National REO Broker Association (NRBA) Member
Certified Distressed Property Expert (CDPE)
Platinum Equator & RES.NET Certified
794 Penllyn Pike, Ste. 120
Blue Bell, Pa 19422
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.
Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
Cell (973) 590-0142
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.
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.
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.
"Antoinette" Scognamiglio, GRI
Prudential New Jersey Properties / Morristown Office
Office: 973-538-5555 x 305