Wall Man, Home Buyer in Wall, NJ

how can I find short sales deals?

Asked by Wall Man, Wall, NJ Mon Jan 18, 2010

How can find short sales deals

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15
John Sacktig, Agent, New Jersey, NJ
Fri Feb 12, 2010
Good Answer Richard!

You are 100% Correct!
1 vote
John Sacktig, Agent, New Jersey, NJ
Thu Feb 11, 2010
Hi Wall Man,

Did you find an agent? What have you been sent or what have you lookd at.?

I know, I read this stuff, but understand it is like anything else in the world, when there is something that some people don't understand or can not comprehend.... Instead of learning about it, they attack it.

I hope you continued to move forward. Let us know!
1 vote
Marc Paolella, Agent, Succasunna, NJ
Mon Jan 18, 2010
Hi Wall Man,

There is a lot of fiction on short sales out there. I will tell you the facts. You are not going to find a $500,000 house and get it for $400,000. It's a pipe dream that everyone is obsessing on right now, but the fact is if you think you are going to get something for nothing, you are going to get nothing, and at the cost of a lot of wasted time.

I don't care if your agent graduated summa cum laude from the University of Short Sales at Oxford and was quarterback of the football team to boot.

If it was a great opportunity for my buyers, I would be pursuing it myself and making a mint on commissions from my expertise. The fact is, I won't do a short sale at this point. I've done a few, they were nothing but headaches for everyone involved, and in the final analysis, the houses sold at their market value after considering the fact that they were poorly maintained.

Follow Deborah's advice and consider all the available homes on the market. Many will be better deals than any short sale due to the fact that the seller is highly motivated to sell, has maintained the house properly, and doesn't have to beg a bank for permission to sell. Permission which is usually denied.

If you see a short sale home on the market that looks attractive, then guess what? There are already 30 offers on it, most of them below market like yours will be, and all those buyers are going to get the same thing you are: A free ticket to the Foreclosure Museum where you will be served a tasty Continental Breakfast and can view all the great deals that never happened.

-Marc

Marc Paolella
Relocation Director
Member: Worldwide ERC
Member: New Jersey MLS, Garden State MLS, Hudson County MLS
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Agent of the Year 2009
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
Very cool new MLS map search: http://www.marcpaolella.com/SearchMLS
1 vote
Deborah Madey, Agent, Brick, NJ
Mon Jan 18, 2010
Wall Man,

There are short sale properties in Wall with offering prices from well under 400K to well over 900K. Some will never close. Some are being managed by listing agents who are unable to make the deal happen. Some properties have too many issues, i.e. multiple liens or some other obstacle like divorcing spouses who can't agree. Some properties won't close because the investor who owns the note does not care to make the short sale work. Sometimes, it's just too close to foreclosure to make it work. Other short sales close. Some are deals. Some are not.

I have seen short sales completed where the buyer did get a really great deal. But, I have also seen plenty of really great deals come to closing when there was no short sale. An opportunity arises for a buyer when a seller is motivated to sell at a lower price because of a current need to sell. That can come about because of family issues, monetary need (with positive equity, not a short sale), divorce, relocation, estate, or desire for liquid funds for some other purpose (business, purchase another home, etc.)

The list of reasons why a seller may be motivated far exceeds “short sale” - so if your goal is to purchase at a price below market comps, treat it that way.

Put “great price” first on your list and make everything else subordinate. Expecting to find the deal of the century while concurrently finding the dream home of a lifetime that meets your every whim is harder than finding a needle in a haystack. Finding an opportunity while being flexible on style of house, location, colors, whether it does or does not have a basement, pool, 2 walk-in closets, or a fireplace is realistic.

I meet many buyers who profess they want a deal, but pass on multiple opportunities with motivated sellers because the hardwoods were light instead of dark, or it was a one car garage instead of two.

In the last few weeks, I have seen a lot of market activity, giving more negotiating power in many situations to the seller. Nonetheless, there are still many opportunities.

If you decide to pursue a short sale, make sure the buyer agent who represents you is experienced, trained and diligent.

Best,
Deborah “Deb” Madey
1 vote
Gary Gardiner, , Naples, FL
Fri Feb 12, 2010
Wall Man

If you are looking in SWFL then I can certainly help you.

GG
239-254-8200
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Feb 12, 2010
Best contact a local Realtor OR agent here on Trulia who can set up an automatic email alert based on your specifications and lender approval amount

Saves you time with direct alerts and agent working on your behalf.

Short sales usually have drama potential long wait periods if you don't have time work with agent for home purchase direct from seller.

Lynn911
Web Reference:  http://www.lynn911.com
0 votes
Jerry Barker, Agent, Atlantic City, NJ
Fri Feb 12, 2010
By enlisting the help of a Professional Realtor.
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Thu Feb 11, 2010
Wall Man,

I concur with much of what Marc and Deborah have previously stated. I might add that short sales are the first step in the distressed homeowner/property process and banks are typically seeking current market value. While one may acquire a short sale for $50 or $100k less than the previous owner paid, it doesn't necesarilly mean that they are paying less than current market value (hence, a deal). Remember, we are in this mess not only due to the poor lending standards, but because house values have declined . . . and most experts agree that we are not likely to return to the same values of the past 6 years.

Also keep in mind that short sales typically take months (6 months to a year) due to, among other things, the backlog of distressed properties at the bank. If you are also interested in taking advantage of the current $8000 or $6500 tax incentive, which requires one to be in contract by April 30 and close by June 30, in my view, choosing a short sale at this time may not necessarily net you the tax savings advantage.

The best source is a local agent who can send you short sale only listings . . . and since I'm a Wall agent (Coldwell Banker), I guess I'll put myself out there as a candidate to assist you in your search.

Be very careful when choosing a short sale agent. "Certifications" are being given out like candy (have a candy brand myself). Differentiate between those who have an education and those who have actually lived through at least 3-5 short sales.

Hope this helps.

Love and Peace,
Francesca Patrizio, Realtor, ePro, SRES
Francesca@PatrizioRE.com
732.606.2931
Web Reference:  http://www.PatrizioRE.com
0 votes
John Sacktig, Agent, New Jersey, NJ
Thu Jan 21, 2010
Hey Wall Man,

Short sales are pretty good. There are some GREAT DEALS out there, you just need to knew where to look. As your question asks, Although it looks as though most of the responses seem to try and derail your enthusiasm.

As you may note, many agents will not put themselves in the game on a short sale as it it "too much work" or a "headache" for the agent. Well, I feel that this is what is in the market and I should know as much as possible and educate myself fully on these items and be ready for what my clients ask for. I have done a few already and with great success!

A LOT of agents do not understand short sales and the process. This is the reason that you get the... "there are not many deals out there" answers. I recently sold a great house, brand new baths, brand new 25k kitchen, 6k Viking stove, a real, real good deal. 100k UNDER ASKING PRICE AND ASKING WAS ABOUT 30k UNDER THE MARKET VALUE. They are there. You need to do your due diligence. Your agent needs to do their due diligence and know how to make this work for the buyer.

Short sales do not have to take 6 months to close.. and rarely, if ever does one take a year. The reason they take this long is usually the agent handing one side or the other is uneducated and has not done a short sale before. ( due duiligence) I actually closed one in 30 Days!

Granted, they are not all like this.. a lot have some work to do.. But you can get one. You will have to go where the market for this dictates, and you may have to do some work, but you can walk away with a great house for a lot less then the area calls for.

Look for an agent that is SFR Certified! This is the National Association of Realtors Short Sale and Foreclosure certification, these agents are educated in the process of Short Sales and Foreclosures!
The SFR Certification is not the only answer to finding a good Short Sale and Foreclosure agent, but as an educated agent myself that has closed many short sales and forceclosures, I attained this certification and realized that agents that DO have this SFR certification will understand the process and know what it takes to take a property to the bank and to closing!

If you are interested, email or call and I can see what is available to you in Wall or the area.

John Sacktig
Broker / Manager
Orange Key Realty
SFR Certified
Office:732-863-6969
Cell:732-213-1409
JSacktig@orangekeyrealty.com

http://www.trulia.com/myprofile/blog/
0 votes
Rodney Forbes, Agent, Palm Beach Gardens, FL
Mon Jan 18, 2010
The best way to find and negotiate short sale deals is to find a realtor that works with buyers and sellers of short sale properties.
To have an agent who only knows one side of the transaction can be very time consuming and frustrating for you.
You can check out more information on short sales at my blog.

Rodney Forbes
Forbes Realty of South Florida
0 votes
Debbie Bathen, , 08225
Mon Jan 18, 2010
There are plenty of shorts sales out there to be bought. Generally you will get a good deal on most of the homes, but be prepared to wait to close on a short sale. Most are still running at 3-6 months to close, depending on which bank holds the loan. Realtors have access to short sale listings in their mls systems, and it doesn't cost you anything. Be wary of the pay for listings web sites...many of them are have outdated information on current short sale homes. Find a good realtor that you enjoy working with...they will work hard to find you a great house at a nice price.

Good luck,
Debbie Bathen
RE/MAX Atlantic
Northfield, NJ 08225
email: debbiebathen@remax.net
http://www.debbiebathen.com
Web Reference:  http://www.debbiebathen.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jan 18, 2010
Keep in mind that not all short sales are great bargains--if you're not working with an agent consider the services, he/she will be able to show you short sale properties and guide you along the way.
0 votes
Sharon McNam…, Agent, Pembroke, MA
Mon Jan 18, 2010
In my opinion, there are no short sale "deals". A short sale is a situation when a home owner owes more on his mortgage than the value of the home. Example: Seller A owes $600,000 on his mortgage. The market/sale value of the home is $500,000. The Seller has to negotiate with his bank to have the $100,000 differential forgiven. The key here is that the market value is $500,000. Just because the Seller owes more than that, doesn't mean that there is a "deal" there for you, the Buyer. Short Sales are anything but short on time so if you decide to go down this long and winding road, be prepared to wait 60-90 days before you get any type of answer from the bank. Check out my blog link below for a full short sale blog post.
Web Reference:  http://www.bostonconnect.com
0 votes
Gina Chirico, Agent, Fairfield, NJ
Mon Jan 18, 2010
Wall Man,

Short sales are not always deals but the best way to find them is to work with an agent in the area you are searching in. Don't fall for any short sale scams by any third-party companies. Work with a trusted agent who has experience in listing and selling short sales and if and when you get to attorney review, make sure you have an attorney who has experience in handling short sale closings. I know your in Monmouth County but Michael DeMiro, Jr. in Verona (Essex County) is an experienced short sale attorney.


Keep in mind that no contract is a binding contract until the bank approves the sale price number even if the seller signs off on the contract.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116 office
Gina.Chirico@PrudentialNewJersey.com
0 votes
William Troy, Agent, Toms River, NJ
Mon Jan 18, 2010
What is your email address? I will send them to you if you send me in a private email your search requirements.
0 votes
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