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Foreclosure in Union : Real Estate Advice

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  • Home Buying34
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Mon Nov 4, 2013
Jeanne Feenick answered:
Hi Tina, funny you should bring this up - I am sitting beside an agent who is working on a short sale - in this case he is representing the seller, and from his body language, moans and groans I would say, yes, that is an affirmative on the short sales are frustrating beasts category. I represented three buyers last year in successful short sales and while it was exceedingly frustrating at times, and dragged on much longer than anyone would have expected or hoped, by and large, we were working with agents that communicated well. Good communication makes such a difference. If you start off with poor communication, it does not bode well.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
Find success at www.feenick.com
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Wed Oct 4, 2017
Gina Chirico answered:
Dan,

That may be a hard call to make. If you made your payment on the 30th day then most likely it will not be reported. If your mortgage was due 8/1 and you made it before the next due date of 9/1 most likely it will not be reported as 30 days late but obviously you will owe a late fee to the mortgage company. Also depending on how you made the payment, the day you made the payment and the date the actual bank posted it may have caused you to run 30 days late. At some point in late October/November pull your credit report and if its marked 30 days late under your mortgage, you can try to dispute it.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-239-7700 ext 132 office
973-715-1158 cell
GinaChirico@PruNewJersey.com
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Mon Nov 4, 2013
Sue Archer Reynolds answered:
Sounds like he's following some of the educators out there, like Carlton Sheets, or Robert Allen.

I would make all decisions based on what is in the best interest of the seller. How much time is the buyer/investor expecting him not to accept other offers? Are you in contact with the bank to help negotiate the purchase offer with the lender? If it were me, that's what I'd be doing rather than leaving it to the buyer/investor. He's going to represent himself, not the seller or yourself.

You know that in most short sale situations, the lender often renegotiates your fees. Are you willing to let the buyer walk in and control it? I wouldn't be interested.

His concept to do a double close is doable, but not always practical. One, the buyer needs to do an assignment that is notification to your seller's lender. The lender may or may not have an issue with it. Second, finding a second buyer may not be a problem but most lenders will not approve a flip purchase, so the new buyer may not be able to get financing.

Last, is a contract recognized in NJ if no value is transferred (such as money in escrow)? It isn't in California.

Hope this helps. I'd insist on staying in control of the negotiation with the bank if I were you.
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