Home Buying in Long Branch>Question Details

Joe L, Home Buyer in Long Branch, NJ

where can I find a listing of Short Sales in NJ?

Asked by Joe L, Long Branch, NJ Sun Apr 20, 2008

Help the community by answering this question:

Answers

18
I can help you with that if your looking in North Jersey, I would have to pull the records from the MLS and send them over to you.
Web Reference: http://www.njproperty.info
1 vote Thank Flag Link Sun Apr 20, 2008
Hi Joe. As stated by Karen - almost all short sales are listed with realtors. The banks actually prefer dealing with the agents as opposed to the sellers on short sales. If you are looking in Long Branch and/or South Jersey I suggest you work with a buyer's agent who can help you find short sales. If you are looking in North Jersey, please contact me and I can help you. Is there a particular reason you are looking for a short sale? Short sales are not always the best route to go. It is sometimes a long process especially if the bank has not yet approved a price range in which they will work out a deal and the houses may not always be in the best condition. You should keep all your options open. Good luck. If you have any questions, feel free to contact me.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
Caldwell
973-228-1000 ext 132 (office)
973-715-1158 (cell)
GinaChirico@PruNewJersey.com
1 vote Thank Flag Link Sun Apr 20, 2008
Most short sales are properties that are listing in the multiple list and are for sale through realtors. What is happening is that the mortgage that is owed is (or potentially is) greater than what the sellers expect to net in the current market. The bank needs to feel that the property was marketed properly and is being sold for market price - and the best way for that to happen is for it to be listed in the MLS. Most realtors should be able to do a search in their local MLS and give you properties that are being sold as a short sale. If you need any help finding someone good in your area, please email me and I'd be happy to give you some personal recommendations. Karen.Lampiasi@cbmoves.com
1 vote Thank Flag Link Sun Apr 20, 2008
Here is a new way to look at finding short sales. Simply look at all homes purchased in 2004-2007 with an FHA or Va loan. FHA required as low as 3.5% down and Va loans as low as 0% down. The market has had such a sharp drop since then that all of these loans are probably upside down. For Middlesex and Monmouth Counties I can generate that list.
There are also list around of homeowners that have missed 3 payments. These owners are also probaly upside down. Lastly, each town holds a tax lien sale every year. The homeowners on this list are also most probably upside down. Call me for these lists, or better yet attend one of my classes.
at http://www.BestSchoolofRealEstate.biz

You can also get more information at http://www.BruceCanHelp.com
My phone number is 908-202-5738
or Email me at Jerseybest@msn.com
Web Reference: http://www.BruceCanHelp.com
0 votes Thank Flag Link Tue Sep 25, 2012
Hi Joe you can find a few Websites that offer information about properties that are in pre foreclosure. I could mention a few but so not to be bias I would recommend you just do a google search. These sites may not be free but sometimes theory offer a free trial subscription.
A home that could be a possible short sale is a home that is listed for less than the homeowner owes the bank.
Another source of information of this type of property is a local real estate agent. If you are buying you would have the best representation of you use an agent that is Short Sale Resource Certified or SFR and an Accredited Buyer Representative or ABR.
If you need a recommendation just reach out to me. Best of Luck.
0 votes Thank Flag Link Mon Sep 24, 2012
Banks prefer to have a property listed to make sure that it is an arms length transaction. Bank of America is now running a program through Dignified Transition Solutions that works pro-activly with sellers behind on their mortgage. Contact me to find a list of those properties.
Go to http://www.BruceCanHelp.com
0 votes Thank Flag Link Sun Sep 23, 2012
You can try freenjsearch.com
Web Reference: http://freenjsearch.com
0 votes Thank Flag Link Tue Feb 1, 2011
Joe, there are no particular listings of "Short Sale Properties". All properties are listed together under what is called a "MLS Listing" which only a agent can pull for you. On the MLS Listing, it shows, FC, SS and Regular Purchases.

Another source:

Search through http://-www.homedatabase.com." target="_blank" rel="nofollow">http:// http://-www.homedatabase.com. This is a good place to start looking on your own, however, if you are only interested in "short sale" properties, you must understand that you have to have a Real Estate Agent involved in the transaction. A Good Real Estate Agent who knows how to handle short sales.

Another tip. To assure that you have a good offer on the property? Make sure that the property listed is at the FMV (Fair Market Value). Not what the homeowners wants to list the property for, not what the agent feels the property is worth; LISTED AT THE ACTUAL FAIR MARKET VALUE! You have greater chance of an approval if the property is listed at FMV. At this point, the buyer can make their offer of 90-91% of the FMV to the investor. NOT THE BANK! THE INVESTOR OF THE SELLER'S LOAN.

Example: If the property is $485,000.00, your offer should be 436,6500.00.

Lenders 90% Fanniemae and Freediemac 91%

PMI and MI Companies 91%

Some lenders will do 80-85% (Better chances are 90-91%) Lenders and Investor and PMI Acceptance!

Anymore questions, contact Thomasina Singleton, Short Sale Specialist in All States!
0 votes Thank Flag Link Sat Oct 9, 2010
@ Paul, NO!
The reason being the house is not REO meaning it has not already been foreclosed and is now bank owned, the home owner has the say over the bank on any offer that comes in. A bank cannot accept a sales contract which the seller has not fully executed with a buyer. The bank is not selling the property, the home owner is, the bank is just working with them so they can possibly sell it for less than the seller owes on it.

If there was another offer on the property the bank turned down, the seller and their agent know your offer may be lower than they are willing to accept and tell you NO.

They may also just think it's too low of an offer thinking the bank wont accept it and want to get a higher offer and thus countering your offer.

Are you sure this is a short sale, if so and IF they didn't already have an offer declined for being too low the sellers agent may be inexperienced with short sales. I say this because I can care less what the first offer is when selling a short sale property, I just want to get the ball rolling with the bank so the review process gets started and a negotiator get's assigned, this is the process that can take a very long time. If a better offer comes in later I would then pass that one on to the bank as well so you may then be either countered or your offer declined and then the bank takes the other.

That's how the agent is suppose to handle these transactions UNLESS of course they already know your offer is unacceptable to the bank already.

Good Luck...
I'd solicit your business but I see you're already working with an agent and that's not how I roll....
0 votes Thank Flag Link Sun Mar 28, 2010
I'm interested in purchasing a short sale house my wife and I found with my Realtor who is familiar with short sales. The situation is that the short sale house is being sold by another realtor who is very difficult to deal with. We made an offer with a signed agreement and $1000 check a promise to buy for the price the realtor had it listed online. My realtor reached out to her to find out the status but she and her realtors office did not answer for 3 days. Finally the realtor called my realtor back and told him she put in a much higher offer to the bank for a short sale. I just wish she would have given us a chance to make another bid but I get the impression she was very unproffessional and unfair. What can I do? Can I find out who the bank is, so I can go directly to the bank? I really like the house.
0 votes Thank Flag Link Sat Mar 27, 2010
There are a number of place that you should check all on the internet. First, I would check Craigslist, the real estate for sale column. We personally place many of our newly approved Short Sales there. Also, check our site: http://www.ehomeassistance.com, you can find some there too. Good luck!
0 votes Thank Flag Link Wed Feb 24, 2010
There are a number of place that you should check all on the internet. First, I would check Craigslist, the real estate for sale column. We personally place many of our newly approved Short Sales there. Also, check our site: http://www.ehomeassistance.com, you can find some there too. Good luck!
0 votes Thank Flag Link Wed Feb 24, 2010
What is a short sale? A short sale is not a type of property or listing. The term short sale refers to the situation when the proceeds from the sale of real estate are less then the total of all liens on that particular property.
How to find short sales? Finding these properties is very easy. Just go to the multiple listing service that covers the area where you would like to purchase. It is required that the listing agent disclose in the listing information if the property is a short sale. Purchasing a short sale is tricky and I suggest you work with a short sale certified agent.
0 votes Thank Flag Link Thu Feb 4, 2010
Joe, once you decide the area in which you wish to purchase, find a Realtor that is knowledgable about that area. Don't limit yourself to Short Sales, though. There are lots of good deals out there right now, and sometimes you can do better on a regular purchase from a motivated seller than you can on a short sale.

Your Realtor can give you guidance on properties that may be available at favorable prices.

Good luck, Jim Miner
Web Reference: http://www.buyerslawyer.com
0 votes Thank Flag Link Wed Sep 23, 2009
I would definately suggest you work with a Short Sale Specialist in your area.
0 votes Thank Flag Link Tue Sep 22, 2009
There is no short sale master list if that is what you seek, the closest you can get to that is by searching for properties in the MLS. Most of the cheapest ones are short sales, not always but for the most part because the seller can care less how much it sells for as long as the bank approves the price and accepts the offer.

The best advice I can give is to call an agent you trust and begin searching with them side by side with an in office consultation.

If you'd like to search for possible short sales you can buy access to lis pendens lists which show people who are behind on their mortgage payments where the bank has began the foreclosure process by filing a lis pendens but these lists can be expensive.

Good Luck
0 votes Thank Flag Link Tue Jul 14, 2009
Hi Joe,
Most short sales are listed in the local multiple listing service. However, I receive phone calls each and every day from homeowners who are thinking about selling their home short. Having a relationship with a Realtor who has short sale clients contacting him each day seems like the best resource. I have negotiated short sales in states outside of New Jersey as well. Let me know if I can be of assistance.

Regards,
Sal Poliandro
Short Sale Specialist
201-259-2187
Web Reference: http://www.shortsaleguy.org
0 votes Thank Flag Link Fri Jun 20, 2008
Hi Joe,
As far as I am aware, there is no published list of short sales in Monmouth County (similar to the sheriff's list for foreclosures) but there are many properties which are advertised as short sales in the MLS. If you are interested in receiving these available listings please contact me and I'd be happy to keep you up to date on what comes on the market.
Thomas McCormack
Sales Associate
Resources Real Estate
112 E River Rd, Rumson NJ 07760
tom@thomasmccormack.com
0 votes Thank Flag Link Mon Apr 21, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer