Category Archives: Real Estate

Buying and selling of property in New Jersey can sometimes require the assistance of a lawyer

What are Common Rental Scam Red Flags?

Scammers are constantly on the lookout for targets who are looking to rent residential properties or who are in the process of moving. In New Jersey and elsewhere, scammers could walk away with thousands of dollars of your hard-earned money if you are not careful. Fortunately, many rental scams have common factors that can make them easy to identify. Rental scam red flags may include: The scammer says they cannot meet with you. Scammers may claim they are out of the country or cannot meet for some other reason. Never rent a property without meeting the landlord first. The property listing is vague. Be on the lookout for real estate ads with vague descriptions of the property. This could signal that the person has not seen or been to the apartment or house. You are asked to pay without having met someone or seeing the property. The scammer may demand…
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Five Common Mistakes You Might Make While Purchasing a Home

Purchasing a home could be one of the most important financial decisions in your life. Your home could be the largest purchase you ever make. For this reason, it is crucial to avoid mistakes that could cost you money in the future. Your home is going to be among your most important financial assets, so it is imperative to avoid mistakes before making a purchase. Some of the most common homebuying mistakes you could make include: Failing to check your creditworthiness beforehand. You need to review your credit history before even considering buying a home. Your credit reports will determine when you qualify for or can receive reasonable interest rates for a mortgage. Fortunately, you can receive your three credit reports once per year from the three credit agencies to help make this determination. Many mortgage lenders use industry-specific FICO scores, which are calculated by using the information contained in…
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What Are the Top Five Warning Signs of Contractor Fraud?

Are you planning to construct or renovate a home? If you are like many people, you may seek out a contractor to perform the construction or renovations. Unfortunately, there are cases where contractors will scam homeowners out of their hard-earned money. Therefore, you should always be cautious when conducting any type of business transaction with a contractor or contracting service. Warning signs of contractor fraud may include: They demand a significant up-front payment: Be on the lookout for contractors who demand a significant up-front payment. For example, they may ask for more than a third of the payment upfront. Fraudsters are also more likely to ask for payments in cash. They are not registered or licensed: Under the Contractors’ Registration Act, home improvement contractors are required to register with the State unless they are exempted. Registration requirements may not apply to certain community and nonprofit organizations. However, you should remain…
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Which Red Flags Should I Look for When Purchasing a Residential Property?

Real-estate investment is not always an easy process when it comes to residential properties. It is important to research a property very carefully before making a decision. In some cases, properties have flaws that can significantly hurt the value of the home, your ability to rent the property and your own peace of mind. When you are choosing a property to purchase, you should look for red flags that may include: High crime rates: Before investing in a property, you should check the local crime rates. You can check if the property you are looking at has high rates of violent crime, theft or other problems. If the property is located in an area with excessive crime, it may be more difficult to find tenants. Zoning problems: There are multiple types of zoning problems that could arise when selecting a property. For example, the property you want to purchase may…
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Wells Fargo to Issue Refunds After its Mortgage Rate-Lock Scandal

Wells Fargo is in the middle of another scandal involving its business practices. According to the bank, it will reach out to 110,000 customers who might have been charged improper “rate-lock extension fees” while finalizing their mortgage paperwork. Wells Fargo will issue refunds to some of these customers. Rate-lock extension fees are what borrowers pay if they miss their mortgage paperwork deadline but still want to keep their quoted interest rate. However, borrowers are only supposed to be charged these fees if they are responsible for missing the deadline. It turns out that Wells Fargo was responsible for the late paperwork filings in some of these cases. Rate-lock extension fees can be costly for borrowers with expensive mortgages. According to Wells Fargo, it assessed $98 million in rate-lock fees for 110,000 customers between September 2013 and February 2017. The bank believes it will issue less than $98 million in refunds…
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