What's a Short Sale and how do you acquire one in NJ

by Carolyn Rogers on March 3, 2012

Short sales in New Jersey can give home and property buyers a good bargain. Short sales are given away by their costs, when they seem much too low for the value of the property. This could be kind of difficult to tell in the current day's decline of property value, but simply compare that property to other similar ones in the area to determine if it could be a short sale or not. A question to the agent who lists the property will reveal for sure whether the properties you?re taking a look at are short sales in New Jersey, or if the prices are low for other reason like the necessity for repairs or poor location.

While short sales in New Jersey are designed to sell fast for slightly less than the value of the property, sales don?t always run as smooth as that. Consider the bank is probably sad about the short sale, and the home purchaser who cannot make the home loan payments came into the idea in a state of need. When short sales in New Jersey take place, that means the purchaser can?t make the payments and has convinced the bank to sell the property for slightly less than its' worth. This helps the lender sell the home to someone who will send payments, and can help to keep the purchaser from being foreclosed on or having to file insolvency, if that?s even possible.

The very first thing to consider about short sales in New Jersey is that the price that?s offered is generally pretty near to the price the lender is expecting to get. So low-ball offers will probably be denied abruptly. And short sales in New Jersey aren't always as the buyer can?t pay. It could be a case of the property being over-valued originally, or that the price has dropped, even while the buyer is current.

It?s crucial before you consider buying short sales in New Jersey that you know the history of the property. Look thru official records to find out who the title holder is, whether a foreclosure has been initiated and how much cash is owed on the property. Having this data, especially about how much is owed, can give you the edge when making offers to the bank. In cases where there are 2 loans on that property from two lenders your offer must be higher in order to make it work, so you may want to look at other short sales in New Jersey for better bargains.

You?ll want an agent working for you that?s handled many short sales in New Jersey to bypass the things that may drag down negotiations and closing’s, and ensure you get the proper chase up across the full process. And a professional agent can help protect you from short sale stings, like the house buyer who?s behind on the mortgage payments insisting that you need to pay her a fee so as to be well placed to purchase the short sale, which is outright fraud. Get a good agent and protect yourself when purchasing short sales in New Jersey.

The method of purchasing a short sale in New Jersey can save you lots of cash if you do it right. To learn more stop by and let our short sale experts help you.

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