I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."
And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.
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With a short sale, the purchase of a short sale home will be an "as is" sale. The owner will not make any repairs to the property so your offer should reflect any costs associated with necessary repairs that you will need to make.
There are currently two short sales in South Brunswick. If you like, give me a call or email me at firstname.lastname@example.org, and I'll send you the listings.
New Jersey Realty, llc
There are very few short sales and foreclosed properties in South Brunswick. However, there are few good regular sales in south brunswick which are considered very good Investments.
Will be more than happy to assist you. Give me a call at my Cell# 732-277-9321.
Give me a call. I'd be happy to help.
Realtor, Sales Associate Selling in NJ & PA
Keller Williams Princeton & Delaware Valley Realty
Office: (609)987-8889 Ext.1328 Cell: (347)782-2036
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