Why would a buyer purchase a Short Sale? Buyers are free to make low offers and have them be entertained. There are no homeowners to be upset by the amount of the offer. You are letting the bank make a rational decision about how much they are willing to accept. For a buyer the Short Sale process is much better than purchasing a foreclosure property. Typically there are no chances to inspect foreclosure properties. Also, you have to do the title work (at an expense to you). When you purchase a Short Sale property, the bank will have to deliver a clear title. Most importantly Short Sales are handled by the Real Estate community. Meaning you get the benefit of your Realtor's knowledge.
Like any other undertaking make sure that you are receiving proper advice. My goal as a Realtor is to leave any situation in a better condition than when I found it. A Short Sale can offer major solutions to a painful situation.
For more information on Short Sales, New Jersey Homes for Sale, Bergen County Real Estate or any other topic,
call Sal Poliandro, Realtor, ePRO, SRES at 201-259-2187, or visit our website: http://www.salanddawn.com/
Sal can be reached by snail mail at RE/MAX Properties 81 North Maple Avenue Ridgewood, NJ 07450
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For more information on this or any other topic, call Sal Poliandro, Broker Associate, Realtor, Marketing Advisor,
Short Sale Specialist and CDPE, Certified Distressed Property Expert
ePRO, SRES at 201-259-2187, visit our websites: www.SalAndDawn.com or shortsaleguy.org
Follow me on Twitter: @salanddawn
Sal can be reached by snail mail at RE/MAX Properties 73 East Allendale Road Saddle River, NJ 07458
We are not seeing many short sales here and I am interested in how do you locate these?
Does the bank use an agent and put in the MLS?
Your Friend in Charlottesville Virginia!
Hi Charles,
If someone purchased their home within the last 3 years and had 20% or less down payment, they are probably upside down right now. Once the bank gets a property back they usually put it on the market with a realtor.
Sal, Thanks for the definition. We are seeing only a few at this time...
Have a great Sunday!
I am interested in purchasing a short sale but the owner claimed bankruptcy and abondoned the property. His bankruptcy attorney informed me that he will file the motion to lift the bankruptcy stay from the home and allow it for sale but to work my negotiations with the bank first. Just trying to get the owner to sign an authorization form has been a hassle and a half. Then the bank (GMAC) tells me that they have to open up a file and to call back in 4 or 5 weeks. Unreal.............HELP!