Home Buying in Ocean Grove>Question Details

dewjcnj, Home Buyer in Ocean Grove, NJ

In Asbury Park NJ, so many properties are a short sale. How does one successfully navigate a short sale? Our realtor is so negative.

Asked by dewjcnj, Ocean Grove, NJ Wed Jul 24, 2013

There must be away to make these work!

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With time and patience and the understanding of the risk you take to get such a value. I'm working on 3 short sales right now and there is no way to know ahead of time how they will work out or how quickly you will close. Each sale is different and each bank works differently.
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.
Web Reference: http://Www.dianeglander.com
0 votes Thank Flag Link Sat Jul 27, 2013
Annette, though amusing, is pretty much spot on. If you are excited about buying a new home to live in, then, wait for the excitement to fade. Then, you'll be ready to deal with a short sale. Patience is the key ingredient needed. Some things to make it less painful, is to focus on properties with single lien holders. This means only one lender needs to approve it. Focus on lien holders who are smaller local lenders. They tend to be more human and not as bogged down in stacks of defaults. They also have more reason to clear the defaults off of their books. Most importantly, only deal with people who want to make this happen. There are a lot of short sale properties, if the lenders, sellers, agents, aren't willing or excited to make the sale happen, then find another property, with willing sellers and an energetic agent. That said, still expect roadblocks that you can't fix. I have a short sale deal that I keep pushing on; the seller's agent is not so ambitious; the seller's attorney a bit timid; the lender has one of the worst reputations for responding. Plan B is keeping contingency clauses in place and keep watching for the right property for the buyer. If not this one then another.

Note:
I've seen smaller local banks approve to closing in 30 days;
Cash will usually get you approved and closed quickest;
Patience is golden.
0 votes Thank Flag Link Wed Jul 24, 2013
Good Morning,

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 r.c.villanova@att.net...
Rosemarie Villanova
Vail Realty Asbury Park, NJ
0 votes Thank Flag Link Wed Jul 24, 2013
There is a way to make them work. Short sales are executed EVERYDAY!
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.
0 votes Thank Flag Link Wed Jul 24, 2013
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