Layuplloyd, Home Seller in Asbury Park, NJ

My condo has 53 units, only 10 were sold. The redeveloper rents the 43 units directly. Am I able to sell? Can I force him to buy back my unit back?

Asked by Layuplloyd, Asbury Park, NJ Mon Sep 12, 2011

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9
Ronald Shaff…, Agent, Toms River, NJ
Tue Sep 13, 2011
I am sorry to hear of your situation, the previous answers are correct. A short sale sounds like the best option but it will be difficult to find a buyer with the high ratio of renters effecting any FHA lenders. There are local banks that use different ratios and can give mortgages in this situation ; but the buyer pool will be small. I suggest you choose a fulltime local Realtor to help you with the process. I believe Francesca would be a good choice,I wish you the best of luck.
1 vote
Francesca Pa…, Agent, Manasquan, NJ
Mon Sep 12, 2011
. . . and my only hope is that some day the government will develop some type of consideration for people like yourself to forgive the "bad credit".
1 vote
Francesca Pa…, Agent, Manasquan, NJ
Mon Sep 12, 2011
Lay,

Would u mind me asking which complex in Asbury you are referring to? I am quite familiar with Asbury as I started my career there, if you would like to discusss, please call me @ 732.606.2931 and I'd be happy to provide my views.

Sounds to me like a short sale is a better option. Short sales hurt your credit for approx 2 years, while a foreclosure is 7 years. However, even with a short sale and the ratios of sold vs. rented, u may be on your way to foreclosure, but please don't fret as many people are in your position if that is any consulation. It is a sad state of affairs in our economy today and for some strange reason more and more condos keep being developed in Asbury . . . go figure!

Francesca Patrizio, Broker Sales Associate, ePro, SRES
Gloria Nilson REALTORS, Real Living
732.606.2931
Francesca@PatrizioRE.com
Web Reference:  http://www.PatrizioRE.com
1 vote
Ann Ryan, Agent, Doral, FL
Sat Nov 23, 2013
Layup,

I can only hope that you're out of your situation by now, however we've actually seen the end of this scenario in South Florida. During the great recession, many new properties failed to sell, and developers rented out the units instead. The streets filled with young, vibrant people, and bars, restaurants and stores followed. Now those same units are selling like hotcakes, and we have 170 planned condo towers in Palm Beach, Broward and Dade counties. And since someone will inevitably comment... the new condos are almost entirely cash buyers. There's no financing, and therefore almost no risk of future price decreases. A lack of buyers will just mean the units will be rented out... these folks will have no NEED to sell.

Ann Ryan
Keyes Real Estate
AnnMoffettRyan@gmail.com
0 votes
James Kesling, Agent, Asbury Park, NJ
Wed Nov 20, 2013
Hello,

If you are upside down and want to get out...you could certainly consider a short sale. I have worked with lenders who would lend in a building like yours. There are not many but a few portfolio lenders and local banks would consider to lend in a complex where there are few units sold. Your building would be classified as a non warrantable building....few will but you only need one or two who would to make it possible to find a buyer.

I both live and have worked in Asbury for over 12 years. I know the building you are referring too. In process of finding a renter there a new home to purchase in Asbury. Sorry to hear your going through this.

I work for Vail Realty and can be reached at 973 277-5323.
0 votes
Miss Peach, Home Owner, Asbury Park, NJ
Wed Oct 12, 2011
As an owner, you can demand that renters play by the same rules and respect others. You may not be able to sell right now, but you can put pressure on the owner upstairs to pay for the damage done his renter's dog. Hopefully, you and other owners who bought in good faith can hang in there until there's a better market.
0 votes
Layuplloyd, Home Seller, Asbury Park, NJ
Mon Sep 12, 2011
Keith,
I bought in '08 with a stated income mortgage. The property is very far underwater. I know that there needs to be a certain percentage of owner occupied units in order for a bank loan for a perspective buyer, with that stated, what are my options? I would lose $600/mo if I rented it out or be upside down by almost half trying to sell it. The redeveloper has a renter in the unit above me who has a dog that has peed through the livingroom ceiling and flooded my bathroom ceiling. I want out and am unsure how its possible without foreclosing.
0 votes
Keith Radhub…, Agent, Holmdel, NJ
Mon Sep 12, 2011
You might be able to sell. Caveat: the buyer might have to come up with cash, since financial institutions require a certain percent being owner-occupied, as you know. HOW DID YOU BUY?
0 votes
Jane Shebroe, Other Pro, Caldwell, ID
Mon Sep 12, 2011
Force him to buy it back? Under what grounds? If you own it, you can re-sell it or rent it out I would assume, unless it is a co-op, then you have to get permission from the board to rent it out.

Jane
http://www.RealTerrific.com
0 votes
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