Saturday, October 2, 2010

Debt Disclosure for New Home Buyers

There are all kinds of disclosures a seller must make to a potential property buyer.   Some of those disclosures,  among other things. are whether the seller is aware of any lead paint, underground oil storage tanks or if there is a pervert living in the neighborhood.

For example, if  ex-Assemblyman Neil Cohen (D), is living in your neighborhood, you would have to disclose that to the buyer of your property.  Last  I checked the State Police website, Neil Cohen still hadn't registered as a sex offender and I can't recall him being sentenced, although that was suppose to happen in July or August.  Perhaps Linden attorney, Dan McCarthy, who's on the City payroll, could shed some light on that as he was representing Neil Cohen.  Dan McCarthy also gained fame for his role in DaTruthSquad First Amendment suit.  Where do we find these attorneys?

If you think about it, Linden has really questionable attorneys.  I've pointed it out in past blogs.  To be honest, they suck in my opinion ... present and past.   Where do we find them?  Why ... from other attorneys!

In any event, shouldn't a potential homeowner be WARNED of the looming DEFICITS NJ is facing?  $180 Billion in underfunding of the pension funds should be disclosed to a potential buyer of NJ property, just like other disclosures.  After all, present and new home buyers will have to pay and not those that were able to escape NJ the last few years, leaving the bill to the rest of us in the name of "deferrals".  I know two teachers who retired and absconded to Florida.  They left their deferrals to someone else.  How is that fair, equitable or just? 

My kid wants to buy her own place.  I grew up thinking that buying your own home would be an investment.  Not any more.  What it does is put a homeowner on the hook for public servants to enjoy a nice salary, many times overinflated, and a pension for life, including free health insurance. Not to mention the union "prevailing wages" which drives up the cost of  all public projects.. Look up those wages if you are so inclined.  They are obscene.  

The American Dream is gone.  I just have to convince my kid before she makes a bad move.



Anonymous said...

Tell your kid that with both low prices and interest rates, now is the time to buy.

NFS said...

You would think now would be the time to buy, but I'm just not convinced of it. Property taxes have become a second stranglehold mortgage. How long before property taxes are higher than principal and interest payments?

Thanks for the advice though.