Bella,
I would first like to clarify a statement that has been made that you may find misleading. There are no exclusive real estate agencies in Sussex County. We all cooperate with each other. Any licensed agent can show you a property that is multiple listed.
Homes in Sussex County are generally selling 93-95% of asking price. This will vary depending on whether the home is priced right, the mortgage is not upside down, etc. 'Subject ot third party" is a term used to indicate that the home is in distress and the offer will need to be approved by a third party. Usually the bank. This would be considered a short sale. The banks are generally accepting 75-80% of the net appraised value. You need an experienced short sale agent and a good attorney. I'm not sure what you mean by a "hidden agenda". There are many many things that can happen with a short sale property. You are generally buying "as is" and it will take a while to get an approval from the bank in most cases. You need will need to be patient.

Oh, my, my my, If I had a dollar for every time this question was asked I'd be rich right now.

There are so many factors in offer price on short sales that it makes my head spin.

In my view, the "right" quesitons to asks are:

(1) havs there been an offers, and if so, what is the amount and ihas it been rejected by the bank

(2) Has ALL the necessarly paperwork been filed with the bank (ie, letter of distresss, loss mitigation deparment been contacted, etc.)

Just recently I called on two (2) advertised "short sales" within which my buyers were interested and both agents openly admitted that they had no clue as to where their client stood the bank. Huih?, list it as a short sale and have no clue? R u kidding me? I also just learned of a preganant woman who put an offer in an a short sale, waited 6 mnths to close, expected to move in bebfore the baby came along only to learn that the baby came and the bank insisted on more money than had been advertised. This certainly doesn't make us realtors look too good.

Having recently attended a short sale seminar wherein I was deemed a short sale speciaialist (NOT?!), what I can tell you is that the most secure short sales are those where the banks have already approved an acceptable "market value". Supposedly, there exists a market value formula acdepted by banks. I'm also told that savvy relators are asking their investors who have the cash to put up to place such an offer as a means to determine that acceptable value.

Francesca Patrizio, Realtor, ePro

Hi Bella.

I actually work for Mountain Resort Properties, the exclusively agency for Great Gorge Village. I would assume it's where you are looking based on your description and price point. There is an amazing deal right now on a short sale, one bedroom loft with granite countertops and all the updates. There's no hidden agenda. Short sales are popular now and you can get a nice deal if you are not in a rush, as short sales must be approved by the bank and need some time to close. If you would like more information, please feel free to give me at call at 973-418-3427 or email me at dwhite@crystalspringsbuilders.com.

Best Wishes,
Darlene White
Realtor, Sales Associate
Mountain Resort Properties

Bella,
If you see a property listed with "subject to a third party", it could be one of 2 things: a bankruptcy filing that needs approval from the judge or what is considered a preforeclosure (short sale). Odds are, it's probably a short sale situation as we are seeing a lot more of these lately in this area. It is up to the "third party" as to how much they are willing to accept. If I were acting on your behalf as a buyer's agent, I would tell you to come up with an offer that you feel comfortable with first. If it is a deeply discounted offer, then be prepared for a long process. You probably won't get an immediate response. If they say "no", you can always improve your offer. If you really want the property, be patient. You may be able to get a good deal on it, but if you are dealing with the banks, they are swamped and the process is long. And there is no guarantee that you will get it in the long run. Do your homework up front so there are no surprises should you move forward and get your offer accepted.

Good luck!
Lisa Tempesta, Broker-Salesperson
Realtor® -Associate
Coldwell Banker Residential Brokerage / 2200 Rt. 10 West, Parsippany, NJ 07054
(973) 267-3030 x 129 / (973) 267-4161 fax / (973) 668-6322 cell
skype id lisa.tempesta / text 9736686322
connect with me on linkedin.com / plaxo.com / facebook.com

Thank you for your replies.

No hidden agenda - sounds like a short sale and cannot be approved by the seller only but by the bank. The process is fairly simple as a buyer. Make your offer and wait until you get word back from theparties involved. And be patient - the response time is somewhat long.
If you do not make an offer, you will never know where it can go. Any questions please contact me.
Jeff Halpern http://www.Prudentialnewjersey.com/jeff.halpern