Weichert Realtors Announces “Sean T Shallis and The Shallis Group” #1 in the Region
Consumer Protection Rule Takes Effect July 30
New Federal Reserve regulations aimed at protecting consumers goes into effect July 30, 2009.
New regulations coming from the Federal Reserve places new requirements on lenders to provide mortgage loan applicants with initial disclosures of the estimated mortgage costs within the first three business days of a loan application. If a lender fails to provide an applicant with this information, an applicant has the right to cancel the process. The lender also cannot collect any of the major out-of-pocket fees until the estimated mortgage costs have been disclosed. In addition, until an applicant receives the truth-in-lending disclosures and an annual percentage rate (APR) calculation, there will be no out-of-pocket costs to the applicant. Currently lenders ask for certain fees up-front such as appraisal costs, which could add up to hundreds of dollars to the applicant.
Mandatory Waiting Periods
Loans will also have a mandatory seven day waiting period in which the applicant has the right to terminate the agreement. Another significant change starting July 30 is that if the APR increases by more than 0.125 percent from the initial truth-in-lending disclosure, the lender is now required to re-disclose or provide the applicant with a corrected truth-in-lending disclosure of which the applicant has an additional seven business days to consider the new loan arrangements. The new required waiting periods will have an effect on the timing and possible delay of a settlement.
Appraisal Changes
Another added regulation starting July 30 will require lenders to send a copy of the real estate appraisal to the applicant three business days before the loan is scheduled to close. However, if an appraiser is backlogged and cannot provide the lender with the appraisal report in a timely manner, the closing of the loan is sure to be delayed.
These new regulations have been put in place by the Fed in an effort to allow consumers more access to the financial details of the loan and more time to consider if this important financial decision is right for them. If you need help navigating through this process or for more information on real estate and a personal consultation, please contact Sean T Shallis at The Shallis Group at 201-427-1032.
PGA’S “BIG BOYS” COME TO JERSEY CITY’S LIBERTY NATIONAL GOLF COURSE
Who would have thought Tiger Woods, Vijay Singh and the rest of golf’s elite would come to play The Barclays in my backyard! Bear in mind, living in Port Liberte is nothing short of amazing! Our immediate neighbor to the northwest (actually a stones throw away) is the Ultra-Exclusive Liberty National GC. Thirteen of the eighteen holes on the course have majestic views of NYC. From the course and my home in the Port Liberte Community of Jersey City we can basically see up Lady Liberty’s skirt on a windy day! Read the whole story ..Liberty National has tough act to follow after success of Barclays at Ridgewood
Hoboken Mayor Peter Cammarano, Jersey City Deputy Mayor and City Council president busted by FBI
Breaking News:
US Attorney’s office press conference regarding this corruption probe in Jersey City and elsewhere is at noon.
The suspects are scheduled to appear in U.S. District Court in Newark later today. Those arrested were: Secaucus Mayor Dennis Elwell, Hoboken Mayor Peter Cammarano, Jersey City Council President Mariano Vega, Jersey City Deputy Mayor Leona Baldini, Jersey City Republican John Guarini, La Vern Webb-Washington, a Jersey City council candidate, Joseph Castagna, Jersey City’s health officer, and Michael Manzo, a long-time veteran of the Jersey City fire department..
There will be a press conference at noon and the arraignments will begin at 2:00 pm. They are showing the arrested in handcuffs on local news stations. Guy Catrillo is one of them as well.
The arrests are the result of a two-year FBI and IRS probe that began with an investigation of money transfers by members of the Syrian enclaves in Deal and Brooklyn. Those arrested this morning include key religious leaders in the tight-knit, wealthy communities.
UPDATE, 9:23 AM: The Record reports that former council candidate LaVern Webb-Washington, as well as Jersey City health officer Joseph Castagna and local Republican John Guarini have also been arrested. Pictures at NBC show that former Ward E candidate Guy Catrillo was also arrested.
UPDATE, 10:55 AM: Politicker is reporting that longtime Jersey City Democratic strategist Joe Cardwell and Municipal Utilities Authority board member Joe Cardwell was also among those arrested today.
UPDATE, 11:23 AM: Two of this year’s mayoral candidates have also been charged: L. Harvey Smith and Lou Manzo. You can read the complaints against them here and here. Also, the Journal is reporting that Jimmy King is on the list.
The Walk of Shame
UPDATE, 12.15 PM:
44 people charged!
UPDATE, 12.26 PM:
Arrested this morning
Facing political corruption charges:
Moshe Altman, 39, of Monsey, NY, charged with conspiracy to commit extortion under color of official right & money laundering
Charlie Ammon, 33, of Lakewood, NJ, charged with conspiracy to commit extortion under color of official right
Leona Beldini, 74, of Jersey City, charged with conspiracy to commit extortion under color of official right
Peter Cammarano III, 32, Dem., of Hoboken, NJ, charged with conspiracy to commit extortion under color of official right
Joseph Cardwell, 68, of Jersey City, NJ, charged with agreeing to offer bribe to public official
Joseph Castagna, 53, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right
Guy Catrillo, 54, of Jersey City, NJ, charged with attempted extortion under color of official right
Edward Cheatam, 61, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right & attempted extortion
Dennis Elwell, 64, Dem., of Secaucus, NJ, charged with conspiracy to commit extortion under color of official right
Itzak Friedlander, 41, of Union City, NJ, charged with money laundering conspiracy
Richard Greene, 45, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right
John Guarini, 59, of Bayonne, NJ, charged with conspiracy to commit extortion under color of official right
Shimon Haber, 34, of Brooklyn, NY, charged with money laundering conspiracy
Denis Jaslow, 46, of Wall, NJ, charged with conspiracy to commit extortion under color of official right
Maher A. Khalil, 39, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right & attempted extortion
James P. “Jimmy” King, 67, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right
Louis Manzo, 54, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right
Michael Manzo, 53, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right
Ronald Manzo, 65, of Bayonne, NJ, charged with conspiracy to commit extortion under color of official right
Michael Schaffer, 58, of Hoboken, NJ, charged with conspiracy to commit extortion under color of official right
Lori Serrano, 37, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right
Jack Shaw, 61, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right
L. Harvey Smith, 60, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right
Anthony R. Suarez, 42, Dem., of Ridgefield, NJ, charged with conspiracy to commit extortion under color of official right
Vincent Tabbachino, 68, of Fairview, NJ, charged with conspiracy to commit extortion under color of official right & money laundering
Daniel M. Van Pelt, 44, Rep. of Waretown, NJ, charged with attempted extortion under color of official right
Mariano Vega, 59, of Jersey City, NJ, charged with conspiracy to commit extortion under color of official right
Lavern Webb-Washington, 60, of Jersey City, charged with conspiracy to commit extortion under color of official right
Jeffrey Williamson, 57, of Lakewood, NJ, charged with attempted extortion under color of official right
Faced with charges of money laundering:
Eliahu Ben Haim, 58, of Long Branch, NJ, charged with money laundering.
Schmulik Cohen, 35, of Brooklyn, NY, charged with money laundering and illegal money transmitting.
Levi Deutsch, 37, of Brooklyn, NY, charged with money laundering.
Yeshayahu Ehrental, 65, of Brooklyn, NY, charged with money laundering and illegal money transmitting.
Mordchai Fish, 56, of Brooklyn, NY, charged with money laundering.
Yolie Gertner, 30, of Brooklyn, NY, charged with money laundering.
David S. Goldhirsh, 30, of Brooklyn, NY, charged with money laundering.
Saul Kassin, 87, of Brooklyn, NY, charged with money laundering.
Edmund Nahum, 56, of Deal, NJ, charged with money laundering.
Abe Pollack, 40, of Brooklyn, NY, charged with money laundering.
Lavel Schwartz, 57, of Brooklyn, NY, charged with money laundering.
Binyomin Spira, 28, of Brooklyn, NY, charged with money laundering.
Naftoly Weber, 40, of Brooklyn, NY, charged with money laundering.
Arye Weiss, 34, of Brooklyn, NY, charged with money laundering and illegal money transmitting.
Facing charges of human organ trafficking:
Levy-Izhak Rosenbaum, 58, of Brooklyn, NY, charged with conspiracy to transport human organs
Will update as the news emerges.
Adams Square in Hoboken, New Jersey
These are the latest properties available in this building.
Let me know if you would like to schedule a showing:
FICO Score: Improve Your Mortgage Interest Rate
Your FICO credit score is one of the most integral factors in determining what interest rate you qualify for. A FICO score is a statistical numeric score developed by the Fair Isaac Corporation based on a consumer’s credit history such as outstanding debt, timeliness of debt payments and other factors. The three credit reporting agencies used in order to see an individual’s credit history are Experian, Equifax and Trans Union. Lenders examine and utilize these scores in order to determine a person’s risk factor in repaying the debt.
How to find your score:
Experian, Equifax and Trans Union are required to provide one free credit report a year if requested. However, these reports give you an individual credit history but not your FICO credit score. If any misinformation is shown on any of the three reports, there is a dispute section provided in order to resolve the discrepancy. FICO scores can be purchased from Fair Isaac or other various credit agencies. Credit scores generally fall in the range of 350-800+ with 350 on the poor or low end and 800+ excellent or the highest rating.
How to improve your credit score:
The first step in taking charge and improving your credit score is to analyze your three credit reports in order to ensure an accurate credit history. Many individuals find small discrepancies that can make an impact on their score. Each report will provide a dispute section in which the discrepancy will be re-evaluated and changed if necessary. You will be notified by the agency of their decision to alter the disputed information or retain it on your report.
If your credit report is accurate and your credit rating could use improvement, here are some tips on improving your score:
- Be sure to make loan, credit and debt payments on time.
- Limit taking on new debt such as credit cards. Even if a credit card balance is at zero, credit reporting agencies still view it as potential debt.
- If you are having difficulty in making payments on time, call your creditor to make alternative payment arrangements. Do not ignore your bills since lenders will take action on your account regardless of your participation.
- Keep your debt low. Mortgage lenders will look at your debt to income ratio when considering a loan.
- Keep a low balance on credit cards. Even if you have a high credit limit, credit scores will take into consideration how much of a balance is being carried month to month.
- Be sure to limit the number of credit applications.
Building a good credit history takes time, diligence and awareness but the payoff could make a significant difference in your mortgage or car payment. Please visit myfico.com for more tips on improving your credit score.
Please contact Sean T Shallis at The Shallis Group for a personal consultation on your individual situation at 201-427-1032.
Manhattan Condo Prices Fall
The median condo price for Manhattan dropped between 13 and 19 percent from last year in the second quarter and sales were reduced by 50 percent. Hardest hit is the luxury condo market where apartments run in the millions. With the economic crisis affecting Wall Street and many companies downsizing executive staff with high priced salaries, this news does not come as a big surprise. Another factor weighing on the price drop and sales slump is the fact that lenders are requiring up to 40 percent down on high-end loans as well as making it more difficult for buyers to qualify.
On the other hand, lower priced condos in Manhattan, those below 1 million, rose by 12 percent by the end of the second quarter compared to last year . This is due in part to the first-time home buyer tax credit of $8000 which is set to expire December 1, 2009. Since many markets are seeing the benefits of this tax credit, Congress is proposing several pieces of legislation that will either extend this deadline, increase the amount or both.
By the end of the second quarter, the average apartment in Manhattan was on the market for approximately 4 and half months, which for Manhattan, was almost 50 percent longer than last year. In order to get the most out of the current market, it is important to choose an experienced group of real estate professionals that can negotiate the best deal for you.
(source: ap.org)
Port Liberte Exclusive Offer
PGA TOUR Playoffs for the FedEx Cup Exclusive Offer to Port Liberte Residents:
Right now if you are a resident of Port Liberte and you buy a $45.00 grounds pass ticket to “The Barclays” you will receive a complimentary upgrade to the Delta Global Pavilion, which is an $85 value. “The Barclays” will be the first daunting challenge of the PGA TOUR Playoffs for the FedEx Cup.
The Delta Global Pavilion is a hospitality structure which offers an upscale menu, premium cash bar, telephones, flat-screen TVs and a fan enhancement computer system to better track the game.
This offer and the tournament start Wednesday, August 26th through Sunday, August 30th.
For tickets, please visit: PortLiberte-community.com.
*All NET proceeds from The Barclays PGA tournament will go to local charitable recipients within your community.
Existing Home Sales on the Rise
The National Association of Realtors (NAR) announced that for the first time since September of 2005, existing home sales rose for the second month in a row in May. Existing home sales consist of single-family, town-homes, condos and co-ops. Key factors include the first-time home buyer tax credit, low interest rates and affordable home prices, causing existing home sales to rise in May by 2.4 percent. First-time home buyers continue to bolster the market in May by accounting for 29 percent of home buying transactions.
NAR’s chief economist Lawrence Yun states, “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates. First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory.” For May, according to Freddie Mac, 30-year fixed interest mortgage rates were at 4.86 percent, slightly higher than April. However, as of mid June, rates had jumped to 5.38 percent. Congress is looking to expand the first-time home buyer tax credit to either extend the expiration date, increase the deduction amount or possibly open it up to any home-buyer.
Performance in the Northeast region was above average for May at 3.9 percent for existing-home sales with a median price point of $243,600.
Between existing and purposed tax incentives, low mortgage rates and home prices, this could become a buyer’s paradise and finding the right real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.
(source: realtor.org)
WORK WITH ONE OF THE NATIONS LEADING REAL ESTATE PROFESSIONALS: “IMMEDIATE OPENING FOR THE RIGHT INDIVIDUAL”
FULL TIME EXECUTIVE ASSISTANT
THIS IS A PAID POSITION!
Work with one of the nations leading Real Estate Groups, Weichert Realtors and The Shallis Group of Hoboken NJ, is an extremely fast paced, exciting and a FUN place to work!
THIS IS NOT AN ENTRY LEVEL POSITION!
We are looking for a real estate executive assistant who is ENERGETIC, ENTHUSIASTIC, and a FAST LEARNER. You will be working directly with Sean T Shallis of Weichert Realtors and The Shallis Group. This is a rare opportunity to both learn and be mentored by one the nations leading real estate experts.
- You must have previous real estate experience.
- This is NOT a sales position.
- Hours are Monday to Friday 8AM-5PM.
- You can also expect to occasionally work some overtime hours.
- Compensation: TBA 30,000 to $40,000 plus bonuses depending on experience.
RESPONSIBILITIES
- COME TO WORK WITH A POSITIVE, ENERGETIC AND ENTHUSIASTIC ATTITUDE EVERY DAY!
- Manage all the processes of a residential real estate transaction.
- Support Sean T Shallis and the group with various projects as needed.
- Act as the Customer Service liaison for clients and cooperating brokers.
- Assemble marketing material.
- Process and manage listing and closing processes both internally and with other service provider.
- Manage the personal and business schedule of Sean T Shallis as needed.
- Perform general office duties such as scanning and emailing.
QUALIFICATIONS
- New Jersey real estate license (preferred but not necessary).
- Minimum 2 years real estate experience.
- Strong knowledge and familiarity with neighborhoods and areas throughout New Jersey.
- High computer proficiency (Internet, All Microsoft Applications, Email, the MLS, Photoshop, Act).
- Extremely organized, always on time, and ability to think ahead.
- Reliable, responsible, and flexible with last-minute changes.
- Good oral and written communication skills.
- Ability to work in a fast-paced environment with multiple demands.
- Able to juggle and prioritize tasks.
- Presentable appearance and professional attire.
- Non-smoker.
- Ability to work independently, exercise judgment, and make decisions without direct oversight or supervision.
- Reliable transportation, valid NJ driver’s license, proof of insurance, and clean driving record.
- A genuine interest in the real estate industry and an eagerness to help our group and company grow long-term! If you are only looking for a temporary position until your desired industry picks up again, please do not apply.
- To be considered, you must live within 30 minutes of Hoboken, NJ. Please do not apply if you live farther than 30 minutes away.
How to Apply for this Position!
- Your ability to follow direction is critical.
- Please send you resume to JOBS@THESHALLISGROUP.COM
- Indicate your desired salary
Please note any other means of communication and your application won’t be considered for this position.
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