Certificate of Occupancy: Do I need it? What is it? What Do I do?
"C/O" CERTIFICATE OF OCCUPANCY
IN MANY MUNICIPALITIES THROUGHOUT THE COUNTRY, LOCAL BUILDING OFFICIALS ARE REQUIRED TO INSPECT ALL HOMES, APARTMENTS AND COMMERCIAL BUILDINGS BEFORE ANYONE NEW IS ALLOWED TO MOVE IN. IF THE HOMES DO NOT PASS THIS C/O (CERTIFICATE OF OCCUPANCY) INSPECTION, THEY CANNOT TECHNICALLY BE SOLD. ON THE WHOLE, THESE ARE MOSTLY SUPERFICIAL INSPECTIONS. ONLY THE MOST OBVIOUS DEFICIENCIES ARE NOTED. USUALLY IF THE HOME IS IN A RUN-DOWN STATE, THE BUYER MAY PROMISE THE MUNICIPALITY TO CORRECT THE INSPECTION DEFICIENCIES ONCE THE SALE GOES THROUGH. IF THIS IS ACCEPTABLE TO THE MUNICIPALITY, THE BUILDING THEN RECEIVES A CONDITIONAL C/O UNTIL ALL INSPECTION ITEMS ARE CORRECTED. ANY DEFICIENCIES NOTED DURING THIS INSPECTION THAT ARE CONSIDERED HAZARDOUS OR SERIOUS IN NATURE MUST BE CORRECTED IMMEDIATELY BEFORE ANY TYPE OF C/O CAN BE ISSUED.
THE FOLLOWING IS A LIST OF SOME IMPORTANT THINGS YOU SHOULD CHECK AND CORRECT TO PREPARE FOR A SUCCESSFUL C/O INSPECTION:
1. Paint all exterior woodwork that hasn't been painted in a long time and looks it. Any obvious flaws like a missing windowpane or a hole in the building will surely be noted on the report.
2. Repair any major cracked sidewalks or walkways that are in a deteriorated state. Any ledged, or raised sections of concrete, which present a possible tripping hazard must be repaired. One of the key concerns for obtaining a C/O is that all safety hazards are removed.
3. Make sure all electrical junction boxes, outlets and switches have coverplates. Make sure all wiring running through the basement is not just hanging down from the floor joists. It should run through the centers of the joists, not stapled on the bottom. If all electrical work was done by a licensed electrician and passed inspection by the municipality, you should have no electrical problems.
4. Make sure that you have GFIC outlets in the bathrooms, the kitchen wet area (either side of the kitchen sink) and on the exterior of the building. Make sure that you have a jumper ground cable, which is clamped on both sides of your water meter. (This is a common fault that is very often noted on C/O Reports) It usually requires about one dollar's worth of electrical supplies, one screwdriver, and about two minutes of time to correct this deficiency.
5. Make sure you have live smoke alarms on every level of the building. Recently some municipalities have required smoke alarms in every bedroom in the building as well. Even in towns where C/O's are not required, usually a Fire Marshall is sent out to make sure the building has working smoke alarms as part of his fire inspection. Make it a point to change the batteries in your smoke alarms at least twice a year. Do it when you change your clocks at Daylight Savings Time.
6. Fix any plumbing leaks. Make sure all plumbing is properly vented. Usually in homes where the plumbing work was done by a licensed plumber, one could rest assured that everything was done correctly. This is especially true if a permit was taken out and the work was inspected by the local building officials. However, sometimes a "handyman homeowner" does some pretty outrageous and imaginative things to a plumbing system that are obviously not code, and that's when some pretty expensive repair work has to be done to correct the plumbing project. If your home has a sump pump connected to the sewage system, disconnect it immediately. Sewage systems are for sewage, not for ground water.
7. Spackle and paint all interior cracks and holes on the walls and ceilings. If the interior has something that is obviously wrong like a hole in the floor, fix it.
8. Make sure all stairways have handrails. (Basement and attic stairways usually get this write-up.)
9. Replace all cracked or broken window panes. Make sure all windows and doors have locks. Some municipalities check to make sure that every door has a doorstep.
10. Make sure the heating system and all the stove burners are in good working condition. It wouldn't hurt to have the heating system service prior to a C/O Inspection. A tag on the heating unit showing that the system was recently serviced will help the inspector do his job and will help you sell your home more easily.
IT'S REALLY HARD TO SAY WHAT A MUNICIPAL BUILDING INSPECTOR WILL COME UP WITH DURING AN INSPECTION. IF HE HAS A BACKGROUND, LET'S SAY, AS AN ELECTRICIAN: HE MAY CONCENTRATE MOSTLY ON THE ELECTRICAL SYSTEM AND COME UP WITH SEVERAL ELECTRICAL VIOLATIONS. IF IT'S CLOSE TO LUNCH TIME, HE MAY JUST LOOK AROUND QUICKLY, SAY IT'S OK, AND BE GONE BEFORE YOU KNOW IT. IT'S A CRAP-SHOOT. HOWEVER, IF YOU CHECK AND CORRECT THE TEN ITEMS LISTED ABOVE BEFORE YOUR MUNICIPAL INSPECTION, YOU SHOULD DO JUST FINE AND GET YOUR CERTIFICATE OF OCCUPANCY WITH LITTLE OR NO PROBLEM Thanks for reading this, Larry Sarlo.
uld I Feel Ashamed to do a Short Sale on My Home?
SHOULD I FEEL ASHAMED TO DO A SHORT SALE ON MY HOME?
Its amazing how quick people are to judge others but times may be changing when it comes to todays financial situations. Were all feeling tough times. We all have seen local businesses close, people we know losing jobs theyve had for years, and seen how the cost of living increases while the income were making doesnt seem to be keeping the same pace.
Its hard to understand why a lender will jump at doing a Short Sale on a home as opposed to working with someone whos done everything in their power to make right the situation theyve ended up in, being overdue with the lender.
Many lenders somehow find it more logical to do a Short Sale than to work with the original owner and re-finance or negotiate terms that make it more reasonable for the owner to make regular payments again. Placing the overdue amounts at the end of your loan and putting you back on track seems more logical to you and I than taking a Short Sale. But then again, when does our logic seem to match the logic of most lenders?
What we have noticed though is that while we are all together in this financial mess of our economy we also seem to be more sympathetic and understanding about the situations of others. Friends and neighbors arent so quick to judge those who suddenly have a Foreclosure or Short Sale sign on their front lawn. People have become more sympathetic to those in their community who have been hit hard by hard times. There is no longer a scarlet letter worn by those who have hit hard times and find themselves having to give up their home via a Short Sale.
There is no shame in Short Sales. In most cases the home owners have approached their lender in every possible way, using every possible means to keep their home. Most lenders turn down every option other than literally snapping your fingers and coming up with all of the money owed instantly, no matter what the situation may be. These lenders should bear all of the shame for creating situations that dont allow for a good, honest homeowner to maintain their dream.
A Short Sale is an option that is taken to help keep your dignity, sell your home, and have a fresh start. Many take this choice hoping to do less harm to their credit rating. Many times friends and neighbors will not only understand your situation but will respect that youve remained dignified through a terrible crisis in your life. Each of us understands that we are almost all only a paycheck away from being on the streets in todays economy.
As we work together to make things better, one of the things we notice is that there truly is a lot less judging and finger pointing going on in life and a whole lot more understanding and help. The fingers are pointing to the lenders now instead.
We are here to help you understand and get through making the choices you need to make regarding a Short Sale of your home. We have the knowledge and training behind us to make your transition as smooth as possible. Most of all we will treat you with respect and help you not only make the experience understandable, but bearable. We can give you information that will give you hope and show you that the future may have a better picture ahead and even another home some day with our help. There is no shame in taking the option of a Short Sale and we are here to show you.
Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here
It is an estimated income tax payment on the gain paid at time of closing. Its a way of assuring taxes will be collected.
a 2% tax on the sale of the property - 2% of the price listed on the deed that you will pay directly to the state at the closing table. It's also been labeled the exit tax - because if you are not moving to another residence within NJ at the time of deed transfer, they want that money up front, at closing because of course it will be more difficult to get it from you if you live out of state.
How Can A Realtor Help ME When I'm Facing Foreclosure?
Sicklerville NJ While most people think of realtors as a person you turn to only when youre buying or selling a home; many dont realize that a realtors expertise in the housing industry can help you in other ways also. If you are facing possible foreclosure, turning to a realtor for help may be one of the smartest options to choose.
While realtors cant give legal advice about handling foreclosures, they can show you many options that are available to you as both a home owner facing possible foreclosure and as a possible home buyer if you should have to release your home to the lender. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. 1.) The right Sicklerville realtor will know the area well and be able to guide you as to how others in your situation in the same area have handled similar circumstances.
2.) A realtor can explain Short Sales to you; which could be an option for you depending upon your situation. 3.) Your realtor should be able to explain possible options for re-financing, doing a short sale, seeing if a loan modification is an option or perhaps even a mortgage forbearance. There may be other possible options available in your area; including any governmental or non-profit organizations that may be able to help. 4.) Working with one realtor you can trust will not only establish a friend with useful information, but they will be there after the foreclosure when youre going to need to know where to turn. They will have options available for you from rental units to get you through this tough spot, to possibly even purchasing a new home. You may be surprised at the options available. Having someone experienced in the business will be a plus no matter which direction you go once you finish the foreclosure process. 5.) Find a Realtor in your area that truly cares. Yes, we are realtors to make money; it is our job. But we are also human beings and should remember to work with you while making you feel as good as possible with the options you may have. Perhaps this is a dark moment for you and your family but the truth is, if you have a good realtor you should have a good chance at finding a decent home, either as a rental or other possible ways of purchasing it. Thats where an experienced realtor comes in we know the other possible ways out there.
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Sicklerville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. You have options to stay in your home. A Loan Modification will help you do that. Give me a call to discuss loan modifications in your area.
Thanks for reading this, Larry Sarlo.
Larry is a Real Estate Agent at RE/MAX Preferred. Sicklerville Short Sales Realtor: Phone: 609-868-1171. email@example.com.
Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville New Jersey. Sicklerville Loan Modification Help, Sicklerville Short Sales. Sicklerville NJ Short Sales. Sicklerville Realtor. Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice Larry Sarlo and RE/MAX Preferred are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Larry's personal views and do not reflect the views of RE/MAX Preferred.
This information on How Can a Realtor Help Me When Im Facing Foreclosure? is provided as a courtesy to our viewers to help them make informed decisions.
Are You Facing Foreclosure?
Sewell NJ: What can you do if you are facing a foreclosure?
Here are a few tips to help you out: 1.) First off if you've been getting letters threatening foreclosure you need to step up and take action. Ignoring them until you actually get the foreclosure papers sent to you will not make it go away.
2.) Its time to sit down and figure out how far behind you are and if it is truly realistic to catch up your payments. You have to be real and honest with yourself about your situation and figure out a realistic budget to work with. Thinking that oh I can do this, I just have to cut out my $5 latte every morning and make up the money is not a realistic option that will get you out of the situation. Be realistic and figure out exactly how much you can budget each month for the necessities and the small extras. If you haven't noticed, this entire step has used the word realistic and thats the exact word you have to keep in mind.
3.) You have to realize and keep in mind that, in all honesty, the last thing your lender probably wants is to own your home. They are in the money business, not the home owning business. If they are forced to take over the home they're also faced with everything a homeowner is faced with; such as all of the maintenance, upkeep, heating bills, air conditioning bills, all of the utility bills and more. This comes down to one thing, they really don't want to take your home and would probably much rather work with you to make realistic arrangements in helping you keep your home.
4.) Do not avoid your lender. Call them and start to see what can be done to stop the foreclosure. Once the actual foreclosure begins its very hard to stop it; so you want to make sure you contact them immediately. If you reach a person that you simply cannot deal with and takes the approach of scare tactics and put downs, then immediately request to speak to their superior. You deserve to be treated with respect throughout the entire process and demand such. Once you start talking to the financial agent you may find they have many options in place to help you. You are not the first person they've had who was in the position of possible foreclosure and you wont be the last.
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.
Or, if you prefer, you can call me at 609-868-1171 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Larry Sarlo.
Larry is a Real Estate Agent at RE/MAX Preferred. Sewell Short Sales Realtor: Phone: 609-868-1171. email@example.com. Know Your Options, I Can Help!
Larry Sarlo specializes in loan modification assistance and short sales in Sewell New Jersey. Sewell Loan Modification Help, Sewell Short Sales. Sewell NJ Short Sales. Sewell Realtor.
Important Notice Larry Sarlo and RE/MAX Preferred, are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale. The views expressed here are Larry's personal views and do not reflect the views of RE/MAX Preferred.
This information on NJ Short Sales: Are you facing Foreclosure? is provided as a courtesy to our viewers to help them make informed decisions.
New JerseyState Forclosure Laws
New Jersey Foreclosure Laws
Expected Timeline: Three to ten months Security Instrument: Mortgage Type of Process: Judicial Protections for Servicemembers: N.J. Stat. Ann. 38:23C-1 to 38:23C-26 Time to Respond: Lender must send notice to homeowners via registered or certified mail with return receipt requested at least thirty days before filing lawsuit. Notice must be posted on property two times in four weeks before suit or published in two newspapers. Notice must also be sent to mortgagor and other parties. Reinstatement Period: Up to date of final judgment in lawsuit. Protections for High-Cost Mortgages: Home Ownership Security Act, N.J. Stat. Ann. 46:10B-22 to 10B-35 Redemption Period: Redemption period is six months from date final judgment is entered in lawsuit. Eviction Process: Former owners do not have to be served with notice to leave property after sheriff sale. Deficiency Judgments: Allowed if brought in separate lawsuit within three months after sheriff sale. Amount of judgment is restricted to difference between fair market value and loan. Limits on Deficiency Judgments: Judgment allowed only on the note after foreclosure, but no personal deficiency judgment allowed. Deficiency is limited by the fair market value of the property, and action must be brought into court within 3 months of sale. Cash Exempted in Bankruptcy: $11,000 for single person, $22,000 for married couple. State Statutes: N.J. Stat. Ann. 2A:50-1 to 2A:50-21, 2A:50-56 to 2A:50-58
New Jersey foreclosure law allows lender to use the Judicial Foreclosure process only. The original loan documents will not contain a power of sale clause that authorizes the lender to sell the home if the borrower defaults on the loan. The lender must file a complaint against the borrower with the superior court in the county in which the property is located. A lis pendens must be recorded.
The lender can only sue for the amount in default; the existing mortgage is left unaffected. If the lender pursues this option, there is no right to sue the borrower for a deficiency judgment.
New Jersey law requires that the borrower be offered a final chance to cure the default. A notice of intent to enter a judgment of foreclosure is filed and sent to the borrower. If the borrower does not respond, a foreclosure judgment is recorded, and a writ of execution is sent to the county sheriff. The sheriff then schedules a sale date for the property. At least ten (10) days before the sale, the borrower must be notified of the sale.
The notice of sale must be published in two newspapers of general circulation. One of them must be in the county seat or largest municipality in the county. The notice also must be posted in offices of the county and on the subject property.
The sheriff or another county officer conducts the sale, and the high bidder must pay all settlement charges to the sheriff within thirty (30) days of the sale. If this does not happen, the sale may be declared null and void.
The borrower has a ten (10) day right of redemption after the sale in which he can redeem the property or object to the sale. If the borrower objects to the sale, the redemption period lasts until the sale is confirmed or until the court rules on the objection.
Within three (3) months of the sale, the lender may sue the borrower for a deficiency judgment. If the lender sues for a deficiency judgment, the borrower is given the right to bring an action to redeem the property within six (6) months of the date that the deficiency judgment is entered.
New Jersey Buyers Beware! NJ Bulk Sales Act Don't Buy a home without it!
New Jersey Buyers Beware! NJ Bulk Sales Act:Don't Buy a home without it!
New Jersey Buyers Beware! NJ Bulk Sales Act: Don't Buy a home without it! - The bulk sale notice must be filed with Form C-9600by the Purchaser or it is not effective and must be filed within 10 business days(not including weekends or holidays) prior to the buyer taking possession or paying for the property.
- The Division is required to merely notify the Purchaser within 10 business days that a possible claim exists for New Jersey taxes and the amount of such claim. If you do not receive any notice of claim or release it is a good practice to call the Division to make sure. It is the Buyers responsibility. Do not close if you have not verified first with Division of Taxation.
- The Division has indicated that a bulk sale notice will be incomplete if the Division is unable to identify a Seller entity. Therefore, Purchasers should confirm that entity Sellers are registered with the Division prior to filing a bulk sale notice.
- The Division has indicated that residential real estate that is leased or otherwise used in a business is subject to the bulk sales law even if:
The property is leased to friends and family;
The property is only rented while the Seller is on an extended vacation;
The Purchaser does not know that the property was leased or used in a business by the Seller(the Divisions position would not change even if the Purchaser received an affidavit from the Seller or the Seller makes a representation in the purchase agreement in this regard); or
Only a portion of the property is leased or used in a business (e.g., a Seller expenses a portion of the residence as a home office or makes sales of merchandise from the home).
As for Sellers, the benefit is mostly for the Buyers side, however when the Bulk Sale is filed and notice is given to the buyer,, the buyer will have to pay any unpaid taxes due and have little recourse to recover from the seller later. But this is also true when the Buyer does not file a Bulk Sale notice. If a Buyer does not file the Bulk Sale notice, The buyer will be responsible for all unpaid taxes due. Search Short Sales and Foreclosures in NJ Here
Looking to buy or sell a home call Larry Sarlo A RE/MAX Preferred Professional 609-868-1171 or email me here:
Is My Home over price? it's not selling!
Distressed sales make up more than a third of all home sales, according to the National Association of Realtors, and that number is likely to rise at least in the near future. Mostly because Banks have not foreclosed on homes lately but that will change shortly as banks turn to foreclosure more fluently. If you remove the distressed sale market however, prices actually remain flat. Short sales used to be a long process but today banks have streamlined the process and buyers and sellers are able to get them done in a much less time frame. Banks accepting short sale ultimately want a fair market value for the homes, but end up approx 10% below the current market on an average. For more information about selling or buying a home Complete the form below...