JUST SOLD! **SHORT SALE**859 Mariposa Ct. in Morganville, NJ - Marlboro Township's "Point de Jardin"
This 3-bedroom + 2.5 bath townhome was listed at $290,000 and sold for $280,000.
**NOTE** This home actually closed on 4/13/2009, and it sold for $12,000 more than a different home (that was the exact same model) sold for less than 3 months prior.
The former homeowners/sellers for this home had experienced a legitimate hardship, and were searching for a Realtor in Marlboro specializing in short sales. They researched me online at my main site, as well as my blog here on ActiveRain.com before inviting to their home to discuss the sale of their home.
They had already done the necessary due diligence, by discussing loan modification optionswith their mortgage lender. As much as they wanted to continue to stay in their home, it became apparent to everyone involved that by excercising a successful short sale, they'd be afforded an opportunity to regroup and start over in the near future.
The community this townhome is located in is "Point de Jardin"in the Morganville section of Marlboro Township in New Jersey.
Towhomes in this particular development don't stay on the market very long for the following reasons:
1. The entire community offers (which is equip with an outdoor pool and gorgeous landscaped grounds) is affordably priced 3-bedroom + 2.5 bath units only (no 2-bedroom units) ranging from the upper $200K's to the mid $300K's.
2. Point de Jardin is located in Marlboro Township NJ, a highly sought after area in central NJ known for having top-ranked schools. Details about before & after care are available here.
3. NYC commuter Park-N-Ride lots and public transportation via NJ Transitare conveniently located on Route 9 mere minutes from the entrance of Point de Jardin.
The interest in this home was strong from the first day I listed it.
However, selling it wasn't a cinch for a variety of reasons. Namely, the home was listed as a "short sale" and that alone scared a few buyers who clearly were misinformed about the HUGE opportunity buying a short sale presents.
In general, buyers who are scared of purchasing short sale homes are usually apprehensive, because of stories they may have heard from friends or even certain Realtors who have not been successful with these types of distressed properties.
After 2 short months on the market, 2 price reductions and 45+ showings, we finally received 2 written offers from buyers. I reviewed the offers with the sellers, and they chose the one that whose overall terms were most appealing.
I was able to get a FULL SHORT SALE APPROVAL for the first offer on this short sale listing within 3 weeks of turning in all the appropriate paperwork. Anyone who is really familiar with how short sales work can attest that an approval in 3 weeks is a very fast turnaround! Unfortunately, the buyer was represented by an agent who was admittedly clueless when it came to short sales, and shortly after we received bank approval the buyer's attorney backed them out of the deal.
When I broke the news to the sellers they were initially nervous. Foreclosure was the last thing in the world they wanted. I encouraged them to stay positive, and reassured them that I would get their home SOLD! Sure enough...we had a breakthrough...We canceled the deal with the "flighty" buyer, did one final small price reduction and voila! 4 additional written offers poured in. The sellers chose to accept a buyer who was represented by agent whom I felt confident would do what was necessary to keep her client patient and focused, while we waiting for the seller's mortgage lender to approve this new contract. Within 10 business days I had a new approval from the lender, and 14 days later the home SOLD successfully! The sellers were happy, the buyers were thrilled and myself & the other agent felt relieved. The #1 key to success with short sales is being PREPARED for anything!
Short sales in stable and well-established condo/townhouse communities such as Point de Jardin in Marlboro, NJ don't necessarily come along everyday. So when one does come along, the majority of buyers clamor for a chance to purchase in this development, because they know they will very likely get a good deal. In this case it gets very competitive amongst buyers and buyer's agents. If you see a good short sale deal in this type of community don't let it pass you by!
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Looking to SELL or BUY a NJ home in Marlboro, Manalapan, Freehold or any of the surrounding areas?
AMBER NOBLE-GARLAND
Strategic Marketing Expert & Short Sale Specialist
Weichert Realtors (Marlboro ~ Manalapan office)
455 Route 9 South
Manalapan, NJ 07726
917-723-5645 - cell
732-536-4400, ext 199 - office
"Your Reliable Resource For NJ Short Sales, Real Estate Listings, Local Info & More"
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