Is A Short Sale For You?

Desperate homeowners across the country are finding that getting a short house4salesale approved can take six months or longer, and in many cases, these deals collapse due to a variety of complications. Knowing how to approach a short sale will increase your chance of success.

A short sale occurs when a mortgage holder agrees to accept less than the balance due on a home because of a financial hardship. Many homeowners owe more than their home’s value and are facing foreclosure, so they’re racing against the clock to get a short sale approved.

Following is a list of important details to remember if you would like to purchase a short sale property:

Short Sale Tips For Buyers

  1. Be patient and flexible with the settlement date, short sales can take from 45 to 60 days or more.
  2. Have an alternate plan in place in case the short sale is never approved.
  3. Homes in better condition are more likely to receive Federal Housing Administration appraisal approval.
  4. Agents need to consistently communicate with buyers, sellers and the lender in a short sale to make sure everyone can come to an agreement on the terms.
  5. Work closely with lawyers who have good access and relations with the lender in order to expedite a short sale, especially the title transfer and the release of any liens on the property. The last thing a first-time buyer needs is to deal with the unpaid debts of the previous owner.
  6. Make sure to get an inspection. Homeowners who have been struggling to pay their bills are likely to have deferred important maintenance on their home. While adding a fresh coat of paint is a minor job for first-time homeowners, repairing the roof or replacing the furnace are expensive propositions that may be a budget breaker for the household. A home inspector can evaluate the systems and appliances and provide an estimate of when things might need to be replaced.
  7. Pay careful attention to the details of the contract. When the sellers are in financial distress, there is a greater likelihood of items being removed from the home or damage occurring during their move.

If  you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, increases your chances of purchasing a short sale property. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)?  To find out all the benefits and options of purchasing a short sale, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344 -2886 or at

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