Real Estate Podcast with Stacy Esser

In this part of my discussion with Attorney Justin D. DeCrescente, we discussed how the home inspection process differs from state to state, and what you need to know about the process in New Jersey. I’m back once again with Attorney Justin D. DeCrescente to continue our discussion on home inspection contingencies.  The purpose of the inspection for a homebuyer is to thoroughly check the home for any defects in its condition. In New Jersey, the inspection isn’t held until after the offer is accepted by the seller. In New York, it’s the opposite. Inspection negotiations in New York tend to be a lot less severe as a result. A lot of sellers may feel like they’re being held hostage during an inspection because their home is off the market and there’s a chance that the buyer could back out. Then if the deal does fall apart, you’re back out on the market, and agents and buyers will know that you fell out of contract with a buyer and wonder why that happened. Now all of a sudden your home will have a negative stigma attached to it, whether it’s fair or not. “A lot of New Jersey home sellers feel like they’re being held hostage during the inspection process.” Thanks so much to Justin for joining us again. Next time, he’ll give an example of a client he was working with who had some inspection problems but ultimately got them resolved without having to go back on the market. If you have any questions for me, don’t hesitate to reach out via phone or email. We look forward to hearing from you.

I’m back again with Attorney Justin D. DeCrescente to talk about inspection contingencies. Here’s a snippet of our full conversation on the topic. In part two of our discussion with Attorney Justin D. DeCrescente, we’re talking all about the pieces of what a real estate contract looks like.  Each contract comes with its own set of contingencies. They include a financing contingency, mortgage contingency, and the inspection contingency, which we’ll be focusing on today. I find the inspection contingency to be a very challenging piece. Once we get the contract, we’re only really halfway there.  The term “as is” comes up a lot, and buyers tend to use the inspection to find out what’s wrong with a home. If major issues are found, even in a home that’s being sold “as is,”  the buyer feels that the value has changed. Justin helps us out a lot in situations like this. He’s really great at helping us manage and communicate through this process.  Thanks so much to Justin for joining me again. Stay tuned for part three of our conversation, where we’ll talk more about contingencies. If you have any questions about contracts, buying a home, or real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you. Also, you can reach out to Justin at (201) 227-8150.

You’re invited to our home staging and selling workshop. Join us tonight, Tuesday, January 14, from 7 p.m. to 9 p.m. at our office here in Tenafly (25 Washington St.). Get your complimentary tickets here. The seminar will cover everything you need to know about home staging, repairs, inspections, timing, pricing, and so much more. Even if you aren’t thinking about selling your home for another couple of years, getting a jump on all of this stuff can be incredibly helpful down the road.  If you have any questions about our event or real estate in general, please feel free to reach out to us by phone or email. We would love to help you.

We really rely on real estate attorney Justin DeCrescente to help us through all our transactions. Today he joins us to answer some key legal questions and recurring themes related to real estate transactions. Honestly, the language of New Jersey real estate contracts can be confusing. Many times, buyers will hesitate when presented with a contract because they don’t feel like they’re ready. When that happens, they give Justin a call to ask if it’s okay to sign a real estate contract without first speaking to an attorney. For the most part, Justin tells them that it is fine. Especially when the clients have come from New York, where the process is completely different, they’re taken aback by someone asking them to sign a “Contract for the Sale of Real Estate.” Nevertheless, there is a very distinct paragraph on these contracts that says, “Studied by an Attorney,” aka an attorney review clause.  When someone calls him after signing a contract, he usually tells them that as long as the fill-in-the-blank parts of the contract read the way they’re supposed to, you’re fine. Things can always be changed during attorney review; you don’t want to completely restructure a deal, but we can certainly tweak things. If you do need to change something drastically, we can do that, too. “New Jersey case law says that if the attorney didn’t draft the contract, the contract cannot be binding until the client has an opportunity to consult with an attorney to make the contract binding.” So when a buyer or seller accepts or presents a bid, it comes in contract form, but they’re not legally obligated to follow it until they’ve finished the attorney review process. In fact, New Jersey case law says that if the attorney didn’t draft the contract, the contract cannot be binding until the client has an opportunity to consult with an attorney to make the contract binding. Typically in a real estate process, there are three initial steps: First, a bid is presented; next, the bid is accepted; and third, the contract is sent to an attorney for review. Sometimes, though, I’ve gotten calls from sellers saying that the buyer’s attorney has rejected the contract. Justin says that, because it technically is a contract, if the parties choose not to consult with an attorney, the contract would automatically become binding as written three business days after. Case law says that attorneys have to disapprove of and cancel the contract, after which we reinstate the contract subject to the acceptance of the additional terms, either in the form of a rider or an attorney review letter. For Realtors, buyers, and sellers, setting expectations is so important. The main point to keep in mind is that when you’ve accepted a bid, it’s not legally binding until you go through attorney review. During attorney review, the attorney may reject the contract in its current form and replace it with some new conditions. Thanks to Justin DeCrescente for joining me to demystify a few facts about real estate contracts and clarify what real estate attorneys do. Tune in next time for part two on this topic! Until then, if you have any questions, don’t hesitate to reach out to the Stacy Esser Group.

In part two of our discussion with Attorney Justin D. DeCrescente, we’re talking all about the pieces of what a real estate contract looks like.  Here’s an outline of our conversation with timestamps so that you can skip ahead to the section(s) that interest you the most: 1:35- How Justin helps buyers navigate the inspection contingency 3:00- The real purpose of the inspection contingency, according to Justin 4:45- What is the seller’s disclosure and where does that fit in? 8:25- What does “as is” really mean? 12:10- When is the deposit due, and how does it relate to the inspection? 14:20- What happens if a buyer defaults in New Jersey? 17:15- What qualifies as “damages?” 20:15- Wrapping things up Thanks so much to Justin for joining me again. Stay tuned for part three of our conversation, where we’ll talk to Justin about closing dates, planning for your move, and much more. If you have any questions about contracts, buying a home, or real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you. Also, you can reach out to Justin at (201) 227-8150.

What do home inspectors look for when they inspect a house? In part three of my “All Things Home Inspection” series, I’m joined once again by Michael Amendola of All Points Inspections so he can answer that question.

In terms of getting a mortgage, there are strong differences between a pre-qualification, a pre-approval, and a credit approval that you need to be aware of. Today I’m joined by Steve Grossman of New Jersey Lenders to explain these differences. A pre-qualification is simply when a loan officer interviews you over the phone, runs your credit, and gives you a letter verifying the amount you can qualify for. Other than checking your credit, everything else about your financial situation is conveyed verbally over the phone. “Having a credit approval is equal to having an all-cash offer.” A pre-approval is more thorough. To get pre-approved, you have to submit your W-2s, pay stubs, tax returns, and bank statements to the loan officer. Your credit is then fully reviewed and vetted by that loan officer. For a credit approval, you submit the same documents as you would with a pre-approval, your credit is run, the processor then processes the loan, and an underwriter reviews it. According to Steve, having a credit approval is equal to having an all-cash offer. The term “credit approval” isn’t brought up very often, but it’s what you should be looking for if you’re a buyer. In a multiple-offer situation, having a credit approval will make you the strongest buyer. If you’re a seller, you should also be looking for buyers with a full credit approval because that’s the best way to protect yourself during the transaction. If you have any more questions about this topic or you have any other real estate needs I can help you with, don’t hesitate to reach out to me. I’d be glad to help you.

Continuing our previous discussion on reassessing property taxes, we’ll be talking today about the other professionals (besides a lawyer) you may need to hire during this process. If you haven’t already seen the first part of our conversation on this topic, you can get up-to-speed by checking it out right here. Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific points at your leisure: 00:26 - The professionals you may need to call, and how you’ll know whether their services are necessary. 1:04 - What qualifies as a comparable property. 3:44 - How and when a professional appraiser can help. 4:54 - Other professionals you may need to hire and why. 6:04 - How the appeal process works. 9:03 - The next level of appeal. 10:21 - Limitations and other outcomes to consider during the appeal process. 13:13 - The cost-benefit ratio of working with professionals. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

I’m here today at the Toledo Geller interior design studio with Jessica and Virginia, who are with me to discuss a big topic—empty nesting. They have been in business together for 12 years, and their projects run the gamut from full house renovations, apartment renovations,  and everything in between. Many of their clients are parents whose children have now moved away, leaving strong emotions and extra house space in their place. Together, Jessica and Virginia will discuss what topics and questions about empty nesting come up most frequently and how they help those going through this phase of their life. ““How?” How can an empty-nester adjust to their new life and use their home to the fullest?” For myself, almost 65% of my clients are empty-nesters, and the first question almost all of them have for me is simply, “How?” How can an empty-nester adjust to their new life and use their home to the fullest?For your convenience, I have included timestamps below so that you can skip around to the portions of the conversation that interest you most. 1:40—How Toledo Geller tackles the question, “What do I do now?” 4:00—The craziest thing an empty-nester has ever asked for. 6:20—The reason people hire Toledo Geller for their design needs: No “copy and pasting.” 8:40—Customizing closets. 10:00—In terms of pricing, what is the range that clients can work within? 11:05—When is the best time for an empty-nester with a house on the market to contact Toledo Geller? This was simply the first of a line of videos I’ll be posting with regards to to empty nesting and how we can help you through the process. I’d like to thank Jessica and Virgina for their time and insight today. For more photos of their work and instructions on how you can set up a consultation with them, you can visit their website here. Otherwise, if you have any questions about real estate, empty nesting, or other topics you’d like me to address, don’t hesitate to reach out to me. I’d love to answer your questions, and if we choose your topic for a future video, we’ll send you a gift! We hope to hear from you soon.

Appealing your property tax assessment is a challenging topic, which is why I’m joined today by attorney Elliott Malone to discuss everything you need to know about it. “The closer your property’s equalization ratio is to 100%, the more likely your appeal will fail.” I’ve provided timestamps of the video above so you can jump ahead to the sections of our conversation that interest you the most: 1:04 - What is a tax appeal? 2:50 - When can you appeal your property tax assessment? 3:15 - What steps do homeowners need to take to appeal their tax assessment? 6:15 - What is the equalization ratio and when does it change? 8:20 - When does a town change its equalization ratio? 10:34 - Why don’t towns want tax appeals? 14:15 - Will the town reassess when a home is sold? 16:01 - Is it true that it’s not a good idea to argue your assessment when your home is for sale? 17:56 - How do tax attorneys charge for their services? If you have any more questions for Elliot, you can give him a call at (201) 608-5221 or email him at em@emalonelaw.com. As always, if you have any other questions for me, feel free to call or email me anytime. I’d be happy to help you.

I am joined once again today by Shani Weiss, our top stager and designer. She tells us what a stager does to change a home from a place with specific, personal decor to something a potential buyer could see themself living in from the moment they walk in. Shani begins her process by removing everything from a listing’s rooms. She then replaces it with other furniture and decor that won’t overpower the space. She works with the current homeowners to decide what they can do to help the home sell easier. “Shani tells us what a stager does to change a home from a place with specific, personal decor to something a potential buyer can see themselves living in as soon as they walk in.” You can see a bright and open flow from the kitchen into the family room for the home featured in today’s video, in particular. In this case, she makes the home more modern and contemporary with fresh white paint on the fireplace and encourages natural lighting by removing the window coverings. This creates a focal point for the potential buyers to see as opposed to looking at the furniture. Shani says that when you are staging a home the family room should be a place where people imagine not only relaxing and being comfortable, but can also see themselves entertaining and being themselves. Shani tells us that almost all of the furniture she has brought in is owned by the staging company. However, they do make strategic business partners so that they have access to certain pieces without purchasing them. Home Dynamix, for example, owns all the rugs that they use for staging purposes. She says that she prefers to use Wayfair because they have great customer service. If you have any further questions about staging or are thinking about buying or selling, please feel free to contact us. My team and I would be happy to assist you in any way that we can.

Today I’m joined by our team’s top designer and stager, Shani Weiss, to continue our discussion on styling a home. For this segment of our conversation, we’ll be specifically focusing on the importance of coffee tables. At this point, you may be wondering: What makes a coffee table so important to selling a home? What most people don’t realize is that coffee tables serve as the focal point for socialization in a room. This is why people spend so much time and energy determining what to put on top of this central surface. Or, in many cases, what not to put on it. “When it does come time to go live on the market, a successfully staged home will tend to sell quickly and for top dollar.” Some will advise you to remove every single personal item and knick-knack from on top of your coffee table. However, a completely empty coffee table will look adequate at most. And at the Stacy Esser Group, we don’t settle for things being “just fine.” We believe that homes should look phenomenal, not mediocre. The best way to style a coffee table is actually to, first of all, make it reflect your personality, and second, to pick four points that lead to all other visual aspects of the room. You can see how this works in a real-life application by referencing the video above. From a design perspective, everything you place on a coffee table should be done with purpose. This is certainly the case for how Shani approaches staging projects. She keeps in mind not only how the space will appear in person, but how decor pieces will impact the way a space will look in photographs. It’s also important that staging not interfere with the seller’s lifestyle while they’re still occupying the home. This is why Shani finds it so important to get to know clients. Forming this kind of organic connection will foster a more successful and pleasant experience for everyone involved. Then when it does come time to go live on the market, a successfully staged home will tend to sell quickly and for top dollar.

Our team’s head stager, Shani Weiss, and I are back at our beautiful listing at 24 Lincoln Street in Demarest, New Jersey to show you the difference between sterilizing a home and neutralizing it before it’s on the market. To demonstrate how we approach every room, we will focus on this home’s living room. When we did our initial consultation, the room had beautiful red damask wallpaper. That wallpaper, though, was too specific, so we painted the room in a nice, neutral color. Once we decluttered the room, we also found some gorgeous furnishings that were owned by the homeowner. From there, we decided extra furniture was unnecessary. All it needed was some trendy items and accessories (pillows, fabrics, etc.) to make it come alive. We always try to stay on trend and add color to rooms to help them visually pop, and here we refashioned the room’s white sofa by adding a few cerulean blue pillows. Suddenly, that traditional sofa became a more updated, more transitional sofa. “We always try to stay on trend and add color to rooms to help them visually pop.” Someone without our unique perspective on design and home sales might have just taken everything out of this room, which would have been sterilizing it instead of neutralizing it. Across the room, you will see a bench that was originally in another part of the home that Shani added to the room because its color matched that of the added pillows. Between those two items, you will see a big, empty coffee table that Shani was able to make more exciting, personable, and marketable. But that is a story for our next video, so stay tuned for the next installment of our home staging series. In the meantime, if you have any questions about home staging or you are thinking of buying or selling a home soon in our market, please feel free to reach out to us. My team and I would love to help you.

Today we’re going to focus on Zillow. More specifically, their Zestimate. What is it? Essentially, it’s a starting point for determining the value of your home. Zillow will predict the value of your home, and people ask me all the time if this prediction is reliable. Let’s take a bit of a deeper look. Basically, the Zestimate pulls from two data sources: The first is user-submitted data and the second is public data. The public data comes out of tax records or the MLS, but the user submitted data is something to focus on. A homeowner can change the user submitted data for their home. In doing that, they can manipulate and affect the price that Zillow comes up with for your house. Once you go into Zillow and claim your house, you can go in and change the facts. Maybe you’ve made an improvement since your recent public data was pulled and you want to add to your home’s value. Once you do this, Zillow will update the value of your house within 24 hours. “Any homeowner can change the user-submitted data for their home.” Now you know how to manipulate the Zestimate a bit, but does that make it any more accurate? Listen to this. In 2016, the CEO of Zillow went and sold his house for more than 40% less than his Zestimate. That’s a pretty clear indicator that the Zestimate is not very accurate. It’s definitely not an appraisal. It would be called a “Zappraisal” in that case. Nevertheless, we do use Zestimates to give us an idea of a property’s value. They have a lot of valuable data, but it’s not the end-all-be-all of pricing. Zestimates are more accurate in certain areas than others,** you can check the accuracy chart for your area here.** Make sure you claim your home if you haven’t yet as well. In the meantime, if you have any questions about the market value of your home, we would love to help. We are local experts that can help you understand the value of your home, your neighborhood, and the current market conditions. If you have any other questions in the meantime, don’t hesitate to reach out to me. I look forward to hearing from you soon.