Looking to make a deal on a short sale?

A short sale means the seller's lender consents to receive a reduced amount to release a mortgage. Should you have questions regarding real estate in Sayreville, New Jersey, contact us here or e-mail me.

Purchasing a short sale in Sayreville, New Jersey on your own is risky. Contact Dineen Realty for expert advice.

Can We get a bargain on a short sale?

The short answer is "sometimes". Many people hear the phrase "short sale" and automatically think of a seller that is insolvent and needing to sell their property fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these cases the reduced price may in fact be consistent with current market values rather than below.

How do We buy a short sale?
  • Before making any purchase offers, do your research. Using an experienced real estate agent from Dineen Realty to help you research a property can help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you make a decision about how much to offer.
  • Use an agent with short sale knowledge. The real estate agents at Dineen Realty can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience delay the closing process. Put our knowledge and experience to work for you.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Dineen Realty, when we write an offer, we are looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.
When you are ready to buy, whether it be a short sale or a typical home sale, Dineen Realty is available for you. Utilize our experience and knowledge of real estate to be confident you are getting a fair deal and remain protected during the whole deal.

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