Home Buying in Roselle>Question Details

Cpatterson120, Other/Just Looking in Orange, NJ

It appears that nearly all homes for sale in Roselle are short sales. Even those that aren't listed on sites like Trulia as short sales turn out

Asked by Cpatterson120, Orange, NJ Sat Feb 4, 2012

to be Should I wait a year for the market to change, or do you think it will only get worse? I just want a straight buyer to seller transaction.

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Jeanne Feenick (908) 337-0943’s answer
BEST ANSWER
Hi there - a quick check of the MLS shows that 56% of the 260 actively listed properties in the combined Roselle Boro/Roselle Park are short or bank-owned. There is a classification in the MLS, "lender approval required" that makes it easy for an agent to search the field - to either target or exclude them.

While 56% are distressed, that means that 44% are not. So there is a slice of the market that is a straight up buyer/seller transaction and you can bet that the high proportion of distressed deals are weighing on their value. That means that you may well get a very good deal on a traditional transaction and avoid the hassle of a short sale, which can be time consuming, cumbersome, and ultimately uncertain. Bank-owned are more like traditional deals in their timing.

In terms of waiting, if you are in the position to buy, I would give it a shot. Prices are good, borrowing rates are so good as to almost be silly. Distressed deals will likely not go away in a year.

Good luck to you,
Jeanne Feenick
Unwavewring Commitment to Service, Unsurpassed Results
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Feb 6, 2012
Not sure what the future holds but short sales are very much "the norm" in today's market. Some areas of higher percentage of short sales on the market and other areas have less. Same goes with price ranges too. Sometimes in a certain price range there are a ton of short sales but in a different price range less. Are you stuck on buying in Roselle? Have you tried other areas? Do you know enough information about short sales to know that you don't want to buy one? I come across a few buyers who were either misinformed or worked with agents who told them not to buy a short sale or wouldn't show them short sales so the buyer had a "bad taste in his mouth". If that's not the case with you and you are adamant about not wanting a short sale, you may need to change towns or price ranges. Sometimes changing towns is more practical.

Good luck.

Gina Chirico, Sales Associate
Lattimer Realty
0 votes Thank Flag Link Sat Feb 4, 2012
Unfortunately none of us can predict the future, therefore if you need to buy and are ready to purchase, no reason to wait. Since most short sales don't show as such, do consider working with an agent of your own; he/she can provide suitable listings, any ncessary information, schedule showings, etc.; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sat Feb 4, 2012
Greetings Cpatterson,

Unfortunately we are in a buyer's market and the short sales are the result of the housing down turn from the "mortgage meltdown". It's hard to say that if you wait to sell in a year if the market will be better or worse because of a large amount inventory for sale. If you owe more on the house than what the home is worth, then you will likely need to consider a short sale to sell.
0 votes Thank Flag Link Sat Feb 4, 2012
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