services. Details from the study indicate that on a scale of 1,000, homebuyer respondents ranked RE/MAX with a score of 805 and home sellers put RE/MAX on top at 791. The 2011 study includes more than 4,200 evaluations from 3,680 respondents who bought or sold a home in the U.S. between March 2010 and April 2011. In two other 2011 industry surveys of the country’s top real estate brokerages, RE/MAX agents averaged more transaction sides than agents at the other national franchises. The RIS Media Power Broker Survey and the REAL Trends 500 both showed that RE/MAX agents averaged over 14 transactions sides, more than double the average of many competitors. The success of RE/MAX agents is the result of its comprehensive educational platform, RE/MAX University, which offers over 1,100 educational programs on-demand, and available online, on television, on smart phones and in classrooms around the world.
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Join me in Remembering Sept 11 with momets of Silence including digital silence turning off email, facebook , and text

As a way of remembering 9-11, I will be turning off my electronic links startin at 8:45AM when the first plan struct the South Tower until 10:28 AM when the North Tower Collapsed. Take this time to reflect on and remember the innocent that died and the Heros that gave their lives to save an other. Remember the 2977 lives that were lost.

We Shall Never Forget (9-11 Tribute)

"Heroes that would not turn their back,
With determination that would not crack,
Who bound together in their ranks,
And asking not a word of thanks.

Men who bravely gave their lives,
Whose orphaned kids and widowed wives,
Can proudly look back on their dad,
Who gave this country all they had.

Actions taken without regret,
Heroisms we shall never forget,
The ones who paid the ultimate price,
Let's never forget their sacrifice.

And never forget the ones no longer here,
Who fought for the freedoms we all hold dear,
And may their memory never wane,
Lest their sacrifices be in vain."

Alan W. Jankowski



8:45 a.m. (all times are EDT): A hijacked passenger jet, American Airlines Flight 11 out of Boston, Massachusetts, crashes into the north tower of the World Trade Center, tearing a gaping hole in the building and setting it afire.

Plane hits WTC.

9:03 a.m.: A second hijacked airliner, United Airlines Flight 175 from Boston, crashes into the south tower of the World Trade Center and explodes. Both buildings are burning.

9:17 a.m.: The Federal Aviation Administration shuts down all New York City area airports.

9:21 a.m.: The Port Authority of New York and New Jersey orders all bridges and tunnels in the New York area closed.

9:30 a.m.: President Bush, speaking in Sarasota, Florida, says the country has suffered an "apparent terrorist attack."

9:40 a.m.: The FAA halts all flight operations at U.S. airports, the first time in U.S. history that air traffic nationwide has been halted.

9:43 a.m.: American Airlines Flight 77 crashes into the Pentagon, sending up a huge plume of smoke. Evacuation begins immediately.

9:45 a.m.: The White House evacuates.

9:57 a.m.: Bush departs from Florida.

10:05 a.m.: The south tower of the World Trade Center collapses, plummeting into the streets below. A massive cloud of dust and debris forms and slowly drifts away from the building.

Pentagon burns.

10:08 a.m.: Secret Service agents armed with automatic rifles are deployed into Lafayette Park across from the White House.

10:10 a.m.: A portion of the Pentagon collapses.

10:10 a.m.: United Airlines Flight 93, also hijacked, crashes in Somerset County, Pennsylvania, southeast of Pittsburgh.

10:13 a.m.: The United Nations building evacuates, including 4,700 people from the headquarters building and 7,000 total from UNICEF and U.N. development programs.

10:22 a.m.: In Washington, the State and Justice departments are evacuated, along with the World Bank.

10:24 a.m.: The FAA reports that all inbound transatlantic aircraft flying into the United States are being diverted to Canada.

Pennsylvania crash scene

10:28 a.m.: The World Trade Center's north tower collapses from the top down as if it were being peeled apart, releasing a tremendous cloud of debris and smoke.

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Hurricane prep

1.  Secure outdoor equipment as trash containers, lawn furniture, umbrellas, construction supplies.  Flying debris is the major cause of damage and injury.

 2.  Locate and check your flashlights, get additional batteries for them and emergency radios.  Do Not recommend candles as a fire hazard.

 3.  Prepare for possible long power outages.

 4.  Do not operate generators in closed areas.  Also safely store fuel sources.

 3.  Prepare for downed trees and wires.  

 4.  Employees, residents, and volunteers develop family disaster plans, NOW!

 5.  Do not call 911 unless there is an emergency

Liquidity, Value, Foreclosures, Short Sales, and Propping Up Housing

Using the federal government appropriating over a trillion dollars to spending and stimulus programs along with the Federal Reserve private bank method pumping into the markets close to $10 trillion in liquidity, can there genuinely be a liquidity crisis anymore? And if so, how numerous more trillions of dollars of liquidity will likely be required to solve the predicament?It should be obvious by now to anyone paying attention that the markets aren't in require of more liquidity. Through the initial $300 billion Troubled Assets Relief Program (TARP), the US Treasury invested in banks and bought unique classes of preferred stock. In response, the banks receiving TARP cash basically stuffed it within the mattress.
The real difficulty is that the value of many of the assets that as soon as backed up the debt securities held by these banks have fallen so dramatically. This was bound to happen when the banks started taking benefit of the Federal Reserve's artificially low interest rates to start giving loans to individuals who would never be able to pay them back.
Values were inflated by every person involved within the actual estate transaction and everybody went along with the myth. Borrowers wanted to get in on a bubble economy and had been willing to finance 100% of the purchase cost, realizing they could just sell in a year or two and make a huge profit.
Real estate agents knew that the value of the home and its sales cost would determine their commission.
Mortgage brokers knew that their pay (through commissions, fees, yield spread interest) would be based on the loan amount.
Appraisers knew that if they failed to appraise a household for the maximum marginally-plausible quantity, they would get no further small business from banks or mortgage brokers.
Banks knew that the bigger the mortgage, the a lot more the debt security could be worth. And they also knew that, if the owners fell behind on their loan they could just refinance or sell and take their profits. As well as if they did not sell, the bank could foreclose and sell it later on and take the profits of the inflating bubble for themselves.
When defaults began to rise and values started to fall, the dodgy debts became entirely worthless. Individuals who can not pay a mortgage on a property with an inflated value can sell. Individuals who can not pay a mortgage on a property that is underwater are forced into foreclosure unless they are able to function with their lender.
Values have fallen in real estate, but sellers can not list their properties for sale when the mortgage is 150% of the current market value of the house. If they want to make an effort to sell to stop foreclosure at all, they need to sell for a high enough price to pay off the mortgage corporation. And nobody is buying at those costs anymore.
They will need a short sale to be licensed by the bank as a way to sell for a reasonable cost. But the banks are notoriously difficult to work with negotiating for short sales. If they ever acknowledge receiving the give at all, it truly is too often turned down.
Then, several months later, the bank forecloses and lists the property on the market for even less than the original short sale supply. The homeowners had been not allowed to sell for a greater price to avoid foreclosure than the banks occasionally list the properties for soon after they take them back!
At the moment, the banks are shooting themselves, homeowners, and home buyers in the foot in not accepting that real estate values have fallen. But the banks also have quite small incentive to acknowledge falling residence prices.
First of all, if residence values had been accepted to be lower than they had been in 2006, this would instantly discount the value of the mortgage securities. Quite a few banks that invested heavily in CDOs, MBSs, ABSs, and the rest would have to face that they're already insolvent.
Second, banks are doing just fine in receiving funds from the government to continue operations without having to acknowledge any of the errors of the past. Congressional tongue-lashings have been the worst most banks have had to handle, and their reward for such public spectacles is typically billions, if not tens or hundreds of billions, of dollars.
Third, the government has stepped in to create it less difficult for banks to hide their losses on mortgage securities by pressuring the accounting planet to relax mark-to-market rules. This makes it easier for the banks to keep inflated values of these assets on the books whilst their borrowers have to deal with actual falling household costs within the real world.
So a bank is able to keep a mortgage on its books valued higher than any rational buyer would ever pay for a specific property. The homeowners are facing foreclosure and would just like to sell for the marketplace value and put the whole experience behind them.
But the banks plus the government have facilitated a organization environment exactly where it's a much better deal for the banks to steer clear of recognizing falling house values and merely decline short sales. Homeowners are forced to make an effort to sell for what they know to be unreasonable prices.
Thus, the government allows housing costs to be propped up and gives banks incentives not to function with borrowers to sell properties. As a result, foreclosures increase, the banks declare the issue to be poor borrowers and "liquidity," and come hat in hand to the government. The government hands them more money and gives them more advantages to prop up housing prices.

Related articles

• Fixing Your Finances After Foreclosure or Short Sale (massrealestatenews.com)
• Short Sales: Are They Worth the Trouble? (realestate.aol.com)
• Short Sales: Are They Worth the Trouble? (dailyfinance.com)
• Are short sales getting easier? (debbyfrank.wordpress.com)