Welcome to the HouseJeanie Team Blog
Posted at 8:20 PM, Jan. 1, 2006
Welcome to the HouseJeanie Team Blog. We hope that you will visit us often and that the information we provide will be helpful to you. We will be adding information about Real Estate and the Real Estate Market from time to time. We will be providing market statistics and market trends on the Various Towns in Burlington and Camden Counties. If you have any questions you can reach us at info@HouseJeanie.com. Also, don't forget to visit our MLS Page through the TReND Broker Reciprocity site. Go to our web site www.HouseJeanie.com and click on the link "Active Listings" found on the left of all of our web site pages.
Thanks for visiting us,
Bart Erickson and The HouseJeanie Team..
New Jersey Truth In Renting
Posted at 7:51 PM, Apr. 23, 2009
New Jersey Rent Deposit
While working with a renter I came across a fact that Property Owners, Renters and REALTORS® should be aware of.
My customer was interested in a particular property to rent. I called the listing agent for availability and showing instructions. During the conversation the listing Agent stated that the owner required 1-1/2 Month's Security, the First Month's Rent and the Last Month's Rent for a total of 3-1/2 Month's Rent. I challenged the Listing Agent on requesting the Last Month's Rent. The Listing Agent assured me that this was perfectly legal for the Agent had just completed another rental with an attorney as the property owner.
Here is the law (In New Jersey) as stated in the New Jersey Department of Community Affairs book "Truth in Lending" regarding Security Deposits, page 9, second paragraph:
"The security deposit cannot be more than one and one-half times one month's rent. It can be less. Any additional yearly security deposit increase may not exceed 10% of the current security deposit. A landlord may not charge a pet secuity deposit if it exceeds one and one-half times one month's rentwhen combined with the regular security deposit. In the case of Brownstone Arms v. Asher, the courts determained that advanced rents in excess of one and one-halftimes the monthly rental payment violates the secuity deposit law. Therfore, any prepaid funds held to secure future rents are considered to be part of the security deposit. This includes the last month's rent. It does not matter what the the prepaid funds are labeled. The landlord may only require one and one-half times the tenant's rent as security and the first month's rent at the inception of the lease....."
Lessons learned: 1. When you are using an attorney in a Real Estate Transaction, make sure you obtain a full time Real Estate Attorney, not a "part-timer." 2. As a landlord, prospective tenant or REALTOR® obtain a copy of the NJ "Truth in Renting."
NJ Department of Community Affairs
Division of Codes and Standards
Landlord/Tenant Information Service
PO Box 805
Trenton, New Jersey 08625-0805
The HouseJeanie Team.
More on Mortgage Loan Modification and Mortgage Rescue Scams
Posted at 8:50 PM, Apr. 7, 2009
Harris Real Estate University Published the following on their Blog:
Mortgage And Loan Modification Scams On The Rise….Homeowner Beware!
Mortgage Loan Modification Scams: Typically what is happening is that troubled homeowners are paying $1000…$2000…$3000 UP FRONT and receiving no services. Whats worse, many of these LOAN MOD scammers are collecting the fees and never doing anything to try to help the homeowner. If you are doing loan mods the ethical and honest way you know that you NEVER charge upfront fees. If you are in one of the hand full of states that requires any sort of ‘license’ or ’state approved process’ you must comply.
Mortgage Rescue Scams. This type of thing has gone of for years. Here is the typical scenario: Homeowner is late 90 days+ on their mortgage. They have equity. A mortgage rescue scammer offers to ’save their mortgage. The scammer makes it so the homeowner signs the deed over. Next, the scammer has the seller pay THEM their mortgage payment. Additionally, the homeowner agrees to sign a lease on their former home (remember they signed over their deed). The homeowners is led to believe that the scammer will bring the mortgage current and then make the payments for the homeowners over an agreed period of time. Homeowner is told that they can ‘buy’ the house back from the scammer. What really happens is that the scammer never makes a payment. Keeps the lease payments…and then (when there is equity) throws the now renter out of the house. The house is sold and the scammer keeps the former owners equity. There are many forms of this scam but, thats the basic format.
A News paper report stated:
The U.S. Treasury has announced a new effort to crack down on criminals who prey on people seeking help with their mortgage problems.
On Monday, Treasury Secretary Timothy Geithner reported that government agencies had recently identified dozens of suspicious companies that were running suspicious ads about mortgage foreclosure rescue services.
According to Geithner, the Treasury’s Financial Crimes Enforcement Network has already produced a number of recent leads that are helping law enforcement agencies stop foreclosure scams or further investigate suspicious companies.
Geithner also noted that the Obama administration’s Making Home Affordable program is an important part of its economic stimulus effort, which makes foreclosure fraud an even higher law enforcement priority.
“American homeowners desperately need the relief this program offers, but the very last thing they need is to be taken advantage of as they try to hold on to their homes,” said Geithner.
A report by ABC News said that the FBI is currently investigating about 2,100 mortgage fraud cases, a 400-percent increase from 2004.
The scams typically target homeowners with damaged credit scores who are willing to pay upfront fees to people who claim they can resolve their mortgage problems. Unfortunately, many of these people end up with worse consumer credit in the long run.
Bill Payer Program for Seniors - Burlington County
Posted at 11:36 AM, Mar. 31, 2009
Burlington County’s “Bill Payer” program for seniors, co-sponsored by the Office on Aging, has trained volunteers available to help low-income elderly and the disabled with money management to make sure their bills are paid and they can continue to live independently.
The assistance is coordinated by the Retired and Senior Volunteer Program (RSVP) office at Burlington County College in Pemberton. The County Office on Aging contributes funding toward the program.
RSVP Director Karen Bennett is looking to the get the word out to prospective clients who need this kind of money management help.
The AARP (American Association of Retired Persons) and NJ Division of Aging and Community Services also are co-sponsors. For more information on required income and asset guidelines, call the RSVP office at (609) 894-9311 or (856) 222-9311 x 1358.
Author: Press Release--Burlington County
Mortgage rates at 52-year low
Posted at 4:15 AM, Mar. 27, 2009
NEW YORK (CNNMoney.com) -- Home mortgage rates dropped to a 52-year low this week, according to a report released Thursday (3/26/2009), in the wake of the government's announcement that it will buy more than $1 trillion in debt.
Follow this link for the complete article: http://bit.ly/IXCQG
Mortgage Modifications, Fraud and Predators
Posted at 8:13 AM, Mar. 18, 2009
The typical phone call starts out starts out with a dialog stating that if you are having trouble with your mortgage we can help you. These are not the exact words but the message is the same. The message goes on to say that if you would like to talk to someone about your mortgage dial 1 to talk to someone.
Be aware! Caution! Just hang up! The economy is adjusting to the mortgage/real estate bubble bursting and many homeowners are having problems with their mortgages.
There has been a lot of talk about mortgage loan modification; however New Jersey Homeowners should be warned. In New Jersey anyone that works to adjusts mortgage payments or terms of payment on behalf of a homeowner is acting as a debt adjuster must be licensed by the State of New Jersey.
The reason I bring this up is that I have been inundated with email requests by companies outside New Jersey to work for them to modify mortgages of home owners in my geographical area. Our office phones have received three computerized phone calls just this week from companies looking for homeowners in distress. As a REALTOR® I am not licensed to modify mortgages. Mortgage brokers are not licensed to modify mortgages. In fact the mortgage broker that provided your mortgage is not allowed to modify the mortgage in any way.
If your curiosity is getting the best of you, and you don't want to hang up the phone, here are the questions to ask:
1. Is your company licensed in the State of New Jersey? You may get an answer that the company is owned by attorneys. Then just follow up with are the attorneys members of the New Jersey Bar?
2. What is your New Jersey Debt Modification License number? The conversation will generally not get this far but generally this will be the hang up question. The best solution is below.
If you are having trouble making payments on your mortgage you should be calling your mortgage company yourself. If you think you need help form someone there are places to look for legitimate financial help or debt adjusters.
Here are places for you to start your research:
1. Avoid Scams see this link: http://www.makinghomeaffordable.gov/beware.html
2. Are you eligible? http://www.makinghomeaffordable.gov/
3. Contact your mortgage company: http://www.hopenow.com/
4. If you need help: http://www.makinghomeaffordable.gov/counselor.html
A few weeks ago I attended a town meeting to help people with consumer credit. Here are more to go to for help:
1. Russell E. Graves, Consumer Credit & Budget Counseling www.cc-bc.com - (609) 390-9652 or (888) 738-8233
Bart Erickson - The HouseJeanie Team - www.HouseJeanie.com
Mortgage Rates 1-26-2009
Posted at 10:33 AM, Jan. 29, 2009
RedWood Mortgage Company
Susan Lange
(800) 354-9554
"We are what we repeatedly do. Excellence then, is not an act, but a habit." -Aristotle
FHA
30 Year Fixed
New FHA Loan Limts by county for 2009
Camden, Burlington and Gloucester Counties $ 379,500; Atlantic $316,250;
Cumberland $271,050; Cape May $414,000; Ocean $625,500; Salem $379,500
Minimum down payment is now 3.5%
Seller assist up to 6% still permitted
|
5.5 % +.5 pts 5.00% + 1.5 pts 4.50%. + 3 pts
Conventional
30 Year 20 year 15 Year
100% Financing Programs
Financing for qualified properties and borrowers; Seller assist for all closing costs and repairs!
USDA RD Loans
VA
Smart Start Programs
|
4.5 + 2 pts 4.375% + 2 pts 4.25%+ 2 pts.
Investor Loans
20% down 5.75% + 3 pts
25% down 5.75 + 2pts
Jumbo Financing
30 Yr fixed 5/1 ARM 7/1 ARM
6.75 + 1 pts 5.25 + 0 pts 5.50 + 0 pts
Financial services provided by dedicated mortgage professionals
Committed to exceeding all expectations
Susan Lange
(856) 296-7911
Current Mortgage Rates
Posted at 6:48 AM, Dec. 31, 2008
From time to time we will publish current Mortgage rates and information for the South Jersey area. Here are the current mortgage rates from Redwood Mortgage. Visit HouseJeanie.com for current listings in this area.
The HouseJeanie Team
FHA
30 Year Fixed
5.25 % + 0 pts 5.00% + 1 pts 4.75 + 2 pts 4.50%. + 3 pts
New FHA Loan Limts by county for 2009
Camden, Burlington and Gloucester Counties $ 379,500; Atlantic $316,250;
Cumberland $271,050; Cape May $414,000; Ocean $625,500; Salem $379,500
Minimum down payment is now 3.5%
|
Conventional
30 Year 20 year 15 Year
100% Financing Programs
Financing for qualified properties and borrowers; Seller assist for all closing costs and repairs!
USDA RD Loans
VA
Smart Start Programs
|
5.25 %+ 0 pts 5.125% - 0 pts 4.875%+ 0 pts.
Investor Loans
20% down 5.25% + 2.5 pts
25% down 5.5 pts
Jumbo Financing
30 Yr fixed 5/1 ARM
6.75 + 1 pts 5.75 + 0 pts
Financial services provided by dedicated mortgage professionals
Committed to exceeding all expectations
redwood Mortgage Company
Susan Lange / Lauralee Dobbins
(856)296-7911 / (856)979-8929
12-27-08
Improvements taking root at Delanco park
Posted at 8:46 AM, Dec. 3, 2008
Courier Post Online
DELANCO — Burlington County government officials have begun planning and planting for the second phase of development at one of its newer parks to improve recreation for people and dogs.
Mary Pat Robbie, director of the county department of resource conservation, said a separate dog park area will be created where canines may romp without getting lost in the woods.
For more information use this link http://tinyurl.com/5rpkk6
Cinnaminson Housing Statistics - 2000 thru 2007
Posted at 1:25 PM, Jun. 9, 2008
Cinnaminson, New Jersey Housing Statistics - 2000 thru 2007
It is helpful to look at statistics of housing sales to understand what has happened to the market and to help us take a peek into the future. With this in mind I have used the housing statistics of Cinnaminson New Jersey from the 1st quarter 2000 through to the 1st quarter 2008. All the information has been taken from our local MLS (TrendMLS). The earliest detailed sales records Trend MLS are from January 2000.
At first look it is seen that the Real Estate boom, at least in Cinnaminson, house listing and sold prices steadily rose from the 1st quarter 2000 to the last quarter 2005. From the last quarter 2005 to the first quarter 2008 we have had a correction to the price rise. This trend actually follows the returning visitor count on the house search section of my website HouseJeanie.com. During the 1st quarter 2006 the returning visitor count dropped to 1/2 of the previous years. From the 2nd quarter 2006 to the 1st quarter 2008 the return visitor count has remained fairly even.
The housing sold Days On Market (DOM) were volatile all through the 2000-2005 period. Some houses were sold in a day and some, that were priced higher, took longer to sell. Since the 1st quarter 2006 the DOM has fluctuated some but the DOM has risen to an average of 100 days for the homes sold in the 1st quarter 2008. Keep in mind that the DOM statistics are only for the homes sold. This can be deceiving because in this market where the new listing exceed the homes sold the market the growing number homes for sale exceed the number of buyers. There will be some homes that will take a very long time to sell because they are not priced correctly with respect to the market and when they sell will be sold at a price reduced from the listed price.
So where does this leave the market in Cinnaminson at this point?
We are still finding multiple offers on homes in good condition that are priced correctly. If you look at the 1st quarter statistics of 2008 the average sold price exceeds the average listed price by 4.63% indicating we have a relatively strong market. Interest rates have edged up a little, however, the interest rates are still at a very good level (30 year fixed rate 6%; 30 year FHA 6.25%). The economy is a concern across the country, however, these concerns do not seem to be effecting the housing market in Cinnaminson. There are exceptions however, the average price of homes sold in 2005-2006 is below the average price of homes sold in the 1st quarter 2008. Homeowners in Cinnaminson, if you are thinking about selling your home, the market is just fine, the pricing is just leveling off. Put your home in good showing condition, get a REALTOR® to price your home and put your home on the market.
Bart Erickson, e-PRO, SRS
The HouseJeanie Team
Camden County Activities
Posted at 9:04 AM, Jun. 4, 2008
The QUAKER CITY STRING BAND kicks off the Twilight Concert Series at Cooper River Park on June 26. It is one of five special events scheduled in June, including an open air showing of the classic film “Shrek”; on Friday, June 13, at Cooper River Park and the Parrot Beach band performing on Friday, June 13, at Lindenwold Park. Details are available on camdencounty.com.
The Camden County Freeholder Board’s 2008 Budget
Posted at 9:12 AM, Apr. 24, 2008
The Camden County Freeholder Board’s 2008 Budget
Cuts the Tax Levy & Rate without Reducing Services
The Camden County Freeholders introduced a 2008 spending plan on April 15 that reduces the tax levy by $1 million without a single employee layoff or reduction in any of over 200 services provided by county government.
“This is the second year in a row we have cut the levy,” said Freeholder Director Louis Cappelli Jr. “I don’t believe any other local government in the state has accomplished a levy reduction in consecutive years. I am proud to say that credit for this accomplishment belongs to our management team and our dedicated county employees.”
Click here to read more about the 2008 County Budget
The Editorial “Camco freeholders on the right fiscal path” appeared in the Courier-Post on April 19, 2008
Click here to read the Courier-Post editorial of 4/19/08
HUD Limits FHA Proposal to Seller-Paid Assistance
Posted at 5:11 AM, Jun. 30, 2007
A number of state and local associations of REALTORS® have received reports of a proposed U.S. Department of Housing and Urban Development (HUD) rule that implies the department is seeking to prohibit the use of downpayment assistance programs in Federal Housing Administration (FHA) transactions. To clarify, the HUD proposal would only prohibit seller-paid downpayment assistance. For background, HUD's proposal is consistent with a report of the U.S. Government Accountability Office, which found that the average price of homes using seller-paid assistance was inflated by 3 percent and had a higher foreclosure rate. The proposal also follows action by the Internal Revenue Service (IRS), which has published a rule that strips organizations found to be "middlemen" for seller-paid assistance of their 501(c)(3) tax-exempt status. Looking ahead, FHA reform legislation under consideration in Congress would allow for zero-downpayment FHA loans, which would then abrogate the need for any downpayment assistance.
Moorestown Township Code
Posted at 5:00 AM, Feb. 23, 2007
Moorestown Township Code available on the internet.
Residents and businesses now can easily tap into information on the Moorestown Township Code.
Moorestown Township Code
Bart Erickson
The HouseJeanie Team
Camden County Facts
Posted at 5:00 AM, Feb. 23, 2007
Here are some QuickFacts on Camden County New Jersey from the US Census Bureau
Camden County Facts
Burlington County Facts
Posted at 5:00 AM, Feb. 23, 2007
Here are some QuickFacts on Burlington County New Jersey from the US Census Bureau
Burlington County Facts
Cinnaminson Code Available On The Internet
Posted at 4:00 PM, Feb. 22, 2007
Cinnaminson has made their code available on the internet.
Residents and businesses now can easily tap into information about such topics as zoning, fences, signs, board of health legislation, property maintenance, noise, swimming pools, curfew, licenses, parks, alarm systems, taxicabs, redevelopment, stormwater management, abandoned vehicles, drug-free and drunk-driving-free zones, fire prevention, ethics, recycling, and swimming in the Delaware River.
Cinnaminson Code
Bart Erickson
The HouseJeanie Team
NEW JERSEY SCHOOL REPORT CARD FOR 2006
Posted at 5:43 AM, Feb. 10, 2007
Many are interested in information about schools before they buy a home.
Here is a link to information on New Jersey Schools that may help you.
Bart Erickson
HouseJeanie Team
Campbell Soup makes announcement to build.
Posted at 3:00 PM, Feb. 8, 2007
Campbell Soup made an official annnouncement today about their expansion in Camden. See the Courier-Post Article below.
Bart Erickson
HouseJeanie Team
=================================
CAMPBELL PHOTOS
For a photo gallery of Campbell Soup Co. past and present, go to www.courierpostonline.com/galleries
Campbell Soup shows faith in future of Camden
By EILEEN STILWELL
Courier-Post Staff
CAMDEN
Campbell Soup Co.'s announcement this week to step out of its corporate ivory tower and enter the city's torturous redevelopment fray stems from three years of high-level talks with the city, county and state.
South Jersey's only Fortune 500 company announced on Wednesday its ambitious plan to build a new world headquarters and a 110-acre office park in Camden that would be attractive to world-class companies.
The company wanted to enhance its 1957-style world headquarters so it could keep its staff and entice the best and brightest from competing companies. But building an imposing headquarters with a fitness center, tree-lined walking paths and a cafeteria befitting one of the world's most successful food companies didn't seem compatible with the neighborhood.
Campbell toyed with moving out of Camden and out of the state, but kept coming back to the same conclusion -- that it would really rather stay in Camden.
The solution, said CEO Douglas R. Conant, was to control the neighborhood, or at least a 110-acre corner of it, by letting the company's real estate team, which has built properties around the globe, run the show.
Building a modern business park with excellent road access and Campbell Soup as an anchor is a novel approach for the city. But the project is smaller and more focused than prior plans, does not require any residents to relocate and brings together the city's largest private employer and taxpayer with city, county and state governments.
Today, Campbell is in a gritty hollow of confusing and poorly maintained roads on the south side of Admiral Wilson Boulevard, surrounded by vacant ground, parking lots and a handful of businesses.
It has no visibility unless you happen to be staring at the front door of world headquarters. Parents dropping their kids at the company's award winning day-care center have to cross 10th Street, a curvy launching pad for motorists headed out of the city.
Under a complex agreement announced Wednesday by Gov. Jon S. Corzine, Camden County Freeholder-Director Louis Cappelli Jr., Mayor Gwendolyn Faison and Conant, Campbell will invest $72 million in a new world headquarters. Some roads will disappear or be reconfigured, but the existing Campbell footprint -- now about 36 acres -- will grow to 40 acres to accommodate the new building and park space.
Control over another 70 acres is included in the deal, giving Campbell a clear shot from its headquarters to the boulevard.
Government entities will contribute $26 million to redesign the obsolete road network and upgrade sewer connections, providing a backbone for an office park.
Campbell did not say how many buildings would be included in the park, or how long it would take to build.
"We're not looking for a lifetime achievement award here," said Jerry Buckley, a Campbell spokesman, indicating that the company wants to see this happen in the short term.
Campbell will make a payment in lieu of taxes on its new building, which is expected to cost between $23 million and $35 million, for 15 years. Then the company expects to pay about $2 million a year in property taxes, up from its current payment of $1.3 million, said Conant.
Recognizing Campbell's long history in the city -- the company was founded in 1869 -- Conant said it's time to stop dwelling on the past and look to the future.
"This campus will be the new face of Campbell Soup Company in Camden," said Conant, who has been transforming the company financial and marketplace profile since he took charge six years ago.
While this project represents a higher level of participation in city life, Conant said the company has been active for years through its foundation. On average, the Campbell Soup Foundation contributes $1.5 million a year to to help nonprofit organizations with their work in city housing, education, heath care and economic development.
Corzine said the collaboration represents "an important sign of renewal for the city."
Faison said Campbell Soup's name is synonymous with the city.
And Cappelli, who said he will look to the Delaware River Port Authority and the federal government to come up with the county's $5 million commitment to the project, said job retention and creation is essential for the city's survival.
About 80 percent of Campbell's 1,200 employees live in New Jersey. Another 500 contractors -- from cooks to security to information specialists -- also work at the Camden plant.
"Only a small percentage of the work force live in Camden and most of them are independent contractors," Conant said.
Reach Eileen Stilwell at (856) 486-2464 or estilwell@courierpostonline.com
Published: February 08. 2007 3:10AM
NEW WINDOW GUARD LAW NOW IN EFFECT
Posted at 3:22 PM, Aug. 8, 2006
NEW WINDOW GUARD LAW NOW IN EFFECT. Governor Jon Corzine signed into law on a new window guard legislation that took effect immediately. The legislation rules that were adopted in November 2005, which, among other changes, extends the previous window guard law that applies to multiple dwelling units to condominiums and cooperatives.
REALTORS® who have prepared any leases since Monday, July 31, 2006 for a condominium or cooperative unit that is not a seasonal rental unit, should notify the tenants that they have the right to request windows guards if a child or children age 10 or under will reside in the unit or are present for a substantial amount of time.
The new law requires that the owner, lessor, agent or other person who manages or controls the unit verbally inform the tenant at the time the lease is signed of the tenant's right to request the installation of approved window guards. In addition, verification that the verbal notice was provided and understood must be made in a document separate from the lease that is signed by the both the tenant and the owner, lessor, agent, or other person who manages or controls the unit. A verification form is available by CLICKING HERE.
NJAR secured an exemption to the law for condominiums and cooperatives that are used as seasonal rental units. The term multiple dwelling includes any building or structure of one or more stories, in which three or more units of dwelling space are occupied, or are intended to be occupied by three or more persons who live independently of each other.
UNDERGROUND STORAGE TANK LEGISLATION SIGNED INTO LAW
Posted at 3:10 PM, Aug. 8, 2006
UNDERGROUND STORAGE TANK LEGISLATION SIGNED INTO LAW. NJAR supports this proactive legislation as it will provide grants and loans to homeowners and business owners from the Petroleum Underground Storage Tank Remediation, Upgrade and Closure Fund to finance closure and associated remediation of unregulated underground storage tanks (UST) before they become an environmental hazard.
For more information email Jean(at)HouseJeanie.com
The HouseJeanie Team
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