Looking to make a deal on a short sale?


	When a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's due. If you have any questions regarding real estate in Jersey City, New Jersey, contact me here or e-mail me.

Purchasing a short sale in Jersey City, New Jersey on your own is risky. Contact Weichert Realtors® for expert advice.

Can I get a good deal on a short sale?

Occasionally. Often times people hear the words "short sale" and automatically think of a seller that is in default and needs to sell their home fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the discounted price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using a knowledgeable REALTOR^® from Weichert Realtors® to assist you with researching a property can help you make informed decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you determine how much to offer.
Use a real estate professional with short sale knowledge. The real estate agents at Weichert Realtors® can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to delay the closing process. Let our experience and knowledge work for you.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Know that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Weichert Realtors®, when we write an offer, we're looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.

When you are ready to buy, whether it is a short sale or a typical home sale, Weichert Realtors® can help you. Use our experience and knowledge of real estate to feel confident you are getting a fair deal and are protected during the entire matter.

Weichert Realtors® 273 Grove St Jersey City, NJ 07302

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