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Old 02-05-2014, 08:26 AM
 
164 posts, read 177,768 times
Reputation: 48

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I learned yesterday that my "relatives", or better yet, relatives of my uncle in law, that make probably 3 times less than I do (salary), easily bought a home in Fair Lawn, NJ for just $350K and from what I hear, it's a great looking home.

Is this possible or is there a high chance that they bought a lemon or something.

I always excluded NJ from my home search simply for 2 reasons .... 1) High prices (over 500K for decent home) and 2) Huge property taxes.

I am confused :-)
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Old 02-05-2014, 10:26 AM
 
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Prices have come down. you can buy a quality house in Fair Lawn and other similar towns for 350k nowadays.
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Old 02-05-2014, 10:55 AM
 
164 posts, read 177,768 times
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Quote:
Originally Posted by GiantRutgersfan View Post
Prices have come down. you can buy a quality house in Fair Lawn and other similar towns for 350k nowadays.

but the taxes are horrific no?
for a 350K house that's no more than 2K Sqfeet, it is up to $700/mo,.....no?
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Old 02-05-2014, 11:09 AM
 
3,245 posts, read 4,368,375 times
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Quote:
Originally Posted by Pianist718 View Post
relatives of my uncle in law
So, not related to you. Why not simply state, "Someone"?
Quote:
Originally Posted by Pianist718 View Post
that make probably 3 times less than I do (salary)
Do you mean to say "one-third of my salary"? Fact is, you don't know what they earn. Also, you don't mention whether they have a mortgage, or not.
Estimated median household income in 2011: $90,940 Fair Lawn
Read more: http://www.city-data.com/city/Fair-L...#ixzz2sTLE22VL
Quote:
Originally Posted by Pianist718 View Post
easily bought a home in Fair Lawn, NJ for just $350K
"easily"? Does that mean, that they bought it in a week? Or, that they were financially able to pay cash or qualify for a mortgage?
20% down would be $70K. A $280K mortgage will run $1,400 to $1,500. Add another grand for property taxes + escrow, & they're looking at $2,500 per month. They'd have to show an annual household income of more than $100K to qualify. Lenders are not handing out mortgages like they did in the bad old days, when every fool willing to falsify an application seemed to qualify for a "no money down, high interest rate" mortgage, that is currently in foreclosure.
NJ may soon lead nation in foreclosures | NJ.com
Quote:
Originally Posted by Pianist718 View Post
Huge property taxes.
That's going to be a fact, pretty much anywhere in NJ.
http://www.city-data.com/city/Fair-Lawn-New-Jersey.html
Median real estate property taxes paid for housing units with mortgages in 2011: $9,085
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Old 02-05-2014, 11:19 AM
 
164 posts, read 177,768 times
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Quote:
Originally Posted by bigjake54 View Post
So, not related to you. Why not simply state, "Someone"?

Do you mean to say "one-third of my salary"? Fact is, you don't know what they earn. Also, you don't mention whether they have a mortgage, or not.
Estimated median household income in 2011: $90,940 Fair Lawn
Read more: http://www.city-data.com/city/Fair-L...#ixzz2sTLE22VL

"easily"? Does that mean, that they bought it in a week? Or, that they were financially able to pay cash or qualify for a mortgage?
20% down would be $70K. A $280K mortgage will run $1,400 to $1,500. Add another grand for property taxes + escrow, & they're looking at $2,500 per month. They'd have to show an annual household income of more than $100K to qualify. Lenders are not handing out mortgages like they did in the bad old days, when every fool willing to falsify an application seemed to qualify for a "no money down, high interest rate" mortgage, that is currently in foreclosure.
NJ may soon lead nation in foreclosures | NJ.com

That's going to be a fact, pretty much anywhere in NJ.
http://www.city-data.com/city/Fair-Lawn-New-Jersey.html
Median real estate property taxes paid for housing units with mortgages in 2011: $9,085

Thanks for the info. If I ignore the sarcasm, this is a well written post.
Always wanted to live in NJ, but felt like property taxes were a big rip off.
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Old 02-05-2014, 11:26 AM
 
164 posts, read 177,768 times
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weird .... a 400K home, Trullia showing only $471/mo in property taxes.
can this be right?
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Old 02-05-2014, 11:27 AM
 
Location: Fair Lawn, NJ
200 posts, read 361,846 times
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I recently purchased a house in Fair Lawn for $350k. My taxes are a little over $9k/year. The house is on the small side (~1600 sq ft) but the lot is big (100x100) which is why I liked it. My monthly PITI is a little over $2k which is what I was expecting.

You can probably get a bigger/nicer house in Fair Lawn for $350k but it could either be in a floodzone or an area that is zoned to a lower-rated elementary school.
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Old 02-05-2014, 12:06 PM
 
Location: NJ
12,284 posts, read 31,759,606 times
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NJ Assessment Records Search

plug in the name or address, and voila.
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Old 02-05-2014, 12:08 PM
 
Location: Fair Lawn, NJ
200 posts, read 361,846 times
Reputation: 203
If they purchased recently, that site probably won't show the new owners for at least 3-6 months from closing date.
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Old 02-05-2014, 12:09 PM
 
Location: Coastal New Jersey
56,017 posts, read 54,523,130 times
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Quote:
Originally Posted by Pianist718 View Post
weird .... a 400K home, Trullia showing only $471/mo in property taxes.
can this be right?
What town?

NJ towns and house sizes, density, prices, etc., vary greatly. The state is not just one big sameness.
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