Home Buying in 07054>Question Details

amishanaik81…, Both Buyer and Seller in Parsippany, NJ

How to Find Bankruptcy or Short Sale house in Lake Parsippany Area ?

Asked by amishanaik81@yahoo.com, Parsippany, NJ Fri Mar 1, 2013

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Hello Amish,

We just have one property under contract in Lake Parsippany area. Please let us know If you need any additional information on any short sales.
0 votes Thank Flag Link Mon Jun 1, 2015
Your best bet is to find a local real estate agent that knows the area. I am a local realtor that not only sells in Lake Parsippany, but also grew up there.

The question for you is, why are you looking for these type of homes? Do you feel that they are the best value at this time?

I would be happy to advise you of some other ways in which to get a "good deal" on a home within the area. We don't tend to see bankruptcy homes these days, but we do see short sales and bank owned properties. Not all short sales/bank owned homes are as much of a value as they used to be.

Please contact me at: realtorschuck@gmail.com and I can explain the different options and what would work best for you.
0 votes Thank Flag Link Sat Mar 16, 2013
A Short Sale is where the Bank has agreed to take less than what they are owed, when the property sells. The List price does not always reflect what the bank is willing to take. As a result, some skilled negociating will be needed to bring the parties together.

Interview a few Agents who know the area.
Our office is in Mountain Lakes, just around the corner from Lake Parsippany.
Let us know if we can help
0 votes Thank Flag Link Sun Mar 3, 2013
Most people interested in short sales are really just looking for a "good deal" of which short sales are one kind. There are at least 3 other types of unique motivated seller situations that typically can be a source of a below market home purchase. Each have their advantages and disadvantages and requre a Realtor with specialized experience to help their client get it right.

If you want to learn more come to one of my free seminars at our office in Morristown, NJ where I discuss all of these situations. The seminar is:

All About Short Sales & Foreclosures"
Selling or Buying: Learn The Secrets & Learn The Facts

Saturday March 16, 1pm-3pm

Call 973-563-9722 or email me at lyle@wolfrealtygroup.com to reserve a space.
If you can't make this date we have 2 dates in April that might work for you.
0 votes Thank Flag Link Sat Mar 2, 2013
You need to find a good realtor to work with who is experienced in Short Sales. Bankruptcies are more rare, however. It's really a matter of negotiating with the bankruptcy trustee in addition to the owner, very much like a Short Sale, but I think the chances of getting a good deal are probably greater with a short sale. The Trustee is going to insist on getting as close to market value as possible so the money can be used to satisfy the creditors.

Banks, on the other hand, tend to understand they need to discount the property at least a little bit in order to get it sold due to its being considered a distress sale. And even the banks are not offering discounts as deep as they were.

If I can help you, please feel free to contact me at smacdowell@kw.com. I am a certified Short Sale and Foreclosure Resource. I will do what I can.
0 votes Thank Flag Link Fri Mar 1, 2013
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