Home Buying in 07866>Question Details

Matt Gentile, Home Buyer in 07834

What is the best information source for short sales in Morris County, NJ?

Asked by Matt Gentile, 07834 Thu May 21, 2009

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Matt, not only do you need a good real estate agent, but you need a real estate agent that understands how a short sale works. More importantly, an agent that can not only find you the short sale, but close the deal. As a Realtor specializing in foreclosures and short sales I have found a major disconnect in the ability for a majority of agents to get a short sale closed. Many listing agents take listings that will never close because they don't understand the process. This can be avoided by teaming with a buyer's agent that will quickly identify problem transactions and keep you out of lengthy transactions that will not end up successful. Many of the comments in this post refer to the frustration level that often stems from doing a short sale. Again, that can be avoided by working with properly trained people. I would encourage you consider working with a Realtor that holds a CDPE Designation (Certified Distressed Property Expert). You can visit the website and search for top notch short sale agents that truly understand this unique aspect of real estate. I wish you the best in your venture. Feel free to contact me in the event you need further assistance. My team also services NJ.

Chris Nelson
RE/MAX SERVICES
National REO Broker Association (NRBA) Member
REOMAC Member
REOBroker.com Member
Certified Distressed Property Expert (CDPE)
Platinum Equator & RES.NET Certified
794 Penllyn Pike, Ste. 120
Blue Bell, Pa 19422
215.641.2500 Main
215.641.2542 Fax
484.576.7430 Cell*
0 votes Thank Flag Link Sun Aug 11, 2013
A good real estate agent, plain and simple. They have access to the Multiple Listing Service where all short sales that are available for purchase are posted. Short sales cannot be purchased until they are listed by a licensed realtor and posted on the MLS, so if you are looking to purchase one, a real estate agent is really your ONLY source for good information.
0 votes Thank Flag Link Sun Aug 11, 2013
Matt

You might find this information useful:
http://www.trulia.com/blog/lyle_wolf/2010/08/what_every_buye…
0 votes Thank Flag Link Thu Sep 9, 2010
Hi Matt,

All the answers below confirm that if you are serious about short sales, you really cannot be successfull without a realtor. First off banks often don't even want to talk direct to buyers. Find one or a couple of realtors with short sales experience and start learning from them and working with them. Short sales come in many different flavors and one may be right for you. If you're interested in learning more about foreclosures and bank-owned properties, my broker is holding a buyer's seminar where you can ask all your questions and more regarding these types of properties and how to finance them on June 9th in Cranford in the evening. e-mail or call me and I'll get you registered as seating is limited at some 175 and these go real fast.

Sincerely,

Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
Vollenberg@iname.com
Cell (973) 590-0142
0 votes Thank Flag Link Fri May 22, 2009
Hello Matt,

Realtors are a great source of information on all things related to Real Estate, so if you are interested in purchasing a home in Morris County please contact one(including me, of course). That written, are you a serious buyer and if so, are you only considering properties that are in a Short Sale situation? These are certainly a hot topic right now and there are some bargains to be had but if you are looking for a home to live in you may want to consider the entire inventory of homes available. I won't ramble on because this may not be your primary motivation, but just consider that if you are indeed looking to get a good deal, many home sellers, not in a Short Sale position, are highly motivated.

Best of luck with your search. Please let me know if this was helpful.
Web Reference: http://www.RandyHurley.com
0 votes Thank Flag Link Fri May 22, 2009
Matt,

Maria answered your question the best. You really do need a realtor. We are constantly learning about Short Sales. I personally have yet to have one go together where my client did not get frustrated with the waiting process and moved on to something else that they have bought and closed on already. I know you as the consumer feel these are great buys and they are. But what most don't understand is that the home is normally priced below market value already and we have buyers trying to steal them under that number as well. I can tell you most that I have seen go at or above asking price. You also really have no negotiating power. It's highest and best and wait and wait and wait.
Unless you really don't care if you get a house or not then by all means this is the way to go. But if you are a serious buyer and want a home you're better off buying one that is NOT a Short Sale.
Web Reference: http://www.caltamuro.com
0 votes Thank Flag Link Fri May 22, 2009
Hi Matt,

Your best source for short sales in Morris, or any County, is a real estate agent. Predictable answer coming from a Realtor, but it's true. To single out by the County you're interested in, all properties available for sale are listed on the Garden State Multiple Listing Service. Short sales must be identified as such within the body of the MLS description. Having said that, the GSMLS has not, to date, provided a field so that real estate agents may single out ONLY short sales. (They do need to get 'with it,' however, as short sales have become an entity unto themselves. I've already asked them to add SHORT SALES to the search criteria and await a response.)

Being that a short sale is a transaction where approval from the lenders is required, because the homeowners owe more on the home than it is currently worth, a real estate agent with EXPERIENCE SUCCESSFULLY HANDLING SHORT SALES is vital to your success. There are critical steps that the agent representing you has to take, otherwise the effort is a big waste of everyone's time. Not every agent is savvy enough or DILIGENT to the point that the correct procedure will be followed, so choose your agent wisely.

It's very frustrating to have invested time, energy and money (inspection fees, etc.) and fail in the process. If you'd like to discuss your housing requirements more fully, please feel free to contact me, Matt.

Best regards,
"Antoinette" Scognamiglio, GRI
Sales Associate
Prudential New Jersey Properties / Morristown Office
Direct: 201-240-8699
Office: 973-538-5555 x 305
0 votes Thank Flag Link Fri May 22, 2009
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