What a Buyer Needs to Have
- Pre-Approval Letter: Before making an offer on a short sale, obtain a mortgage pre-approval letter from your lender, unless you are buying for cash. This demonstrates to the seller and their lender that you are a serious and qualified buyer.
- Proof of Funds: If you are paying cash, you will need to provide proof of funds. This can be a bank statement or a letter from your financial institution verifying that you have the necessary funds available.
- Real Estate Agent with Short Sale Experience: Work with a real estate agent who has experience with short sales, in order to guide you through the process. Agents will assist you with finding suitable properties, and negotiating with the seller and lender on your behalf.
- Offer Package: Prepare a strong offer, a compelling package, which will include the offer price, pre-approval letter or proof of funds, and any other required documentation. A well-organized and complete offer package will expedite the lender’s review process.
Where to Find Short Sale Properties
- Multiple Listing Service (MLS): Many short sale properties are listed on the MLS. Your real estate agent can set up a search to notify you of new short sale listings that meet your criteria.
- Online Real Estate Platforms: Websites such as Zillow, Realtor.com, and Trulia often list short sale properties. Use search filters to specifically look for short sales in your desired area. (Example: https://www.zillow.com/nj/short-sale/)
- Bank Websites: Some banks list their short sale properties on their websites. Check with major lenders in New Jersey to see if they have any short sales available.
- Public Records: You can find potential short-sale properties by searching public records for notices of default or foreclosure. These properties might be candidates for a short sale.
Overview
Buying a short sale in New Jersey can be a shrewd way to purchase a home at a reduced price. However, it requires a few extra steps and experience in preparation, and professional guidance. By knowing where to find short sale properties and understanding the process, you can navigate the complexities and secure a great deal on your next home.
The Map on the right – https://www.zillow.com/nj/foreclosures/?gad_source=1
The Map on the left – https://www.zillow.com/nj/short-sale/
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/