YES... if you need to close on time, then short sales are not for you, they can be long and are not guaranteed. You can spend some money on inspections and mortgage related items to get a no and have to start over. First the seller has to be even approve dto do a short sale, then the sellers bank has to approve the price they sell at. the bank will not want to see a sales price much below market value, so you do not really get a bargain for the stress... more
Asking a Realtor if he has any short sales or foreclosures deals is the same as asking if he has any homes for sale. There is an abundance of short sales and foreclosures available. The real question if what type of property are you looking for. Do you want to do a rehab or only cosmetic fixes, one-family or multi-family, and also your investment strategy, do you plan to buy and hold or buy and flip (yes flipping still works). And of course your price range and method of financing (cash or mortgage). Get an experience Realtor to help you in this process. If you need my assistance please contact me.
Violet - For some reason the "6 month part" didn't come up on my phone. But I checked the multifamilies (2-4 families) on my laptop. As I stated, in the last 6 months the majority of retail sales have been new and newer construction (built post 2000?). Most of them were in North Newark and the Ironbound section.... more
Cash for keys is a cash settlement the bank offers an occupant in a foreclosed home to vacate the property in a negotiated time frame. If the property has not been foreclosed on yet, then the owner is still the current homeowner not the bank.
For more information on this, please read my blog
I agree with all of the responses, below. This is a question better asked of an attorney.
NOTE: If you fail to find an attorney that will readily address this question over the phone (requesting that you come in for a consutation and charging you for same), I'd contact the National Bar Association for an attorney referral. Attorneys who have open themselves up for recommendation by the Bar have typically also agreed to only charge $50 or so for the first 30 minutes of consultation.
rancesca Patrizio, Realtor Associate
NJAR Circle of Excellence '06-'07
REALMART REALTY - An AFFORDABLE Way to Sell your home
Ranked #15 of 436 Real Estate Brokers in Monmouth / Ocean County... more