Just sold one in Teaneck . I am specializing in forclosures and short sales. Give me a call 201-206-1188 Anna

There are 2 keys to a successful short sale - a real estate agent who will work hard to negotiate with the bank and an asking price that will secure a contract price that a bank will accept. If you don't have both, you won't be successful.

Short sales are extremely difficult and require a tremendous amount of time negotiating with the bank and often most of that time is spent in just getting to the Loss Mitigation official who is in charge of your loan. To find such an agent, I suggest you interview several and prepare questions in advance. Your attorney can also suggest agents to contact based on his/.her experience with a short sale - ask your attorney if he/she has been involved in a short sale and whether the agent in that transaction did a good job. You don't want the attorney to give you a name of a real estate agent who's good, you want the name of a real estate agent who's been successful at short sale negotiations with banks.

Now, a word about this - there are all sorts of charlatans out there promising to have "special" abilities to do short sales. This is not true - short sales require hundreds of hours on the phone and expert negotiating skills. There is no quick, easy or special way to do them.

Putting your home on the market at the right price to secure a contract that a bank will accept is also key. You really don't care about getting the best and highest price - your objective is different. What a bank will accept is a function of the loan amount and also of where the market is at - again, here you need an agent who's expert at short sales. Banks will readily accept 75% of the loan amount but because this is often above the home's value, they are now taking lower figures. So price your home very aggressively to get a contract as soon as possible at a figure that you can justify with comparables that your agent will send to the bank with the offer.

For example, if you owe $500,000 and your home is worth $350,000, price your home at $310,000 or $300,000 to get that price. Keep in mind that values are still softening and by the time your agent gets to the Loss Mitigation officer who will recommend your contract to the bank committee, there will bound to be sales to justify your contract. So, price the home very aggressively, below market to get an offer as long as you do not go below 50% of the loan amount owed.

Again, talk to your attorney first before you do anything. I am assuming that you will work with an attorney who is very experienced with short sales.

One of New Jersey's foremost experts on short sales is Josh Elkes of Direct Title. I know Mr. Elkes well and have attended several of his seminars. He can recommend an attorney to you and will give you excellent advice. You can reach Mr. Elkes at 973-618-0900.

To sum up - you need people with expert knowledge and experience at doing short sales and you need to price your home so aggressively that you capture an offer now that a bank will accept. There is no point in trying to get the highest possible offer - your goal is to get the short sale approved so that you do not end up with a foreclosure. During this process, there is no need to move out of your home. I cannot emphasize strongly enough how important speaking with an expert attorney is for you. Call Mr. Elkes for his recommendation as he works with attorneys who do short sales all the time.

Century 21 On the River Realty in Edgewater, NJ is the premier short sale specialist in the Bergen County area. Our office has over twenty years of combined short sale experience. We also have the experience of our national office that has created several lists that we can use to consult with homeowners who are having difficulty making their mortgage payments. These materials help us walk through the 8 different options that homeowners have to avoid foreclosure and determine which route is best for their needs.

Please feel free to call or email me today and I can set up a free consultation so that we can go over your options and determine which option is best for you and discuss what you need to know about selling your property as a short sale.

I currently have several short sale listings and my offices closes short sales regularly. I work hand in hand with an attorney who will handle your case from day one.

Hi there,

Sounds like you need some real answers to some urgent questions. Give me a call or shoot me an e-mail. I do REO and short sales on a daily basis and can definitely lend you some of my expertise at least or help you get to a resolution of your situation as fast as possible.

Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
Vollenberg@iname.com
Cell (973) 590-0142