Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-228-1000 ext 132 (office)
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.
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
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.
Go to http://www.BruceCanHelp.com
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!
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.
I'd solicit your business but I see you're already working with an agent and that's not how I roll....
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.
Your Realtor can give you guidance on properties that may be available at favorable prices.
Good luck, Jim Miner
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.
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.
Short Sale Specialist
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.
Resources Real Estate
112 E River Rd, Rumson NJ 07760