Get into the Groove- South Orange, Maplewood, Millburn Art Scene

Wow! Not only do we have SOPAC in South Orange, Maplewood stock and an ongoing music series in Maplewood, but we also have Poetry readings and an original art gallery in Millburn! Not to mention the long-standing Papermill Playhouse, and NJPAC in Newark.

Things are definitely happening right here, in our back yard. Just off the center of town in Millburn exists a gem of creativity, art and unique home furnishings at the Stewart Leshe Collection . It opened just a year ago is creating a local beat unto it’s own for us all to share.

Stewart Leshé Collections is hosting a book party and poetry reading for The
Notebook Poets in celebration of their new book, "OPEN DOORS". on Saturday, October 25th, from 5pm - 7pm.
StewartLeshé Collections, LLC
105 Main Street
Millburn, NJ 07041

This post is contributed by:
Deirdre Silberman
Buyer Specialist , The Sue Adler Team
#1 Keller Williams Team in NJ 2005-2007
Cell: (973) 985-0500
Office: (973) 376-0033 X 288
Email: deirdre@sueadler.com
Website: http://www.sueadlerteam.com/ ...... the ONLY website you need for NJ Real Estate 20 minutes to 1 hour from NYC!

March 2008 Home Sale Prices & Stats for NJ's hottest towns 20 minutes to an hour from NYC!

For March 2008 Home Sale Prices , Market Stats and Comparisions Back to 2005, Click on the following New Jersey towns of your choice:

Millburn/Short Hills
Maplewood & South Orange
Summit
Livingston
Chatham
Madison
Montclair & Glen Ridge
Mendham & Harding
Basking Ridge
West Orange
Westfield

If you'd like to receive the updated home sale stats monthly, just sign up at http://www.adlerbenjamin.com/.

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Temporary Increase in Conforming Loan Limits- How will this affect your purchase in our Midtown Direct Train Line towns.....

Hi Everyone,

Hold onto your hats! I'm getting flooded with emails from mortgage companies with this great news. See below.

Temporary Increase in Conforming Loan Limits

The stimulus package will provide for a temporary increase for the GSEs conforming loan limits to match the new levels established for the FHA. Currently Fannie Mae and Freddie Mac are only able to purchase loans under $417,000. Loans with balances above that limit have fewer buyers and are significantly more expensive and difficult to finance.

Even when financial institutions are willing to make these loans, because there is no secondary market for them, they cannot sell the loans and fund new ones. By permitting the GSEs to buy these loans, this change would provide vital liquidity to mortgage markets where funds are currently unavailable or limited.

************

The President has not yet signed the bill, but that seems likely from everything we’re hearing. The loan limits are being increased to 125% of the area’s median home price (but not to exceed $729,750). Restrictions, regional limits and actual implementation has yet to be resolved.

How does this affect buyers for Maplewood, South Orange, Millburn, Short Hills, Summit, Chatham, Madison, Livingston, Montclair and surrounding New Jersey towns????

Assuming Excellent Credit and 80 LTV the spread on a 30 year fixed conforming to non conforming can range from .625% to a 1.00%. difference. The spread is less on the ARM’s. a 10/1 conforming to non conforming . The range is a .375% - .500% difference.

Rates are fantastic right now.

Most JUMBO ARMS are priced in the low to mid 5%
A rate that exists one day may be different the next.
Mortgage Rates vs. Federal Reserve Cuts

When the Fed cuts the discount rate or fed funds rates these are vehicles banks use for overnight lending. In general banks follow suit to also lower the Prime Rate (currently 6%).
Mortgage rates tend to follow the 10yr Treasury Bond, not fed funds or discount rate or prime.
The lower the bond yield the lower mortgage rates.
PRE rate cuts the bond was 4.33. NOW it is 3.65%.
Mortgage markets price in a fed move in advance.
Current bond environment is highly volatile intra day---each earning report/bond auction/ etc can move the market
Conforming loan limit increase

1) FNMA and FHLMC will be allowed to buy loans worth as much as $729,750 for loans made between July 31, 2007 and Dec. 31, 2008. The FHA will also be allowed to insure loans up to $729,750 in high cost markets.

2) Details on restrictions, regional limits, and the actual implementation have yet to be resolved and the President needs to SIGN the bill! (729k is the MAX based on 125% of median sales price in area)

3) I will alert you when the bill is signed in to law and when all details and pricing are available.

Yours to count on,

Sue Adler
www.SueAdler.com

Hiring A Real Estate Lawyer in NJ: Your Advocate or Your Deal Killer?

Hiring A Real Estate Lawyer in NJ: Your advocate or Your deal killer?

In New Jersey, when a contract to purchase a home is signed, it is not binding, until it's out of "attorney review". What this means to a buyer is that another buyer can come along and outbid you during this period. And to sellers, it means that your neighbor's house with the new gourmet kitchen can come on the market and lure away your buyer. This is why its in the best interest of all parties to hire competent REAL ESTATE attorneys who will protect their interests with protective clauses, and at the same time get them out of attorney review quickly.

Sounds simple, right? Well, if you follow this advice, you will be protected, and also have a much smoother transaction.

1. Hire a recommended LOCAL REAL ESTATE attorney, Notice I didn't just say attorney. They should ONLY be practicing real estate law. A local lawyer will know what's customary. If you're purchasing in Short Hills, Summit, Chatham, Maplewood and other towns in our area, they will know when to add a clause in about an oil tank sweep. They'll know which areas have had flooding issues. They've dealt with zoning,permits in Millburn, Summit or Maplewood town halls and are familiar with the local home inspectors and their reports. They know who to call for asbestos removal, and they know reputation of different builders, etc.... I have 4 real estate attorneys who I work with on a regular basis who really know their stuff. Email me & I'll pass along those names. Its not a bad idea to interview a few attorneys before choosing one to see who's style works best for you.

2. Before hiring the attorney, find out if he/she will be going on vacation any time during the next few weeks or if he/she has anything going on which will affect availability. NOT Returning phone calls & not responding to attorney review letters in a timely manner is one of my biggest pet peeves. I know that the lawyers I work with on a regular basis will NOT put my files under the pile on their desk. You need to feel confident that the attorney you choose will be available to you.

3. Inspection "Requests" or Inspection "Demands".... Make sure you approve the attorney's letters before they go out. I have found that when I'm trying to get through inspection issues with my buyer, sometimes the attorney "inspection demand" letters (which I would prefer to call "inspection requests") are worded so strongly, that it immediately puts the seller's in a defensive mode. When I bought my house in New Jersey ( after having sold real estate for many years in Philly, where we handled everything ourselves and rarely used attorneys), I used the attorney recommended by a friend, instead of one recommended by my realtor. Big mistake. She shot off letters without my approval, and when I read the harsh sounding "inspection demands" letter, I found myself calling the sellers and apologizing for the threatening tone of the letter. Afterall, didn't our parents teach us that you catch more flies with honey?

Over the years I have categorized real estate attorneys into 4 types:

First: "My way or we kill the deal",

Second: " I'll fight for whatever my client wants no matter how unreasonable the request may be, and NOT advise him. I'm my client's puppet."

Third: "I don't have the time to be bothered with returning calls. I'm too busy.
Oh, closing is tomorrow? Oops, I forgot to order the mortgage payoff. "

Fourth:" I am my client's advocate, and at the same time, it is my job to advise my client on what is reasonable. If I can't get anywhere with the other lawyer ( who is type 1,2 or 3), I'll have my clients work it out through the realtors. The smoothest transactions are when we are all working together to resolve the issues in a timely manner.

Which type of attorney would you like to represent you?

Sue Adler is the #1 Keller Williams agent in New Jersey, specializing in towns with 20-50 minutes from NYC. Visit www.SueAdler.com , the ONLY real estate site you need for New Jersey real estate.

Work in NYC? 10 Reasons why you should commute from New Jersey.

10 Reasons why you should move from Manhattan to our awesome New Jersey towns....

1. NJ Transit- Midtown Direct Train gets you into New York Penn Station in 20-40 minutes from South Orange, Maplewood, Millburn, Short Hills, Summit, Chatham & Madison, in that order on the line, and 45 minutes to an hour if you head out towards Morristown, or Basking Ridge. If you click on link above, you will see parking options whether you live in one of these towns or one of the surrounding towns. Need to commute to downtown to the financial district? Just take the train to Hoboken, and then the path or ferry.

Oh, did I mention that there is valet parking at the Millburn train station, and that there is a jitney bus to get you to and from the Maplewood & South Orange train stations during morning and evening rush hours?

2. We have great public schools! 2007 New Jersey School Report Card

3. Our towns are absolutely charming and beautiful. They are SO not like the New Jersey stereotype. Each town has its own personality(and different sections within each town do as well), and you'll find that living here you will frequent all of the surrounding towns for different things from shops to restaurants to theatre to fitness centers to art, piano or karate lessons.

Virtual Tour of Millburn & Short Hills

Virtual Town Tour of Maplewood & South Orange

Virtual Town Tour of Summit

Virtual Town Tour of Chatham

4. There are very active Newcomers Clubs in each of our towns. A great way to meet other newcomers & put the "bourbon back in suburban" is to attend the Octoberfest or Spring Formal. My husband and I STILL go to the monthly wine tastings at the Millburn/Short Hills Newcomers Club because we've made so many new friends at this event. Newcomers Club Sample Activities, Activities with Children

5. We have lots of Golf Courses in New Jersey . Prefer tennis instead? There is the Racquet's Club in Short Hills or the Orange Lawn Tennis Club in South Orange. You can join for tennis or just get the social membership. There are always tons of activities going on. But the cherry on the top is- each of our towns has its own town pool, a relatively inexpensive and popular option.

6. Contrary to Manhattan real estate, in New Jersey, we have a Multiple Listing Service (MLS), so ONE realtor can show you all of the listings in the Garden State MLS. http://www.garden-state-listings.com/

7. Cars today have navigation systems, so you can wander around our beautiful winding tree-lined streets and not get lost if you move here.

8. We have beautiful parks, arboretums, the South Mountain & Watchung Reservations, and local dog parks in Millburn and Livingston. You can go to Millburn Deli and stroll through their parking lot into Taylor park to eat, and relax to a concert or movie in the park as well during the summer.

9. We have a variety of great restaurants!

Scalini Fedeli in Chatham, La Focaccia or Fiorino in Summit and Bascilico in Millburn are my favorites for Italian. For Asian/Thai food, I recommend Toro or Thai Chef in Montclair, Khun Thai in Millburn or Monster Sushi in Summit. The new Roots Steak house in Summit is really great ( reserve early!), and for Happy Hour, join us at Winberries in Summit every Thursday night. Or head over to Toro Loco in South Orange. If you would like to add your favorite restaurants to this post, please comment!

10. You are not, I repeat... ARE NOT... allowed to pump your own gas in New Jersey. Is that great or what?!?

2nd Annual Client Appreciation Party

Thank you to my clients-turned-friends who made it out to my second annual client appreciation party last week!

This years bash was at Restaurant MC in Millburn and we had a great turn out and lots of fun. I got to introduce neighbors to each other ( yes, Levys & Greenbergs who live 3 doors away and hadn't met!), and I loved catching up with everyone I hadn't seen in a while. Whenever I take a buyer out, I always say " Oh, you should meet so and so who just moved here. I know you'd be friends!" So, to show my appreciation for my clients, once a year, I throw a party to introduce them to other clients who also just moved to the area. I kind of have my own newcomers club, I guess. Anyway, it was fun. Can't wait til next year's party!

Why you should get a FULL loan approval and not just a PRE-approval prior to purchasing a home

Steve Lupton, our in house mortgage broker, just sent this letter out to the agents in our office. I thought it was worth sharing:

"The past few months have been challenging for our credit markets. The intense media coverage of recent events has made us all somewhat aware that our industry landscape is changing. Headlines like: sub prime mess, credit crunch, housing bubble and the like are daily fare on TV. Erratic credit markets driven by emotion and fear are impacting our industry’s ability to conduct business. Let’s take a look at some issues and some solutions. Remember, the greatest opportunities in any business come at times like these.

The sub prime mortgage mess has spilled over into all mortgage products. Investors who provide the capital necessary for the housing industry have little or no appetite for collateralized debt obligations (or pools of mortgages). In this declining investment market, the only certainty is that these investment portfolios will be worth less tomorrow than they are today. In an effort to reduce their exposure to the declining market, investors will stop buying new issues and look to unload what they own. They have a unique outlet when “unloading”, aside from merely selling at a loss. If they can find ANY deficiency in a mortgage agreement, they can insist that the originator of the mortgage buy it back. The intensity of the scrutiny of mortgage originations is unparalleled in this industry. Six months ago a mortgage application with a debt ratio 20 points over suggested guidelines was perfectly acceptable. Today a mortgage .000001 out of range doesn’t work. There is zero tolerance for any loan application that doesn’t comply with underwriting guidelines because originators like me cannot give investors the option of forcing me to repurchase loans. Therefore, you cannot assume that ANY borrower is immune from this scrutiny. There is no such thing as a “slam dunk” approval today from any mortgage bank. All mortgage banks are dealing with this phenomenon. Deserving credit profiles will be approved, but under a much more powerful microscope.

Let’s talk about some solutions. You have the good fortune of working in an agency with an in-house mortgage banking department. Please take full advantage. Going forward you should make use of this resource for your client’s benefit and your benefit. You should always get your client Fully Approved before you begin to shop for a home. With an underwriter’s Full Approval you will: 1. know that you can close the deal. 2. Have a leg up on the competition who isn’t Fully Approved. 3. Make your client essentially a cash buyer. 4. Give your client the extra time needed to comply with the meticulous application process.

I will Fully Approve all of your clients at no cost and no obligation. They are encouraged to do their due diligence for mortgage terms and conditions. I am simply responding to today’s realities in an effort to give your clients the best home buying experience in the industry."

Steve Lupton
Metrocities Mortgage
Senior Loan Officer
(908) 522-6500