Ready to purchase a short sale?


	When a homeowner owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's due. If you have questions regarding real estate in Jersey City, New Jersey, contact me here or e-mail me.

Purchasing a short sale in Jersey City, New Jersey on your own is risky. Contact Joseph A. DelForno Inc. for expert advice.

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and must sell their home fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the "bargain" price may in fact be in line with current market values, not below.

How do I buy a short sale?

Always do your homework before making any offers. Using a qualified real estate professional from Joseph A. DelForno Inc. to assist you with researching a property can help you make informed decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you make a decision about how much to offer.
Use a real estate professional with short sale knowledge. The real estate agents at Joseph A. DelForno Inc. can help expedite the transaction and ensure that you're protected. Don't allow inexperience to hold up the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Know that many short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be seen by a committee for approval which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when dealing with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Joseph A. DelForno Inc., when we write an offer, we will be looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.

When you're ready to buy, whether it's a short sale or a typical home sale, Joseph A. DelForno Inc. is available for you. Utilize our experience and knowledge of real estate to be certain you are getting a fair deal and remain protected during the full purchase transaction.