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Allison Witkowski

Sales Associate

Properties

Short Sales
When buying a home, should you consider a short sale? Lets first talk about how a home sale becomes a short sale . A short sale takes place when the seller's lender will accept a payoff for less than is owed to release the mortgage. The lender may or may not accept the offer presented regardless of what the seller accepts. The lender will sometimes set a pre-determined acceptable price. Patience is the key in buying a short sale property; you may be waiting a few months or a year for a response. Here are some suggestions in buying a short sale: 1.You should work with a Realtor who has experience in negotiating with banks for short sales. The agents who have worked for both sellers and buyers have a good insight into the process. Their help will be of great value. Work with Realtors with the following designations: SFR, CSP, CDPE. You also want someone who has worked with short sales, as they are generally very knowledgeable and can make the complicated process easier to understand for the seller or the buyer. 2.The property ideally should not have more than one lien holder. This means no second mortgage, no outstanding property tax certificates and no PMI (purchase mortgage insurance). All these additional lien holders want their money, and they rarely agree, which makes the process take longer. 3.Determine the fair market value of the home by examining sales of similar properties in the neighborhood within the last three months. You should also consider comparable pending and active listings. 4.An inspection of the property by a qualified and licensed home inspector or contractor is strongly suggested. Whether this home has been vacant for a few weeks or many months, problems may exist that could prove extremely costly. Carefully consider the condition of the home. Will the sale price and the repair cost exceed the market value? Normally during a short sale the home is sold "as is," which means the inspection is for your own good. A mortgage company will not pay for suggested repairs that come up during a home inspection on a short sale. 5.Cash is king, and a lender will more likely take a cash offer over a financed offer if there are multiple offers. If your offer includes financing make it your best offer, as the bank does not want to go back and forth on a short sale. Also submit a pre-approval letter with your offer. If you find yourself in a multiple offer situation, place your highest and best offer up front. 6.Wait! The process from offer to acceptance is "subject to third party approval," and the time frame for a response is not always known. It could be as little as one month to nine months and beyond. Buying a short sale is not for the faint of heart. This process can take a long time, so if you have to move in a certain time frame, a short sale may not be an option for you. Also, the value of the property might be different from the time an offer is submitted until the closing.
BERGEN COUNTY
Wyckoff NJ Real Estate
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Are you looking for a House for rent or an Apartment in Ridgewood, Glen Rock, HoHokus, Saddle River or the surrounding area in Bergen Cournty? Are you a part of a corporate relocation. Do you need long or short term housing, a furnished or unfurnished rental. I can help you find the perfect rental whether it be a Houses for rent, Condo rentals, Townhouses, Garden Apartment, or a 2-Family rental all across the Bergen County area. Obtaining a rental is a process no matter which type of home your looking for, I can help make it as painless as possible. "Always Ask for Allison" and I will make sure you get exactly what you want! I can be contacted at allison.witkowski@remax.net or give me a call at 201-790-5544.