If you need representation from an experienced agent or just need specific questions answered, feel free to reach out to me. I've received my SFR designation from NAR and have completed many of these sales successfully. Closing anywhere from one month to 3 years.
I've seen smaller local banks approve to closing in 30 days;
Cash will usually get you approved and closed quickest;
Patience is golden.
Of course they do work and there is no specific way to make them work better, although I am sure several others would tell you there is ...It really all depends on the Bank you are dealing with, the person from the bank you are dealing with..., Time and Patience you are willing to devote to reaching an agreement with the Bank or Banks involved! Many are closed every day ....You will also need a Realtor who is very familiar with short sales and an attorney who specializes in Short Sales... With this said....Go for One! You can reach me by Cell @ 201-681-3536 or email me at firstname.lastname@example.org...
Vail Realty Asbury Park, NJ
But success is neither easy, convienent or SHORT!
Top 10 REASONS not everyone is a candidate for purchasing a short sale.
Some of the qualifiing criteria is:
1. Can you wait..FOREVER?
2. Are you able and willing to raise your purchase offer to 90% of market value?
3. Are you the FIRST offer accepted? (Only 30% of FIRST offers succeed)
4. Are you working with the listing agent or have a buyers agent representing you?
5. Do you have cash reserves to supplement your purchase offer?
6. If financed, do you have the cash reserves to PAY the differnce between the negotiated price and the appriased amount.
7. Will your lender ALLOW you to PAY the appriasal difference.
8. Do you 'love' the house?
9. Do you currently own a home?
10. Everything your Realtor(r) said about short sales will prove to be true. Will you look for someone else to blame?
Have a meet up with your agent and get down and gritty about short sales. SUcess is possible.
It won't be pretty. It won't be kind. You will be abused. You will be neglected. You will be treated less than human. Aside from those inconvienences...shorts sales are a real joy, a gift that keeps on giving.