Oil is one of the more common ways for homeowners to heat their home during the fall/winter months.  Over the years oil tanks have been located outside the home, in the basement or buried underground.  The underground oil tanks have become an issue for many homeowners or buyers over the years, as environmental concerns have led to increased liability cases.  In fact, many buyers and sellers may find that they will be unable to obtain homeowners insurance if a known underground oil tank has not been removed or replaced. 

In the state of New Jersey, there is a program to assist homeowners with the removal of underground oil tanks.  All homeowners with a net worth of less than $500,000 (not including the value of their primary residence) are eligible for this credit. Interested Homeowners can go to www.newtanknj.org for further information on the program. 

If a seller or buyer suspects that an underground oil tank previously existed on the property, they can contact testing companies who will search for evidence of an underground tank.  One of the better options is to have a tank search with penetrating radar to accurately determine the presence of a previous tank.  If a tank is found, soil testing will need to be done to assess environmental impact.  During a real estate transaction this can become an issue during home inspection for many sellers where a buyer needs the removal of the tank for homeowners insurance.

I recently attended a roundtable discussion concerning home inspections and the issue of mold.   Some interesting examples were cited where homeowners who were selling their homes found out during the home inspections that there was the presence of mold in their homes.  In both cases this resulted in the sales transaction being delayed until the seller remediated the mold problem.  While mold issues are prevalent in the southern United States, it is also a potential problem in the state of New Jersey.

While buyers typically request the home inspection prior to closing on a home purchase, sellers can avoid delays in the sale of their home with some proactive measures.  Sellers can request a pre-inspection by a qualified inspector who can perform mold tests.  One test uses a bio-tape sample whereby tape is used to stick visible mold on the sample for testing at a lab. This test can determine if the mold needs to be remediated.  Another test takes air samples outside and inside the home.  If the samples are higher inside the home there is a potential mold problem which might need to be remediated.  This test will identify mold issues which may not be visible to the home owner.

More information can obtained by calling a qualified inspection company or working with your realtor who can provide some professional recommendations.

Buyers and investors are certainly aware from news stories that there has been a rise in the amount of foreclosures throughout the country.  This would seem to present an opportunity to many buyers/investors who are looking for a bargain in the current housing market.  Experienced investors who are savvy when viewing foreclosed properties are aware of the expectations and pitfalls when considering a purchase of a foreclosed home.  For many first time buyers or new investors, the rewards of a foreclosed property may overshadow the reality of what can be involved in buying a foreclosed home.

When buying a foreclosed property in New Jersey potential buyers should be aware of the process involved.  As a lien theory state, the deed is in the name of the borrower and the mortgage lender must initiate a judicial proceeding for foreclosure.  This can take some 12-15 months in New Jersey, so buyers need to have the patience to wait out the process.  Once the Bergen County Sheriff’s Sale occurs, the successful bidder will receive a Sheriff’s Deed.  However, unlike a normal home sale where a title company will provide clear title to the property, the Sheriff’s Deed does not give clear title.  All outstanding liens must be satisfied before a buyer will obtain clear title.  While the Sheriff’s Sale will pay off the cost of the sale and the mortgage, there could still be other lien encumbrances placed against the property by other creditors.

Moreover, in the State of New Jersey, the current owner of the foreclosed property has the right of redemption for 10 days after the sale.  This means that even though a buyer may have successfully bid at a Sheriff’s Sale, the original owner can still retain title to the property.  Also, if the borrower objected to the sheriff’s sale, the redemption period may be longer until the courts can rule on the objection.

Buyers also need to be aware that foreclosed properties are sold “as is.”  In a normal real estate transaction, the buyer has the ability to perform a home inspection and do a walk through prior to the closing.  In a foreclosure, the buyer usually has limited or no access to the property in order to assess the condition.  Sometimes buyers are faced with additional expenses to repair a foreclosed home due to structural damage, missing fixtures, and may have to replace missing appliances, cabinets and plumbing. 

It is good practice as in a normal real estate transaction to seek the advice of a professional when considering a foreclosed property.  Talk to your local real estate agent, seek representation, and obtain the advice of your attorney.  It is also good practice to seek advice of counsel when dealing directly with the owner of a pre-foreclosure home. 

John is a lifelong resident of Bergen County.  He provides the ability to search listings in Bergen County NJ at  http://www.njhousehunter.net/search-listings.asp. There is additional information about communities within Bergen County at http://www.njhousehunter.net/community-info.asp

While many residents of Bergen County are familiar with the recycling program for harzardous waste materials (paint, varnishes, solvents, etc.), they may not be aware that the county also sponsors a program to recyle electronics equipment.  Many computers and other electronics equipment do contain toxic material and heavy metals which could be potentially harmful to the environment. Bergen County NJ has an environmental program which enables residents to drop off electronics equipment at designated collection points during the 2009 calendar year.

Bergen County will be sponsoring four collections during 2009 for residents.  Two collections will occur at the Bergen County Community Services Building in Paramus on April 26 and August 22, 2009. The other two collections will be at Bergen County Campgaw Mountain Reservation on June 13 and November 17, 2009.  Collection hours are from 9 A.M. to 2 P.M. at all locations.

This is available at no charge to all county residents who must show proof of residence when bringing electronics ( computers, tv’s, fax machines, monitors, computer components, etc.) to the collection sites. 

For further information on this recycling program and other collection dates for hazardous waste residents can visit the Bergen County Utilities Authority web site.

For further information about hazardous waste materials:

What every buyer or seller needs to know about household toxins

As mandated by the New Jersey Legislature in 1995, the Department of Education reports on each school district in the state on an annual basis.  The school report is provided so that local towns and their school systems can assess school accountability.   The latest report for 2008 has been posted to the New Jersey Department of Education website for interested and concerned residents. 

http://education.state.nj.us/rc/rc08/index.html

John is a lifelong resident of Bergen County.  He provides the ability to search listings at  http://www.njhousehunter.net/search-listings.asp. There is additional information about communities within Bergen County at http://www.njhousehunter.net/community-info.asp

There has been quite a bit of focus in the local media concerning the rising rate of foreclosures in our area.  Many homeowners often become nervous, confused and anxious when this subject is discussed.  Here are some things to consider if you have friends or relatives facing foreclosure.

• Foreclosure can effect your credit for a period of some 7-10 years, which may impact your ability to buy another home in the the future. 
• If the sheriff’s sales doesn’t bring in enough money to cover your debt, the bank can still obtain a deficiency judgement which still makes the homeowner responsible for the debt.
• Don’t ignore notices from the mortgage lender in the event you miss mortgage payments.  Usually, the lender will work with the homeowner to negotiate a workout plan based upon the homeowners circumstances.
• You may be able to negotiate a “short sale” with your lender.  In this case, the bank must be willing to approve the sale of your home for less than what is owed on the mortgage.  The homeowner must provide a hardship case to the bank and may list the home through a realtor.

In New Jersey, if faced with foreclosure, these are some other considerations of note:

• New Jersey is a lien theory state.  This means, that the borrower holds title to the mortgaged property.  In order to recover the debt the mortgage holder must go through a judicial process.  In New Jersey, this process can take up to 12-15 months.
• Once the homeowner has missed three monthly payments, the lender will initiate the legal process to seize your property.
• Once the lender receives a judgement in favor of foreclosure, the Bergen County Sheriff will schedule the sale.
• In New Jersey, the homeowner has the right of redemption until 10 days after the sale. 

For further resources and information:

US Department of Housing and Urban Development 

State of New Jersey Foreclosure Resources 

Demarest has the appearance, charm and ambience of traditional small town America.  Demarest is conveniently located near major highways, shopping centers and New York City, which offers residents many transportation options.  Demarest was originally part of an area of Bergen County called Harrington Township formed when the British assumed control of Bergen County in 1697 from the Dutch.  In the early 1900’s, Harrington Township was dissolved when the New Jersey State Legislature allowed the formation of boroughs in the state.  Demarest, like many of the other towns that formed Harrington Township, became a separate borough.

In the late 1800’s, railroads began to make inroads into the Bergen County area.   In 1872, Demarest built a railroad terminal architected by J. Cleveland Cady, who also designed the Metropolitan Opera House and American Museum of Natural History in New York.  Recently, the town completed a renovation of the station which still stands on Park Street and Hardenburgh Avenue. It is reminiscent of a bygone era as the exisiting line is occasionally used for CSX freight service. 

Demarest is home to two major area high schools.  The Northern Valley Regional High School is located at 162 Knickerbocker Road, while Academy of the Holy Angels is located at 315 Hillside Avenue.  Northern Valley Regional High School has consistently been rated one of the top high schools in the area and also in the state of New Jersey.  It has earned the distinction as a “Blue Ribbon” School and is currently rated 9th in the state of New Jersey out of 316 high schools according to a rating completed by New Jersey Monthly magazine.  Academy of the Holy Angels was founded in 1879 in Fort Lee, New Jersey on the present site of the Mediterranean Towers.  In 1965, the school relocated to its present location in Demarest, New Jersey. 

Demarest is also noted for its picturesque duck pond on County Road and Hardenburgh Avenue.  It is very popular as a photo shoot for weddings and other occasions due to its peaceful and serene nature.   

John is a lifelong resident of Bergen County.  He provides the ability to search listings in Demarest at  http://www.njhousehunter.net/search-listings.asp. There is additional information about communities within Bergen County at http://www.njhousehunter.net/community-info.asp

Our local newspaper ” The Record” reported in today’s business section that a decline in home prices still persists across much of the country.  While it was noted that nationally home prices have declined 18.2%, in the New York metropolitan region that decline has been less severe at 8.6%  Moreover, for Bergen County single family home prices have declined 7.8% since November of 2007. 

Given the further erosion in home prices from their highs of several years ago, it important for both buyers and sellers to to fully understand the current market conditions throughout the county.  When working with a buyer as their agent, I provide them with current statistics regarding the market for towns in the area.  This includes an in depth analysis as to the pricing trends for a town as well as providing market analysis for a home of interest that is currently listed for sale.  This will enable a client to guage what an appropriate offer might be for a home.

Out team also provides sellers with the necessary statistical data to make an informed decision regarding the listing price for their home.  This not only includes a CMA (Comparative Market Analysis), but also the sales trends in the town including the pricing trends for homes listed.  This will enable sellers to evaluate where their home stands relative to others either already listed or newly listed.  Our commitment to our clients is to provide this information as much as necessary during the length of the listing.

John is a lifelong resident of Bergen County.  He provides the ability to search listings in Bergen County at  http://www.njhousehunter.net/search-listings.asp. On his website at http://www.njhousehunter.net he provides his clients with the ability to access information and data about current real estate market conditions in the towns throughout Bergen County.

Closter is located in the Northern Valley of Bergen County, approximately 14 miles from New York City.  The area has a long history dating back to early settlement by Dutch farmers in the 1600’s.  During the American Revolution, the British under Cornwallis landed at Closter Dock to outflank the American forces encamped at Fort Lee. According to area folklore, a local farmer, seeing the British landing, rode to Fort Lee to warn George Washington who proceeded to evacuate the army westward, crossing the Hackensack River at New Bridge Ferry. 

One of the early Dutch homesteads, the Abraham Demaree House, is located on Schraalenburgh and Old Hook Road.  It is still a working farm and recently a farm stand has been added.  There is also a seasonal store where visitors may stop and purchase various items of interest.

Closter is part of the Northern Valley Regional School District.  For many years Closter was the educational center for the region until many of the current towns in the Northern Valley were created in the early 1900’s. One of the original schools still stands at the corner of Durie and Demarest Avenues.  Today, Closter students attend Hillside Elementary (Homans Avenue) from K-4, and the Tenakill Middle School (High Street) from Grade 5 - 8.  Closter is one of the towns which include Haworth and Demarest, which sends its high school students to Northern Valley Regional High School at Demarest. Recently, the New Jersey Monthly Magazine ranked Northern Valley High School Demarest 9th in the State of New Jersey out of 316 High Schools.

Closter has a thriving commercial downtown area including many shops, boutiques and eateries.  There is also a movie theatre, the Clearview Closter Cinema 4 (http://www.clearviewcinemas.com/cgi-bin/locations.cgi?id=010&flag=diplay_theatre). Golf enthusiasts will also find a Two-tier driving range on Homans Avenue.  One of the more popular restaurants in the vicinity is Rudy’s located in Closter Plaza.  

John is a lifelong resident of Bergen County.  He provides the ability to search listings in Closter at  http://www.njhousehunter.net/search-listings.asp. There is additional information about communities within Bergen County at http://www.njhousehunter.net/community-info.asp

Oradell is approximately 19 miles from New York City and provides commuters with the opportunity to use either bus or rail transportation.  The Pascack Valley Line provides train service to either the Seacacus Junction (to transfer to mid-town train service) or to the Hoboken Terminal, where Path Train Service is available to downtown Manhattan.

Like many of the towns in the area, Oradell became a suburban community as former farmland was sold for housing development.  One of the last farms in the town, the Bendelius farm, was located on Ridgewood Avenue just across from Spring Valley Road.  In 1976, the farm was sold for a housing development and the Rose/Bendelius farm house was raized.    

Oradell is part of the River Dell School District.  Student in grades K-6 attend the Oradell Public School located on Prospect Avenue.  The River Dell Middle School which serves both Oradell and River Edge, is located on Woodland Avenue in River Edge.  The River Dell Senior High School (7-12) is located in Oradell on Pyle Street. Oradell is also home to Bergen Catholic High School which is located at the corner of Forest and Oradell Avenues.  

Some of the notable attractions in the town include the Blauvelt Mansion on Kinderkamack Road, the Oradell Resevoir and the Bergen County Players, who stage theatre productions throughout the year.  The Jade Dragon, across the street from the Bergen County Players, has in my opinion the best General Tso’s Chicken, for those who like a little spice in their life.  Hagler’s Restaraunt which was located on Kinderkamack and Ridgewood Road, was a favorite haunt of Bill Parcells, the former NY Giants coach.  The current restaurant is slated to be raized for a new proposed business building on the site. 

John is a lifelong resident of Bergen County.  He provides the ability to search listings in Oradell at  http://www.njhousehunter.net/search-listings.asp. There is additional information about communities within Bergen County at http://www.njhousehunter.net/community-info.asp