After the contracts are signed by the buyer & seller for their Hoboken real estate transaction, the next step is the attorney review period. I offer some insight and advice below to Hoboken home buyers on the attorney review period from my experience.

Questions? Free free to contact me, Walter Burns or leave a comment below.

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You decided to put your condo up for sale on Hoboken real estate market.  You had many buyer showings and at last a buyer made an offer which you accepted. The contracts are signed.  As I mentioned in a previous post, you are going to want to hire a Hoboken real estate lawyer to represent you through closing. Now that the “attorney review” period has begun in the contract, what should Hoboken real estate sellers do now?

5 Easy Tips for Hoboken Real Estate Sellers

1. Gather your Master Deed. The buyer will request to review this during the attorney review period. You should have received the Master Deed when you purchased. It’s a 1+ inch thick document which contains the public offering statement and floor plans when the condo conversion took place. The master deed also contains the bi-laws and rules for the condo association. If you do not have a master deed or cannot locate it, check with your management company. If your building is self-managed, ask a neighbor. Someone should have a copy.
2. Gather the financial statements of your condo association. The buyer’s attorney is going to review them during the attorney review period along with the budget for the condo association. The management company will have these as well. No management company? Someone in the association should act as the Treasurer.
3. Get a copy of the condo association master insurance policy and master flood policy (if necessary). The buyer’s mortgage company is going to request this policy to review. If your building is in a FEMA flood plain, the condo association is going to need to have the required flood insurance. Your management company should have this policy on file as well. Read the rest of this entry

Many Hoboken real estate sellers who are having difficultly selling their property are turning to renting out their condo instead. I have noticed more and more lately that many Hoboken properties listed in the MLS are available for both for sale and for rent. The Hudson River waterfront buildings of Maxwell Place, the Hudson Tea Building, Harborside Lofts and even the W Hotel have seen many speculators who bought units to flip for a quick profit now turn to their “Plan B” of renting the property out.

Current Hoboken Rental Inventory

Currently there are 124 Hoboken rental properites in the Hudson County Multiple Listing Service. They range from a studio on 5th and Monroe for $1,250 to a 2 bedroom, 2 bath at the W Hotel for $9,900 per month. Read the rest of this entry

The Hudson Tea Building in Hoboken

If you are having trouble selling a home or condo in the Hoboken real estate market, you are not alone. Currently there are 637 available properties for sale in Hoboken.  With this many choices, how do you get the buyers to see your home over the competition? Here are a few quick tips that can help you get more showings from Hoboken buyers and ultimately have your property go from being available to being sold.

1. Have your agent install a lockbox at your property. This saves the showing agents time in picking up keys from real estate offices and allows them more time with the buyer.
2. Know your competition. For example, if you live in a large condominium building like Maxwell Place, the Hudson Tea Building, or the Skyclub, there could be anywhere from 15-30 re-sale condos on the market at any given time. Know how your neighbors are priced. You may need to adjust the price of your home to stay competitive.
3. Think like a buyer. If you were shopping for a property right now, would you buy your home? Try to be as objective as possible given what else may be for sale in the market. Read the rest of this entry