One way of checking out the health and vibrancy of a community is by checking out the local festivals and parks.  Essex County has a huge and active parks department that is integral to the community.  The Essex County Department of Parks, Recreation and Cultural Affairs serves all 22 of the county’s municipalities by maintaining over 6000 acres of open space.  This acreage includes undeveloped areas as well as numerous neighborhood parks, an arena, a zoo, an environmental center and three golf courses.

The department doesn’t just maintain open land.  It is also responsible for many special events and on-going programs.  The Cherry Blossom Festival and Summer Concert Series are two popular annual events.  The department also hosts programs for children and their families as well as seniors and it supports the local arts community.

Upper Montclair is hosting one such arts festival this month.  Fine Art & Craft at Anderson Park will take place, rain or shine, on September 11 and 12 from 10:00 am to 5:00 pm.  It’s free to the public and offers a unique opportunity to meet the artists and learn more about their work.  Over 140 artisans will be participating.  This juried art show promises to transform Anderson Park with hand crafted jewelry, photography and all manner of arts and crafts. A variety of food vendors will be tempting you with treats both sweet and savory.  It’s sure to be the highlight of the fall.

Local parks can also have a pronounced influence on your home’s resale value.  Homes within walking distance of a clean, well-maintained, thriving park are almost always seen as more valuable and sell at a higher value.  Ask any Glen Ridge NJ realtor about the incredible park system in Essex County or just go explore a few on your own.  The health of this community is evidenced by this thriving system.

When you are house hunting with your Glen Ridge NJ realtor, this is probably the farthest thing from your mind.   If you become suddenly unemployed, face a costly illness, have made a poor choice resulting in unaffordable payments or otherwise fall behind in your mortgage you may need to know how and when to restructure.  Remember, your lender is not obligated to modify your loan.  However, most would rather work out a plan to keep payments coming in instead of taking over a home that could languish on the market.

Eligibility
If your mortgage is taking up more that 38% of your monthly income, you may be eligible for a loan modification.  You may also qualify if your home’s market value is less that the total owed on your mortgage or mortgages.  If you are at risk of defaulting on you loan you might be able to secure a modification as well. 

Some borrowers will not be eligible for modifications at all.  Speculators or investors cannot secure a loan modification for their investment properties.  Loan modifications will only be made on properties that are owner occupied.

Securing a Modification
The first step in getting help is to ask for it.  Call you lender and ask for the loss mitigation department.  Explain your situation with complete honesty and condor.  This is not the time to sugar-coat your situation.  Document everything.  Keep track of each person you speak with and the matters you discuss. Your notes will be very valuable, especially if you do face foreclosure later. 

A HUD-approves counseling agency may also be a good place to call for advice.  HUD-approved counselors will not charge you for their assistance.  Be very wary of anyone who asks for payment up front to reduce your loan payments.  Homeowners in financial trouble can make easy marks for con artists and scammers.  If it sounds too good to be true, it usually is.

How and Why
Lenders may change rates or adjust balances to modify a loan.  They could also change the term of the loan or any other factor to make it more affordable.  So why would a lender agree to take less that the originally agreed-upon payment?  Government incentives make this more palatable for the lender.  In addition, the lender doesn’t want to get “stuck” with your home.  They are in the business of selling loans, not houses.  They are losing money for every day a foreclosed home stays on the market.  At least with a modification they get a good portion of the payment.

You can usually avoid loan modifications and foreclosure by being a careful buyer.  Ask your Montclair NJ realtor about setting housing budget that won’t get you into financial trouble.

Staging your home is the art of getting buyers to see themselves living in your home.  You don’t want them to see your current life; they should see their future.  You want them to see a warm, cozy spot in the cold winter months and a cool, comfortable haven in the hottest part of the summer.  Staging should be appropriate for the current season.  Here are a few tips to keep you and your prospective buyers feeling cool as a cucumber till fall officially arrives.

Paint
Choose light, airy colors when you repaint.  Lighter colors with a cool tone reflect the sunlight in a pleasant way.  Avoid dark shades.  They seem out of place in the summertime.  Pick colors in the blue to green family to make a room feel cooler and more soothing.  Reds and oranges are considered “warm” colors and may make a room seem hot and closed in, even if it is not.

Art and Accessories
Your art and accessories should reflect the season, too.  You’d probably never put out your Christmas decorations in August or your favorite Easter basket in November.  Take a look at your paintings in the same way.  Switch out the winter landscape scene for a more suitable summer one.  Put away heavy, dark accessories and try a bowl of seashells on the coffee table.  A few bright floral pillows give life to a sofa or chair and make it seem more friendly and inviting.  A few white or cream slipcovers can give dark furniture a much-needed pick-me-up.

Fans
Using a few fans can keep the air flowing in your home and make it feel cooler.  You can put them on a timer for showings.  This will have the added bonus of freshening up the air, too.

Thermostat
It’s important for your home to be truly, physically cool for showings, too.  Even if you’re trying to cut back on energy costs, you will need to keep the house cool for showings.  Install a programmable thermostat to keep the house at a cool temperature when you need it and a money saving one when no one is home.  Make sure you schedule showing with your Glen Ridge NJ realtor for when the house is coolest.

It can feel as hot as a desert in the summer.  When you’re selling, make your home an oasis for your buyer.

Most sellers think they either have to spend a fortune gutting their kitchen or just leave it to the next owner.  Neither option is really wise these days!  You’ll be glad to hear that there are options for updating that won’t bust your budget or leave your buyers wishing for more.

Paint
It sounds simple but a fresh coat of stain blocking primer followed by a new layer of paint will work wonders in a kitchen.  Degrease any stains and splatters before painting so they won’t show through.

Backsplash
If your backsplash still features barnyard animals, it’s time to update it.  There are many cost-effective options like glass and ceramic tiles or stainless steel.  Stay true to the feel of the kitchen to avoid a style clash.

Sink
A new sink will make the whole kitchen feel cleaner.  Rust stained, chipped or dented sinks bring down the look of the kitchen.  Make a great impression with a new sink.

Hardware
One of the least expensive ways to update a kitchen is with new hardware.  A $50 to $100 worth of stylish drawer pulls and cabinet knobs will give a far greater return on the investment.

Island
If your kitchen has room, consider adding an island.  You don’t have to call a custom cabinet maker.  There are plenty of ready-made pieces of furniture at home improvement and décor stores.  You can make it part of the sale or take it with you.  Just have your Montclair NJ realtor make it clear to the buyer if the island is not included.

Counter Cladding
Few sellers will be surprised to hear that buyers want to see natural stone counters.  Replacing your counters may not be in the budget but cladding them could be.  An installer makes what amounts to a shell that goes over your counters.  You get the look of custom-cut stone at a fraction of the price.

Cabinet Refacing
You can also reface the cabinets at a reasonable rate.  Solid doors can be sanded down and stained while lower quality doors can be painted.  Done well, either option will make the kitchen look new again.

Floors
Pay attention to the floors.  You might need to bleach your tile’s grout or lay new peel-and-stick laminate squares over a damaged “no wax” floor.  Fill in deep gouges in wood floors with wood filler.

These updates won’t cause your budget too much stress but they might make you home the fastest seller on the block.

Kitchens and baths are the rooms where buyers have the biggest expectations.  Regardless of price, buyers want to be impressed, especially by the master bath.  Your Glen Ridge NJ realtor can tell you more about what buyers looking at your neighborhood expect to see in your home’s price range.

One of the first places you can give the look of a major update is in the bathroom.  You don’t need a serious renovation to give the impression of an upgraded bathroom.  There are some relatively painless ways to make a bath feel new.

Medicine Cabinets
Replacing an old medicine cabinet will give a bath a fresh feeling.  Hang a large mirror instead, but with an eye for a future buyer.  Be sure your new mirror is large enough to accommodate a wide range of heights and be attractive to many different tastes.

Faucets
New faucets are a great way to update a bath on a budget.  Choose a style that blends well with the style and age of the home.  In other words, don’t go ultra-modern if you have a Victorian.  Follow the directions for installing the new faucets carefully to avoid messy leaks under the sink.

Ceramics
The ceramic fixtures, meaning sinks and toilets, can become stained by age, rust and scale build-up.  If your ceramics are looking tired or outright nasty, replace them.  This isn’t the time to get creative, though.  Buyers will likely prefer a simple white sink over a basin painted with fancy fish.

Counters
It may be cheaper than you think to replace a bathroom counter.  Most baths don’t have huge stretches of counters so you won’t need as much in materials as you would in a kitchen.

Refitting
Tubs and showers can be refitted at comparatively low cost.  A new fiberglass layer is applied over your old tub or shower.  You have a pristine new surface in a day or two.

Talk to your realtor about what updates your bathroom needs.  A few updates might just make your sale happen faster.

Watching the news can be depressing.  Many of the headlines are just plain bad news.  The mortgage “crisis”, the bursting of the “bubble” and the “collapse” of the real estate market have all been exposed, examined and rehashed a few too many times.  This bad press has kept some potential buyers from contacting their Glen Ridge NJ realtor.

Contrary to what you may be thinking, this isn’t such a bad time to buy.  There are a number of good reasons to consider buying sooner rather than later.

• Tax credits for buyers, first time and repeats.
• Low interest rates.
• First time buyer programs.
• Excellent inventory on the market.
• Most reasonable prices in years.

These are just a few reasons to think about calling your Montclair NJ realtor.  Tax credits will be ending in June so timing is crucial if you want to take advantage of buying while it is most beneficial. 

While the real estate market isn’t all gloom and doom, there are a few things you will need to have in order before you start house hunting. 

• A fairly healthy credit score.
• Preapproval for a mortgage.
• A down payment and/or closing costs.

It is true that lenders are a little more carful these days.  If you credit score is poor, you’ll need to do some work if you want to qualify for a lower rate.  You may still be able to get loan with a lower score but your interest rate won’t be as low.

Research lenders and choose one you trust.  Get a preapproval for your loan.  This is different from prequalification, although many people use the words interchangeably.  Preapproval is a firmer commitment from your lender to loan you a certain amount at a certain rate.  Your lender will do everything for a full approval except the title search and appraisal.  Prequalification is more of a rough estimate.  It’s based on information you provide and subject to change depending on a credit check and other verifying factors.  Preapproval gives you an edge when negotiating; it shows you are serious about buying and capable of doing so.

You may also want to save up a down payment and closing costs.  Again, this shows sellers that you are a serious buyer.  Sellers want to work with buyers who have everything in place and won’t cause delays. 

Think again if you thought you weren’t able to become a homeowner.  This might just be the right time for you to buy.

Starting in January this year, you and your Glen Ridge NJ realtor have some new tools to protect you from unfair lending practices.  The new Real Estate Settlement Procedures Act (RESPA) regulations went into effect as of January 1, 2010.  This consumer protection act is meant to make you a better loan shopper.

The origins of RESPA stretch back to the early 1970s, but it has become an important measure of protection in the wake of recent problems in the industry.  The act requires a lender to disclose certain bits of information to the borrower at specific times in the process.  It also prohibits practices that increase the settlement costs.  RESPA covers mortgages and loans for the purchase of most residential properties, refinancing loans and equity lines of credit, among others.  The act is enforced by one of the offices of the department of Housing and Urban Development (HUD).  HUD’s website and your Montclair NJ realtor can show you what your lender should be showing you based on this legislation, but here are a few of the details.

At the Application
Disclosure begins in the application process.  One of the most important things the lender should give you is a Good Faith Estimate (GFE) of the cost you will have to pay at settlement.  A Mortgage Servicing Disclosure Statement should also be given to you.  This tells you if the lender intends to transfer the loan to another lender and gives you information about complaint resolution.

Before Settlement
Some lender will ask you to use one of their affiliates during the transaction, like an appraiser or an attorney.  A Controlled Business Arrangement (CBA) disclosure will explain that you are not required to use that affiliate to represent your interests.  This document lets you know you are free to find your own provider for the services.

At Settlement
Both borrower and lender should be given a HUD-1 Settlement statement showing all the actual settlement costs of the transaction.  You should also get an Initial Escrow Statement showing all the costs, fees, taxes, premiums and other charges that will be paid from your escrow account.

After Settlement
Your lender should provide you with an Annual Escrow Statement to summarize all escrow payments made in the preceding year.  This report will tell you of any shortages, overage or actions taken in regards to your escrow account.  If your lender sells or transfers your loan to another lender, you should be notified with a Services Transfer Statement.

This is only a short summary of all that RESPA covers.  Take some time to educate yourself on the details of this important consumer protection act.  It will make you a smarter borrower.

Many news stories over the last couple of years have been dedicated to unscrupulous lending practices.  As a result, consumers are much more aware of the scams in the market and many of the unsavory characters have been weeded out of the industry.  However, there are still some “bad apples”.  Your Monclair NJ realtor can point you to some legitimate lenders, but responsibility for your safety lies with you.

Flipping

Outright scams are easier to spot.  The more subtle tricks of a dodgy lender are harder to see.  One such trick is called loan flipping.  It starts with a legitimate “cash-out” refinancing.  Many homeowners are using cash-out refi’s to make home improvements rather than selling their current home and buying another.  This is a great option for a lot of owners to access the equity they have already built in their homes and use it to build more.

The trick comes in after the refi is finished.  The lender contacts the homeowner after a few payments have been made and offers another refinancing to finance a dream vacation, a car or another luxury.  The offer of more cash is tempting but the lender tacks on high fees, often disguising them within the loan.  Ultimately, this can leave the homeowner with no equity and an even greater debt load.

Duck this practice by asking for a printed copy of all fees and costs.  Take the time to compare the lenders rates with other companies.  Don’t be taken in by offers that expire quickly.

Stripping

Equity stripping is another common ruse.  The lender encourages the borrower to be less than 100% truthful on their applications.  The lender makes it sound as if it’s OK to exaggerate or stretch the truth to qualify for a larger loan.  He may lead you to believe that you are entitled to better than what the banks will offer and a little of embellishment will get you what you deserve.

Any falsification of information on your loan application is loan fraud and illegal, no matter who encourages you to do it.  The point of this game is for the lender to con you into a mortgage you cannot afford.  When you fall behind on the payments he will be able to take your home, sell it and pocket the proceeds.

You can avoid this dangerous scam by being totally honest, even if it you qualify for less.  Know your budget and stick to it.  Don’t let house envy get you into trouble.

Talk to your Glen Ridge NJ realtor about scams and unprincipled practices.  She can help you wade through the lending process without getting trapped.  Ask her about the disclosure rules that went into effect last January to help make spotting these “bad apples” a little easier.

If you’ve ever hosted an open house as a seller, you know it’s harder than it sounds.  It seems like it would be an easy job.  Just let people traipse through your home, see how great it is and wait for an offer.  Any Montclair NJ realtor knows there a lot more to it than that.

Great Expectations
An open house can be a great tool to generate leads and interest in your home.  It is not necessarily going to “sell” the house.  Some sellers do get lucky and find a buyer with an offer in hand at an open house, but more often than not it takes a bit more work afterwards.  An open house is a great way to attract buyers’ agents and build some good buzz for your property.  Keep your expectations reasonable.  Remember, this is just one tool of many in your realtor’s arsenal.

Not Ready for the Close Up
Do you think that the worst thing that can happen at an open house is for no one to show up?  It’s not.  The worst thing that can happen is that tons of people show up and house is a shambles.  This will wreck your home’s “reputation” among both agents and buyers.  Make sure your house is spotless from top to bottom, staged to perfection and ready to be scrutinized in every nook and cranny.  This means you have to pack up the clutter and about half the furniture, organize every item and scrub the entire house.  Don’t forget to remove medications and valuables, too.  Open houses sometimes attract more than just potential buyers so be careful with your possessions.

Attracting the Wrong Crowd
Sometimes sellers want to pull out all the stops to attract people to an open house.  They will hold raffles or give out door prizes, put flyers in every corner shop and coffee house and invite all the neighbors.  While a creative approach is great, this kind of marketing blitz may not be the best idea.  A raffle or door prize might get people in the door, but are they really potential buyers or just there for the freebies?  Think carefully about how many people you really want wandering about in your home.  Let your Glen Ridge NJ realtor advise you on how to best market to the right audience.

Insufficient Marketing
A mistake in the opposite direction would be not marketing enough.  If you just pop a sign in the dirt at the corner, you won’t generate interest past your nosy neighbors.  Work closely with your realtor to ensure that the right people are invited to your open house.

An open house can be a great way to market your property.  Ask your realtor if this approach is best for you.

When the weather begins to warm up, the house hunters come out of the woodwork.  It seems like nearly everyone puts in a call to their Montclair NJ realtor in the springtime.  If you’re thinking about putting your home on the market, take advantage of this season’s renewed interest in real estate.  But before you list your home, make sure you’ve don’t your spring cleaning.

Clean Green
When you start you spring cleaning projects, remember to think green.  Use environmentally friendly cleaners; they’re easier on the Earth and on your body.  Don’t just toss out old clothes and furnishings.  Send them where they can live another life, like to a shelter or local charity. 

Watch the Details
Your Glen Ridge NJ realtor will tell you it’s the details that sell a house — unless those details are grubby and covered with fingerprints!  Open up all the window treatments and get a good look at your window sills, trim moldings and baseboards.  A simple mixture of mild dishwashing liquid and water will take off most of the dust and grime that accumulates on these surfaces.  Clean the surfaces that surround your door knobs and cabinet pulls.  Give any spots that still look discolored or dirty a fresh coat of paint.

Don’t Forget the Garage
Buyers will be looking at every corner of your home.  This includes under the sink, inside the cabinet and definitely inside the garage.  You may not think the garage can be spruced up but there are lots of ways to get it looking its best.  Start with a thorough cleaning out and get rid of the junk.  This could be a great time for a garage sale.  Organize what is left and put up some shelving so everything has a place.  Use a pressure washer to clean oil spots from the floor and rid it of dirt.  If you have stubborn stains, get some paint designed for concrete or an epoxy garage floor finish.  Either one will give you a new looking floor.

An Inside and Outside Job
Don’t forget that spring cleaning is both an inside and an outside job.  Your patio, desk and walkways could probably use some attention from that pressure washer, too.  If you have vinyl siding, check for mold and mildew growth and spray that away as well.  Clean out the gutters and downspouts and get the lawn looking healthy with some patch filler and fertilizer.

When you’re done you’ll not only be ready for a competitive housing market, you’ll also have a fresh, clean home to enjoy until you get that perfect offer.