Real Estate and Short Sale Specialists at C21 Thomson & Co.

08/16/2025

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Public Open House Sunday 8-17-25 12 to 2
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08/02/2024

On 8/1/2024, the Real Estate Consumer Enhancement Protection Act went into effect as a NJ state law. If you are a buyer looking for a home or are thinking of starting the process, these are the following changes you need to be aware of:
1.) If you would like to see a house with a real estate agent, you will need to sign an “Exclusive Buyer Agency Agreement”. This document will spell out exactly how the agent you see a property with will be paid, as well as the length of time the agreement is valid for.
***Please note, that while sellers have NEVER been required to offer a Buyer’s Agent compensation, for many years they have, which may have given the impression to a buyer that it was free to have representation by a Buyer’s Agent. In reality, the sellers already baked in the price of the additional compensation paid to a Buyer’s Agent into their asking price. While many sellers will continue to offer compensation to Buyer’s Agents to receive maximum exposure of their property, it is very possible that the seller will offer less, or no compensation to a Buyer’s Agent. That means a buyer may be responsible for covering the cost of their agent, as your Buyer Agent doesn’t work for free. Additionally, these offers of compensation will not be advertised on any centralized source such as an MLS.***
2.) Sellers are now REQUIRED to provide a Property Condition Disclosure BEFORE a buyer makes an offer on a property. Previously, these were optional disclosures.
3.) Listing Agents must display signage at an open house indicating that they represent the seller and any information obtained at an open house from prospective purchasers may be shared with the seller.
***PLEASE NOTE - if you are a buyer who goes to open houses, you do NOT have to sign an “Exclusive Buyer Agency Agreement” to attend an open house. Just be aware that the agent who is hosting that open house has no fiduciary duty to protect your interests.
***Addtionally, if you are a buyer who attends open houses and you have a signed “Exclusive Buyer Agency Agreement” with an agent, you MUST disclose that when signing in at an open house.
There are a few other changes, but these are the ones that affect the consumer the most. It’s important that you understand how these new laws will affect you. Please understand when you’re interested in looking at properties, if an agent is asking you to sign a representation agreement, this is not a choice, but rather is the LAW in the State of NJ.
If you have any questions, please don’t hesitate to reach out.
If you’re an agent who doesn’t understand these changes or has questions about them, please reach out. As a brokerage, Century 21 Thomson & Co. has been preparing for this for 6 months and our agents are well prepared for these changes

07/15/2024

Legislation Passed to Increase Real Estate Transaction Transparency

What's the Latest? Gov. Murphy signed Bill S3192/A4454, the Real Estate Consumer Protection Enhancement Act, into law today.

What Should I Know? The law, which will go into effect on Aug. 1, strengthens both consumer and real estate licensee protections.

The following are the six major changes the law provides for:

Sellers must provide a fully completed property condition disclosure form before buyers sign a contract.
Listing agents will be required to explicitly disclose who they represent at open houses.
Designated agency, which enables a brokerage to appoint an agent to either side of a transaction at the client’s request, is now permissible.
All real estate licensees will be required to use brokerage agreements, which outline services they will provide to all clients over the course of a respective transaction.
Sellers’ agents can no longer disclose compensation in Multiple Listing Services or notify MLSs about cooperative compensation.
Continuing education classes on agency are now required.

NJ Realtors® is looking at all forms and contracts to ensure they conform with the new statute.

01/06/2024

Others may claim they have Short Sale Experience, but our company has found a solution to work with every bank since they all have a different formula of how they approve Short Sales. We also have experience with assisting with removing liens on property other than a mortgage. .

12/05/2023

Do Debt Relief Programs sound too good to be true?

Be aware of scams, debt relief downside
The debt relief industry includes scammers who are eager to take what little money you have. Many people who enter debt relief programs fail to complete them. You could end up with debts that are even bigger than when you started.

But debt relief may give you the new start or the breathing room you need to finally make real progress.

Be sure you understand — and verify — these points before entering any agreement:

What you need to qualify.

What fees you will pay.

Which creditors are being paid, and how much. If your debt is in collections, make sure you understand who owns the debt so payments go to the right agency.

The tax implications
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11/28/2023

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11/08/2023

Are you feeling the pressures of high inflation? Overwhelmed with your finances? Your home might be worth more than you think. If you feel you could be headed down the wrong financial path, give us a call. We can help with a free market analysis of your home and possible solutions that can help you get back on the right financial track.

08/21/2023

Proudly Ranked #85 Nationally and #3 in New Jersey! 🏡🌟 We want to thank our incredible agents who have consistently Defied Mediocrity and Delivered Extraordinary Experiences to their clients. Without them, we would not be where we are today.

Thank you to our clients who have entrusted us with the purchase or sale of their home. We also want to thank our dedicated support staff, whose hard work and dedication help to fuel our success, and to our esteemed industry colleagues for their collaboration and inspiration. With your unwavering support, we're reaching new heights in the real estate market. Here's to continued growth, shared achievements, and a future filled with limitless possibilities! 🎉🔑

01/19/2023

FHA ANNOUNCES NEW ASSISTANCE OPTION TO HELP SENIOR HOMEOWNERS WITH REVERSE MORTGAGES IMPACTED BY COVID-19

New COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan allows servicers to offer homeowners up to five years to repay past-due property charges.

WASHINGTON - Today, the Federal Housing Administration (FHA) is announcing new flexibilities to help senior homeowners with FHA-insured Home Equity Conversion Mortgages (HECMs) who are behind on required property charge payments due to effects of the COVID-19 pandemic. The new COVID-19 HECM Property Charge Repayment Plan allows mortgage servicers to offer eligible homeowners up to five years to repay property charges, such as taxes and homeowners insurance, that the servicer advances on the homeowner’s behalf when the homeowner is unable to make these payments.

“For senior homeowners, recovering from the financial effects of the pandemic may be especially challenging,” said Federal Housing Commissioner Julia Gordon. “The new repayment plan option announced today will give more seniors behind on their property charges the opportunity to fulfill the obligations of their HECM and remain in their homes.”

With the new COVID-19 HECM Property Charge Repayment Plan:

Borrowers may receive a repayment plan regardless of the dollar amount of property charge payments owed.
Borrowers can benefit from the use of jurisdictional Homeowner Assistance Funds.
Servicers can offer homeowners a repayment plan of up to five full years (60 months) regardless of any prior repayment plan usage.
Servicers can offer the COVID-19 HECM Property Charge Repayment Plan for up to one year after the end of the COVID-19 National Emergency.


To be eligible, borrowers must attest that they have been impacted by the COVID-19 pandemic, which can be a verbal statement to the servicer.

About HECM Property Charge Payments

Homeowners are required to pay property charges as a condition of their HECM. If they are unable to maintain these payments, they are considered in default and their mortgage servicer must advance funds to pay the property charges. Failure to resolve a property charge default can result in foreclosure. To remedy the default, servicers may offer homeowners a repayment plan to repay the advances made by the servicer. FHA’s standard HECM property charge repayment policy only permits 60 months in total to repay property charge advances.

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.

More information about HUD and its programs is available at www.hud.gov and https://espanol.hud.gov. You can also connect with HUD on social media and follow Secretary Fudge on Twitter and Facebook or sign up for news alerts on HUD's Email List.

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09/22/2022

Are you headed for Foreclosure?
The COVID-19 foreclosure moratorium certainly suppressed the numbers, and the foreclosure market is now becoming more stabilized, but that could change again with rising inflation.
The February 2022 filings range from default notices to scheduled auctions and then finally bank repossessions. ATTOM Data Solutions states that foreclosures were higher in 40 states, and that nationwide one in every 5,230 housing units had a foreclosure filing. The highest state was New Jersey, followed by Illinois, Ohio, South Carolina, and Nevada.
Don't ruin your credit with a foreclosure. Call us so we can help get you back on the right track. Save your credit and get back to a good night's sleep.




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