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Great Meadows : Real Estate Advice

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Activity 4
Tue Aug 6, 2013
Mary Petti answered:
Daian,

To add to the conversation, remember that a short sale is usually sold at "fair market value", meaning that the lien holder(s) send someone out to do a market analysis to establish CURRENT market value. You are really not getting the house at a "bargain" price, you are getting a home where the lien holders are willing to take less than they are owed. EG: Owner owes $200,000, fair market value is established at $150,000....bank agress to get paid only $150,000 and take a "SHORTage" on the $50,000.

Add to the mix that 99% of these sales are "as is", meaning that you can do a home inspection, (and pay for it) but the neither the seller or the bank will do any repairs. Many of these types of sales also require the buyer to pay for and obtain the necessary paperwork from the township ( Certificate of occupancy if town requires one, and fire certification) AND pay for any repairs needed to obtain either certificate.

I wrote a blog about the process, so here's the link.

http://www.prudentialnewjersey.com/mary.petti/Blog/Short_Sales_a_not_so_brief_description_of_the_process

Read it thoroughly, a short sale is NOT for someone with no patience, has to move in a speciic time frame, and/or doesn't have additional funds to do repairs etc to get the CO and fire certification.

if it stuill seems feasable to you, get yourself a buyers agent (NOT the listing agent) who is SFR certified (Short Sale and Foreclosure Resource certified) so they can do all the things Leonard mentioned.
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Tue Aug 25, 2009
Voices Member answered:
If you are going the FSBO route you can use a Flat Fee Service to post your home here, Realtor.com and many other sites...

BTW since I mentioned Flat Fee Service please do not be surprised if a good number of Agents show up to explain that Flat Fee Agents/services are very very bad people very very bad........
Plus those who consider FSBO are very very foolish people very very foolish people according to a survey by NAR.......

All the choices are yours so check around, ask questions (like you are) and remember you are the only one here who knows all your circumstances and can decide which path to follow. Absolutely consider using a full-service Agent but if that does not fit your situation then you do have other options..

Good luck, Dunes
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