30 Ann Street $349,000 $342,500 98%

134 Ballantine Road $9,750,000 $7,875,000 81%

140 Stone Fence Road $2,150,000 $1,987,500 92%

109 Chestnut Ave $575,000 $545,000 95%

36 Page Hill Road $1,150,000 $1,081,250 94%

58 Old Fort Road $1,050,000 $965,000 92%

19 Charlotte Hill Drive $2,850,000 $2,575,000 90%

28 Old Colony Road $449,900 $465,000 103%

79 Old Fort Road $650,000 $670,251 103%

This myth has been invalidated by the National Association of Realtors (NAR) and other experts who are knowledgeable about what is included in the heath care reform bill.

NAR is working to spread the word that there is no truth to this rumor. To read their statement, please click here.

And it can be very Stressful!

Over the last few months, I have been part of several. very. stressful. transactions.  If you are in the middle of a dicey sale or a stressful purchase remember that you are not alone.  Really – all the agents, attorneys and home inspectors are talking about it – every deal has had some sort of hiccup along the way.  If you are reading this and feeling lucky that your deal went smoothly, then hats off to you and your agent and all the other parties involved because the easy deals have been few and far between.

This isn’t a post to moan or complain about my job – I really do love it – I just want to remind you to keep your eye on the ball…at the end of the day you will be in your new home starting a new chapter in your life.  Just remember the sellers don’t come with the house and you will be gone before the buyers move in!

Contact me if you have questions about the transaction process, I can help!

57 Dogwood Terrace, Millington – $839,900

50 Church Street, Liberty Corner – $499,000

1502 Bayley Court, Bridgewater - $409,000

If your attorney is quick, you can make an offer today or tomorrow and still be under contract by Friday – in time to qualify for the First Time or Repeat Buyer tax credit!

Are you thinking about making a move into or out of Basking Ridge, Bedminster or Bernardsville?  I’m happy to help. Contact me today for information about properties available in any of these towns or the surrounding areas.  I’m also happy to help you understand the value of your home in today’s market.  Feel free to follow any of these links for more information.

Have a great Sunday!

I have clients who are in attorney review for a purchase of a bank owned property.  The bank has not provided a disclosure form but the property had been listed with my firm in the past so I dug out the old disclosure form.  We discovered that an oil tank had been properly decommissioned with permits back in 1997.  My client had read my post and panic set in!  Of course, we are going to ask that the bank remove the tank, but we aren’t convinced that they will do so.  We started researching, starting with an insurance agent.  The answer from the Weichert insurance rep follows (with minor edits for anonymity): “Since the tank was properly decommissioned with inspection and permits through the town, the risk of any potential future contamination or liability exposure for your buyers is extremely slim.  They will be eligible for a standard homeowners insurance policy.”

However (another update since November, 2009) – I have recently learned that although a home with an underground strorage tank is eligible for a standard homeowners insurance policy it is not without the stipulation that contamination issues will not be covered.  As a current homeowner with a tank, you may be grandfathered by your insurance company.  But some companies – such as mine (NJ Manufacturers) – have recently sent communications to homeowners offering (requiring?) that a special rider be purchased to cover potential contamination issues.

As you can see from the nature of the updates to this post, this is an everchanging issue.  The bottom line is this: if you have an underground storage tank – whether decommisisoned or not – you really need to get that tank out of the ground.  Especially if you are planning to sell the property.

Original post follows – still with accuracy! 

“My oil tank is underground and it has insurance; why do I need to remove it?” , ”I am negotiating a contract on a home with an underground tank, what do I need to know about it?”, “There is a decomissioned tank in the back yard, all the permits are on file at the township office.”, “Can we ask the seller to pay for the soil test?”, “We haven’t had any problems with our tank, we are not going to take it out of the ground.”

When I first started in real estate, the only thing I needed to know when selling a home with an oil tank was the number of a reputable inspection company.  We held our breath during the tank inspection and exhaled when the soil reports came back clean.  Then, during a transaction on West Oak Street in Basking Ridge, we were days away from closing and my client (a first time home buyer) called me in tears: “I just got a call from my homewoners insurance company, they have a new policy against insuring homes with underground storage tanks”.  That was the beginning of the end!!

While there is no law against the transfer of property with an underground oil tank, it is increasingly difficult to do so.  Especially in a buyers’ market!  Even properly decommissioned tanks run the risk of having leaked at some point in time.  The clean up of contaminated soil is the responsibility of the homeowner – regardless of when the leak occured.  In other words, if you buy a house with an underground tank and a year later you pull the tank to convert to natural gas and there is a leak, then YOU are responsible for the clean up.  There will be no going back to the prior owner for help with the clean up and there will be nobody to blame!  So, as a buyer, it is in your best interest to include a clause in the contract stipulating that the tank be removed.  It also makes sense, if the seller claims that there never was a tank, for a buyer to sweep the property to ensure that there aren’t any tanks hiding under ground!  As a seller, the impetus for pulling the tank prior to listing the property or at the very least prior to contract/closing is the fact that buyers know that it is in their best interest to include a clause in the contract stipulating that the tank be removed.  Removing it before listing the house eliminates the issue completely.  In today’s market that is the best thing to do!  Eliminate any issues or potential issues before opening the door to any buyer who has the upper had to begin with.

If you are a homeowner with an underground tank, it may not be necessary to remove it – contact your insurance company for more information.  I just did my homeowner’s policy renewal.  I do not have a tank, but if I did, as of January, 1, 2009 I would have had to purchase an endorsement to cover us in the event of a leak.  AND this renewal year is the only time that my company is offering this endorsement; once it is applied it can be renewed, but once withdrawn, it cannot be reapplied. 

Bottom line: if you have a tank, take it out or make sure you are properly insured!

The cleanup process can be long, costly and complicated, even with a small fuel leak.  Your insurance policy and municipal, state and federal regulations will dictate how the cleanup must proceed and the combination of these rules can uniquely affect individual properties. 

There is funding available from the state for removal costs as well as for costs associated with clean up.  For more information on NJDEP funding, go to www.nj.gov/dep/srp/finance/ustfund/, or call 609-777-0101.  Another resourceful website is www.NJEDA.com (under the “Applications” tab, click on “Underground Storage Tank Funding Programs”.

If you have any questions about the information in this post, or if you are considering a move into or out of Bernardsville or Basking Ridge, contact me here or call 908-432-0318 as I’m sure I can help!

“The rise in buyer contract activity may signal the early stages of a second surge of home sales this spring,” said Lawrence Yun, NAR chief economist. “Anecdotally, we’re hearing about a rise of activity in recent weeks with ongoing reports of multiple offers in more markets, so the March data could demonstrate additional improvement from buyers responding to the tax credit.”

 Here in Bernardsville, there have been two contract sales since April 1st, and eight new listings (price range $529,000 to $2,100,000).  Three properties have closed so far this month:

25-9 Franklin Court – a townhouse listed for $355,000 that sold for $350,000

11 Pine Street – a ranch listed for $420,000 that sold for $410,000

24 Lloyd Road – a colonial listed for $1,750,000 that sold for $1,625,000

Do you have questions about today’s real estate market?  Email me now to reserve a seat at our upcoming “Real Estate Market Update” Seminar on Saturday, April 10th at 11am. We will have an attorney, a mortgage rep and my broker on hand to answer questions about the market, the process and the tax credit.

1. To the Buyers, commission is between the seller and the listing agent, you cannot change that and if your agent wants to reduce his or her commission to make your offer stronger, he or she needs to present a letter from their managing broker agreeing to that fact before I will let my seller sign the contract. 
2. To the Sellers, you signed a listing agreement giving me and Weichert Realtors the exclusive right to sell your property and you agreed upon a commission rate at the time that you signed that contract – please don’t ask me to address my commission again when we are negotiating a contract. 

Take a look at my current article over at the Basking Ridge Patch, it addresses real estate relationships in the state of New Jersey.  It is important to understand the difference between Buyer’s Agents, Seller’s agents and Disclosued Dual Agents.  You won’t necessarily get a better deal as a buyer if you work with directly with the listing agent; and as a seller, if your agent brings the buyer,  he or she immediately becomes a disclosed dual agent and you will not have the upper hand in the transaction.

If you have any questions about agency relationships please don’t hesitate to contact me directly.

Considering a move into or out of the Bernardsville area?  It’s a great time to make a move – buyers and sellers alike.  The market is moving; showing activity is up on most of my listings and as I said earlier, I am even entertaining multiple offers in some instances.