John Sacktig, Broker, East Brunswick, NJ Kenji -
For the average agent that does not understand the process or what is involved in making an offer, how to follow up, whom to contact and does not have the time or understand the time management necessary to complete a successful transaction, Short sales can be daunting task.
If your agent is showing signs of weakness in the knees when it comes to your short sale possibilities, I suggest you find and agent that understands the process! Short sales are not "headaches" if you know what you are doing, and there is no "luck" involved. Experience is the short sale process is key!
Look for an agent that is SFR certified (short sale and foreclosure resource) not that this is the cure all certification, but you will be in more qualified hands.Give a call or send an email and we can discuss further, if you are not looking in my area, I can help you by directing you to an agent that is qualified to help!
Broker / Manager
SFR Short Sale and Foreclosure resource
Number one, it's important to interview the agent as you would any other because you will need to get an offer on the property first, or you cannot go forward with your short sale. Find out what their marketing strategy is. This will probably be one of the most important factors.
Also, if your property needs work, find out if the agent works with investors. Not all agents know how to work with investors properly which could possibly mean you missing out on getting the property closed and getting this out of your hair and behind you.
It's also important to know whether or not the negotiating is done in house, by an attorney or a loss mitigation company. If the agent's do the negotiating in house, find out what their success rate is. If they have an established relationship with these lenders and have done short sales with them before, this could mean a much quicker process for you because they have an established relationship.
CDPE has a phenomenal course for real estate agents on how to do short sales. I would recommend looking to see what agents are in the area that have taken that course.
Here is the link http://www.cdpe.com/find/cdpe I wish you the best of luck.
Since the market tanked in 2007 I have been working a-lot of short sales every year. I would be happy to help you sell your house or buy your dream house that is involved in a short sale. However if you have already signed a listing agreement or a buyers agreement then I am sorry but I will not be able to help you at this time.
Please give me a call on my cell, or shoot me an email. I look forward to speaking to you.
Not all short sales are the same. Every bank and every investor requires different criteria to qualify.
Short sales are not easy. Most of it depends on the type of investor involved and review of the property in question.
Contact me at your convenience and I will discuss your situation... Buyer or Seller!
There are some answers here about short sale http://www.sellitfast123.com
Search foreclosures and short sale here: http://www.BuyNJShortSales.com
"Nobody Sells More Real Estate than RE/MAX"
Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips
Larry Sarlo When you want it Sold Fast!
609-868-1171 call / text / email 7 days
Thank you for your question.
I will be happy to assist you in the purchase of a home. Short Sale or not. I can undertand why your current Realtor has no desire to do Short Sale. They are a headache but sometime you may get lucky. The banks are being unreasonable regarding the actual value of the homes being sold.
Call or email me if you would like to discuss the process. I can be reached at 609-313-8518 or firstname.lastname@example.org
Ines De La Cruz, Realtor, ABR, CRS
View all the homes in NJ visit http://www.inesdelacruz.com
Short Sales can take up to 6 months to even get an answer from the bank whether or not they accept your offer. In the meantime, you are in contract and cannot purchase another home.
You have to accept the home in "As is" condition. No repairs will be made. This can be costly.
You have to obtain the Certificate of Occupancy from the Township. Nominal fee for application but some towns require new sidewalks, new driveway, railings, paint, etc.
Most banks expect to get only 10-15% less than fair market value. They will have the home appraised and want to get close to its worth. If the home was financed FHA, they expect a % of what is owed PLUS expenses.
You cannot lock in your interest rate on your loan more than 60 days prior to closing so you could miss out on great rates that are expected to rise.
Many times what you save is not worth the aggravation. You should weigh out all possibilities: can you afford to wait for the bank to respond?