Short Sales in NJ

Short Sales in NJ

Looking to Buy A Short Sale in NJ I specialize in Short Sales in Nutley, Belleville, Clifton, Newark, Bloomfield, Montclair, Wayne, West Milford & more……

Are you behind on your mortgage? Need help getting out of your current home, owe more than your home is worth in Belleville, Nutley, Bloomfield, Newark, and Clifton? I can help Call me at 862-228-0554 for a FREE consultation

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I am a sort sale certified agent in New Jersey, I have helped many people negotiate and market short shale properties in Nutley, Belleville, Clifton, Bloomfield, Newark and more… I can help you through the NJ Short Sale process if you are late on your mortgage and owe more than you can sell your home for in New Jersey.

 

Thinking About Buying or Selling A Short Sale in New Jersey?

1. Get help from a short sale expert

A real estate agent experienced in short sales in New Jerseycan identify which homes are being offered as short sales, help you determine a purchase price, and advise you on what to include in your offer to make the lender view it favorably. Ask agents how many buyers they’ve represented in short sales and, of those, how many successfully closed the transaction.

2. Build a team

Ask agents to recommend real estate attorneys knowledgeable in short sales and title experts in NJ. A title officer can do a title search to identify all the liens attached to a property you’re interested in. Because each lien holder must consent to a short sale, a property with multiple liens, like first and second mortgages, mechanic’s and condominium liens, or homeowners association liens, will be harder to purchase.

A title search may cost $250 to $300 up front, but it can help weed out less desirable properties requiring multiple approvals.

3. Know the home’s fair market value

By agreeing to a short sale in  NJ, lenders are consenting to lose money on the loan they made to the sellers to purchase the home. Their goal is to keep those losses as low as possible. If your offer is dramatically less than the home’s fair market value, it may be rejected. Your agent can help you identify the price that’s good for you. The lender will determine whether approval is in its best interest.

4. Expect delays

There are two stages to a short sale. First, the sellers must consent to your purchase offer. Then they must submit it to their lender, along with documentation to convince the lender to agree to the sale.

The lender approval process can take weeks or months, even longer if the lender counteroffers. Expect bigger delays if several lien holders are involved; each can make a counteroffer or reject your offer.

5. Firm up your financing

Lenders will weigh your ability to close the transaction. If you’re pr-eapproved for a mortgage, have a large down payment, and can close at any time, they’ll consider your offer stronger than that of a buyer whose financing is less secure.

6. Avoid contingencies

If you must sell your current home in Bergen County before you can close on the short-sale property, or you need to close by a firm deadline, your offer may present too many moving parts for a lender to approve it.

Also, consider ordering an inspection so you’re fully informed about the home. Keep in mind that lenders are unlikely to approve an offer seeking repairs or credits for such work. You’ll probably have to purchase the home “as is,” which means in its present condition.

So when looking for a Short Sale in  NJ Call Matthew DeFede

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