Answers by Gerard Jerry McManus

Hello Rowan, "Properly" and "Fast" are two concepts that pull in opposite directions. Doing things "Properly" often takes time. I'd ask, "Are you able to sell your parents' house?" If not, you'll need to arrange for that. Medical bills are piling up, and taking extra steps to maximize your "new proceeds" matters. A good agent should have resources available, such as movers, clean-out folks, and cleaners. Odors and dirt are a turnoff. If the house is still in decent shape, your buyer may want to go for some "sweat equity" and be ok w some repair work Feel free to call or text Jerry McManus Keller Williams, Sewell, NJ

Hello Ms. Elsie, Excellent question. What you described is what we call "Buying a listing" in our business. While mistakes happen, it's important to review what we call a CMA, or Current Market Analysis. This compares and contrasts your home with others that have sold. The CMA will show you why a house is worth more or less and adjust for each differing feature. Some features may make your home easier to sell (Neutral colors) but may not be quantifiable. Feel free to call or text! ! Jerry McManus Keller Williams, Sewell, NJ

When your mother had herself removed, or actually "deeded" it to a different owner(s), she may have surrendered her ownership rights. In that case, she would also have surrendered all ownership rights, including any equity. Getting all associated paperwork together and meeting with a real estate attorney will help.

Hello Graham, Remember that both professionals do very different things. An attorney helps keep the parties together by ensuring they fulfill the contract's terms and conditions. A real estate agent brings expertise in your local market, including market trends, valuation, and more. Feel free to reach out. I have been licensed in New Jersey for 23 years. Jerry McManus Keller Williams, Sewell, NJ

Hello Aurthur, First, check with your lease. Typically, there is a "reasonable access" clause. It usually requires you to allow access with a "reasonable" heads-up. Because there is a lease, doesnt mean the owner surrenders all their rights. Or you can take them away. In my state, there is a form w our office where you would sign off an acknowledgement that there will be a lock box Feel free to call or text Jerry McManus Keller Williams, Sewell NJ

That sounds like a real "environmental concern". I would ask for remediation. It is possible the homeowner did not know of the issue, hence it was not disclosed, Feel free to reach out. I have been licensed in New Jersey for 23 years. Jerry McManus Keller Williams, Sewell, NJ

Hello Rosalind, Sounds like a mortgage fraud case. I would look into that first and foremost. Only owners can do what you describe. And all owners have to consent. My first step would be to consult an attorney. Being a distressed landlord is not a good idea either; as has been said, things will break or get destroyed. Without the means, you seem to be setting yourself up for a disaster as a landlord. Feel free to call or text! Jerry McManus Keller Williams, Sewell, NJ

Hello Callum, Sorry to hear about the situation. On a brighter note, I have 5 kids, so I promise I can tune out anything. A friend of mine also lives in the flight path of Philly International. He told me the same thing. You may be able to move in without spending money on soundproofing (IDK what that costs, but it's safe to say it puts you further behind the 8-ball). Feel free to call or text! Jerry McManus Keller Williams, Sewell, NJ

Hello Faith, There is nothing wrong with the listing agent also bringing in a buyer. That is what is called "Disclosed Dual Agency". The seller's agent commission and the buyer's agent commission are different. Some listing agents do offer a discount to the listing side if they also bring in a buyer. This should not be your focus. What is important is the value the listing agent and the buyer's agent bring. Also important are your net proceeds. That includes not only the commission paid out, but also what the agent can save you. I have seen repair requests consume a lot of the net proceeds, so be careful about this as well. Feel free to call or text! Jerry McManus Keller Williams, Sewell, NJ

Hello Matteo, Short answer: You can appeal the appraisal. Your agent should be able to put together a case using those comps to support a higher price. Good agents can do this because they know their local markets. Feel free to call or text! Jerry McManus Keller Williams, Sewell, NJ

Hello Sonya, A few agents in your area should know it well. Please make sure they have also been in your area long enough to understand market trends. All real estate is hyper-local. As for other agents, few do "price points," but many will boast being a "Luxury Agent" and will still service most of the spectrum. Regarding "school district only" agents, I have never heard of one. Most recognize the desirability of highly coveted school districts, but are not exclusive to those districts. In both their marketing and past sales performance, look for an agent who has a history of selling in your area and can quantify different features of home to bring about accurate pricing. Feel free to call or text Jerry McManus Keller Williams, Sewell, NJ

Hello Ms. Louise, I would first consult with someone close to you. Kids or another friend or family member. The reason for this would be to formulate an exit strategy, as in "where to next?" and to help bounce ideas off one another. After that, consult an experienced agent to guide you through valuing, staging, and modifications (things you can change that will bring you "bang for your buck"), typically a nice, clean, neutral look. Feel free to call or text! Jerry McManus Keller Williams, Sewell, NJ

Hello Desmond, Many folks are quite handy. I am not. From what many folks have said over the years, this is an easy fix, as long as they know what they are doing. Feel free to call or text! Jerry McManus Keller Williams, Sewell, NJ

Hello Kathleen, Taking down a photo shouldn't be an issue. Changing the Street View picture on your listing is another easy fix and should not be an issue. If your agent isn't responsive, feel free to contact the broker of record. Feel free to call or text! Jerry McManus Keller Williams, Sewell, NJ

Hello, Potria. Do the HELCO BEFORE putting the house up for rent. Sounds like a Home Run to me. Feel free to call or text! Jerry McManus Keller Williams, Sewell, NJ

Hello Callan, Short answer: Yes, doing an assumable mortgage sounds good to the next buyer. One thing I ran into is that getting the loan servicer to cooperate is another matter. Selling so soon after a purchase and making/losing money will depend on a few things: how much you put down, fees associated with the future sale (like commission), transfer taxes (if any), etc. I would say your first step is getting a local expert to work with. They can help you with a valuation in today's market and prepare an estimated net proceeds sheet. Your appraisal, which is 6+ months old, is probably too old for a current valuation. Feel free to bounce a question or two off me if you have more! Jerry McManus Keller Williams, Sewell, NJ

Hello Ezra, I usually ask my folks about their own expertise. If you have none in the trades, bring someone you know who knows about them and ask their opinion. A home inspector's job is to point out defects. Start with real health and safety issues. Feel free to bounce a question or two off me if you have more! Jerry McManus Keller Williams, Sewell, NJ

Hello Wren Have your agent do three "Estimated net proceeds sheets" for you. You will immediately see how each offer affects your bottom line. Then evaluate if it's worth waiting. If you're contingent on selling another property, you take on the risks associated with that transaction. Is it priced right? Is the house in good condition? Among many other questions. It sounds like the person who is looking to get a mortgage may be the best bet. Assuming they are pre-approved. They wouldn't have the risks associated with a contingent sale, and you should be realizing higher net proceeds. Feel free to bounce a question or two off me if you have more! Jerry McManus Keller Williams, Sewell, NJ

Hello Vasilina, Short answer: No. Folks can easily see your entire MLS history anyway. What's more important is WHY the property has failed those three times. I can assure you, folks will think something is wrong with the house. If this is indeed the case, you will want to have addressed this (these?) issue(s). Feel free to bounce a question or two off me if you have more! Jerry McManus Keller Williams, Sewell, NJ

Hello Milo, Short Answer: Most MLSs include a consumer disclosure that verifies the information provided. That said, sellers also provide a disclosure. That information is assumed to be accurate as well. Sometimes a problem arises when information presented is intentionally inaccurate. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Cynthia, You can start with their license. If they are liscensed. It depends on the state you are in, but a government agency oversees that. Any real estate agent should be able to provide that. The term "Realtor" is a trademarked name for members of the National Association of Realtors. They should have that as well. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Garrison, Short Answer: It all depends on the numbers. If a flipper buys the house, rest assured the price they pay will allow them to make the repairs and still make money. Its better to talk to a local expert. Get an accurate price for the home both before and after repairs. See what your net proceeds would be in each case. I have seen too many people leave too much money on the table by not exploring options Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Foster, Short Answer: What agreement do you have in writing? I would follow that After that, you probably have a case for abandonment. Talk to a lawyer friend about that. If the property is abandoned, its yours to do with at your will Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hallo Alicia, Short answer: From what it sounds like, you own half the 21 acres. Unless it gets divided, you'd need to sell the whole thing. If you and your husband can decide who gets what, great. The subdivision will cost some, but normally pretty simple. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Solveig, Short Answer: The "Gift of Equity" shows up in your mortgage papers. It's your $100k "down payment", so to speak. That then carries over to your settlement sheet. Discuss with the lender to communicate to the title co. how the mortgage co. wants it done. Feel free to call or text with any other questions. Jerry McManus Keller Williams,Sewell, NJ

Hello Lonnie, Short Answer: It depends on how Mom left it to you. The will may include instructions on how to do that. Start there. Remember, the estate executor needs to follow those instructions. Brotherly advice: no amount of money is worth destroying the family. I have also seen siblings sue the daylights out of each other, and the family is destroyed, and the only people who get paid are attorneys. Work out something amicably with the other siblings, especially if there are other assets that can be divided Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Linda, Short answer: I doubt it. The loan is predicated on the whole. If you sell part of it, I am sure the lender will want a percentage of the proceeds and reduce the principal to reflect the remaining property. Also, the title search should show a clouded title, which we'll need to address. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Ms. Marguerite, Short answer: Your obligations are spelled out in the contract. There are no assumptions. Even if you decide to "Walk away," I believe you could still be sued for specific performance. As in MAKE you buy the property. If the owner intentionally hid or didn't disclose KNOWN defects, that MAY be another issue. I know a bunch of folks in Cali, if you need a referral Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Holden, Short Answer: You have to start by paying off your $ 550k mortgage. That's one of the terms and conditions on your loan. (Quite sure) After that, it depends on the other terms and conditions of the paper you want to hold. Talking with your financial advisor helps by putting a second set of eyes on it, as to the terms and conditions offered, and the securing of the loan (through the note and/or other assets) Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Crystal Short Answer: I would check the will itself to see if/how that should be done. You may have inherited it, and then instructions may have been left as to the timeline of steps to liquidate the asset. This would allow each of the beneficiaries to go their own way and not be subject to others' wishes. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello David, Short Answer: Do an "Estimated Net Proceeds sheet" for each offer. Regarding contingencies, not all are created equal. A mortgage contingency is a relatively safe one, whereas a home sale may not be. If someone has a home sale and is priced aggressively in the market, you may actually net a lot more in the long term. It just depends on your needs, what timeline and financial goals you have Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Odessa, Short answer: Listen to your agent. They are the local expert. I had this exact situation happen with a client of mine. I had the buyer. The sellers agent casually sent me a cancellation during attorney review, which i told my folks not to sign. They didn't. The seller's agent was miffed, to say the least, but they neglected to cancel within the three-day attorney review window they had. If you have a further question about your legal rights, hire an attorney. Also, read the contract; it generally spells it out there. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Reyna, Short Answer: Yes. Here, both parties have to agree on repairs. If they don't, a cancellation is signed, escrow is released to the buyer, and folks go their merry way. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Emmit, Short Answer: All your rights in the transaction are in writing in your contract. I would never advise a "verbal agreement". Folks can forget the next second, and verbal agreements are hard to prove and enforce. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Dorian, Short Answer: Consult a local expert. Each lot may have unique qualities that work better as parts than as a whole. An example would be a view. If these don't exist, larger lots may be more desirable in your area and hence command a premium. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Cammile, Short Answer: Sell what you have My qualifier is that if the counters are damaged, then I would replace them. The caution is that you will generally not get your money back dollar for dollar. You do have the right idea to do the things that are "bang for the buck," painting, for instance. Also: Clean sells. Bring in the OCD friend and have her help clean. You'll thank me. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Nadia, Short Answer: The mortgage is who is responsible for paying. The deed shows ownership. The first "person" to get paid is the bank (the outstanding mortgage balance). Assuming there are no other liens, the owner gets the rest. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Junia, Short answer: Their response doesn't take up your time to respond. The delay in the owner's response may be because they're confirming the costs for each repair. Have your agent reach out to the other agent to check on the seller's progress. I believe in a collaborative, not adversarial, approach to a transaction. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Coy, Sorry to hear. Short answer: Yes, it's called a short sale. If you do not have the means to bring cash to settlement, the bank may forgive part of the loan. It depends on the "Hardship" or explanation for why you need to sell. Example: your employer is closing up shop in California but opening up in Texas, where your job is going to be. Sometimes there are also tax ramifications to a short sale. If you need to go in that direction, consult your tax advisor. Or: you may just want to keep the property as a rental Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Ms. Swanson, Short answer: A local expert could help you. In addition to the features you offer, has the association added any amenities to the community? One thing I have seen that detracts from value is that lot rents have skyrocketed recently, which could hold down your value. Some things to consider. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Elana Short Answer: That's what the mortgage contingency part of the contract is all about. Since the appraisal came in light, your mortgage company may not want to lend under those terms and conditions. You also are not obligated to buy outside the terms and conditions outlined. Some things to look for: the mortgage company may still lend. Ultimately, there are also costs in still looking. These could include time spent looking, paying for more inspections, and mortgage rate uncertainty. IMHO, it may not be worth you going elsewhere, even though it is an option. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Wren, Short answer: Yes, I like your rationale. To dig a little deeper, if the owner will not make any repairs, that term and condition should have been disclosed ahead of time. I would refer you to the contract. Whatever you agreed to should be written there. Not changed after the fact (verbally or otherwise). That said, I would still have my inspections and submit a repair request. IMHO, they would be crazy not to address sensible repairs. Warning: There are crazy people out there. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

Hello Danny, Short Answer: Possibly. Let me ask a few honest questions first. Is your home priced correctly? Are you allowing showings at all times? Is your house clean and staged correctly? An honest answer of "no" to any of these questions will deter folks from making an offer or even a showing. A common response I have from sellers regarding price is "If they are serious, they will put in an offer". More often than not, this is not true. What actually happens is the overpriced home is used to sell someone else's home. Remember: People shop price, but buy value. Feel free to call or text with any other questions. Jerry McManus Keller Williams, Sewell, NJ

First, consult your accountant. Agents may want you to sell and earn a commission, but the answer really depends on your long-term goals. Also, I need to ask (because I have seen this repeatedly in my 23-year career): are you getting market-rate rents? I have seen many folks bail on good properties because they did not follow up with rent increases, which hampers the profitability of a property. That's the #1 mistake I see. If you refi the property with market rents, you may actually be able to keep the property AND get into flipping as well.

There are a few tools at your disposal. You may wish to limit the scope of the home inspection. This will be subject to your level of expertise in the many areas of a home's function. (Think water penetration, HVAC operation, environmental conditions, et al). Other tools could include Flexibility on the closing date or the amount of the EMD. Too many folks come in with small EMDs, and that makes the offer look weak,

There are several other fees when purchasing. Most of these fees come from either title charges or your loan. Points on your loan (this can vary depending on whether you want to buy down your rate), application fee, credit report, flood certification, MIP (mortgage insurance premium), prepaid interest, e-recording, and notary are loan-specific charges. Title charges will include: title search, LTA 8, 1-06 Environmental Protection lien, Encroachments, minerals - current violations, closing protection letter, handling fee, incoming wire fee, Internet Package Download, Lender's Title Insurance, Lender's survey endorsement, Patriot Name Search, Settlement or Closing Fee, Taxes, assessments and utilities, Tidelands search, Title Examination, Transaction Management Platform, Upper Court Search, and Owner's title Insurance. There are also local property taxes that will be collected, possibly a few months in advance (to fund your escrow account), plus your first year's homeowners insurance. Local county fees for recording. All these fees are bundled together but should be itemized. There are also what we like to call "Money Adjustments. These would include reimbursements (or credits) for water, sewer, taxes, HOA fees, MUA fees, oil tank inventory for items paid or due from seller Depending on your prior arrangement with your agent, commissions, broker fees, and attorney fees. Feel free to reach out. I have been licensed in New Jersey for 23 years. Jerry McManus Keller Williams, Sewell, NJ

Any agent with decent experience should be able to help you stage to some degree. If the home is in a very good area (like Avalon), I would also hire a staging professional who knows the area. That service, with a good stager, is certainly a "Value Add". Feel free to reach out. I have been licensed in New Jersey for 23 years. Jerry McManus Keller Williams, Sewell, NJ

Luis, when I help my clients answer this question, I like to ask: "Where do you see yourself in 5 years?" Often, the answer helps clarify the need. You know the commute is a drag, but it does become a trade-off. If you expect another factor to become more prominent, I would say to skew your answer toward that. An example may be having children. Folks tend to move away from urban areas if they plan to have children. Or maybe move toward urban areas as an empty nester to enjoy theater, sports, dining, or other amenities. Feel free to reach out. I have been licensed in New Jersey for 23 years. Jerry McManus Keller Williams, Sewell, NJ

Martin, The most important factor is always "your personal needs". If you are selling "just to make money", it's usually a "no". But ask yourself first: where would I go, and what costs are associated with that? Your area may be increasing, but is the area you want to go increasing faster? Not selling then would be an opportunity cost or opportunity lost. It would be good to sit and discuss all your personal needs and desires in balance with your financial capability. I have often suggested clients keep their current residence as a rental if they can swing the next place. You have options; further discussion may be warranted. Feel free to reach out. I have been licensed in New Jersey for 23 years. Jerry McManus Keller Williams, Sewell, NJ

Hello Ms. Nora, You may, I dare say, have answered your own question. Since your house is becoming more difficult to maintain, selling now may be the best option. From today, the house will only deteriorate further. And setting aside the potential trauma of a large, unexpected expense is something someone would want to do heading into retirement. Feel free to reach out. I have been licensed in New Jersey for 23 years. Jerry McManus Keller Williams, Sewell, NJ