A home is only worth what a buyer is willing to pay. A seller can make the decision of what it will take to make him sell his home. If he is not in desperate need to sell, he can hold out as long as he wants. Historically, chances are good that the first offer is often times the best offer.
If you are considering selling your home, the importance of pricing it properly can not be stressed enough! An improperly priced home will languish on the market and become stale. Consult several real estate agents and ask that they bring you comparable sales for the last three months on properties similar to yours. This will help you get a good idea of what a buyer is willing to pay for your home. Good Luck!
Coldwell Banker- Casa Bella Realtors
office 609-601-1009... more
You definitely need to consult with a real estate lawyer. Most counties in New Jersey have lawyers who volunteer for a set fee to listen to your problem and advise you. (Two years ago in Cape May County the fee was $25.) There are also programs for people who have low incomes and can't afford to pay.
Check out this site of the American Bar Association for info in New Jersey:
The real trick is that many properties don't make any foreclosure list. The seller signs over what is called a Deed in lieu of foreclosure. Many top heavy loans where the buyer financed 95% or more are common with that action. What I do is keep my eyes open for tell tale signs of a bank REO in the MLS. there are well known listing agents and companies that handle them. Another sign is one picture in the MLS with a very bad description and no details. What we are starting to see is listing prices well below market to generate a bidding war. Yes a bidding war, I have seen and been in one nce a week for the last 2 months. The banks are doing what they need to do to get rid of the inventory.