What To Do When A Home Does Not Appraise For Purchase Price, Oil Tank Test Strategy, New Home Sales Fall

What To Do When A Home Does Not Appraise For Purchase Price

Real Estate Tip:

When you pay for an oil tank scan on a property you are going to buy, have the company you hire determine whether the tank is actively in use. If the tank has been taken out of service, you should request all documents relating to the tank closure including town permits and contractor reports. These documents will prove the tank was closed properly according to regulatory guidelines.

Real Estate Insight:

New home sales fell 13.2% year-over-year in July

When Will NJ Home Prices Stop Rising?, Why You Should Always Pay For Oil Tank Scans When You Fix & Flip, Millions Behind On Mortgage Payments

When Will NJ Home Prices Stop Rising?

Real Estate Tip:

Always pay for a tank scan to check for underground oil tanks during your purchase contract's inspection period when you buy property.

Real Estate Insight:

1.5 million homeowners are 90 days or more behind on their mortgage payments but not in foreclosure. Those who aren’t forced out will still be displaced if selling is their only option, and an estimated 1 in 10 borrowers in forbearance will not have enough equity to sell.

Why There's No Such Thing As A Seller's Market, The Perils Of Overpricing, Building Materials Price Changes

Why There's No Such Thing As A Seller's Market

Real Estate Tip:

Overpricing a property reduces its selling price-it inevitably ends with price cutting & a weak negotiating position. The longer a property stays on the market, the less it will sell for. The key to selling a property for top dollar is pricing it correctly in the 1st 30-45 days it's on the market.

Real Estate Insight:

Building materials prices have declined just twice since December 2019 and have increased 19.4% over the past 12 months.