Yes, there are short sales in Fairfield, New Jersey! In fact, about 10% of the detached single family homes currently for sale in Fairfield are short sales. Short sales in Fairfield come in all different shapes and in all different sizes. The short sales currently on the market in Fairfield range from 3 bedroom ranches to 5 bedroom colonials, ranging in price from the low $200,000's to just below $600,000.
If you are interested in buying a short sale in Fairfield, New Jersey:
- You must be very patient. Once you've come to terms with the seller and the contract is signed, be prepared to wait. With a short sale, the seller's lender or lenders (if more than one bank) has to approve the sale and purchase price before you can close. Be patient and wait for the bank to respond.
- Be prepared to show me the bank the money. Everyone loves a cash offer especially the lender on a short sale property, but paying with cash isn't always possible. If you cannot pay cash for a short sale in Fairfield, it's important to show you are pre-approved and financially qualified to buy the house. Having a large down-payment is an example of a strong buyer and if you cannot afford a large dowpayment you need to show the lender that you are well qualified and financially set.
- Have no strings attached. If you have to sell your home before you can buy a short sale in Fairfield or you need to buy a home and move-in quickly, a short sale purchase may not be the best choice for you. Lenders prefer no contingency contracts and very flexible closing terms. Selling a home and buying another can be complicated enough without a short sale purchase but if you do not need to sell your home to buy the short sale, then you wouldn't have a contingency sale, you should be able to close at any time, however your finances need to be rock solid and be prepared to prove to the bank that you financially qualified.
For more information on short sales available in Fairfield, NJ contact Fairfield Real Estate Agent, Gina Chirico with Lattimer Realty, Fairfield's #1 Real Estate Office since 1984!
If you are a homeowner upside down on your mortgage and/or facing foreclosure in Fairfield, New Jersey, a short sale may be an option for you. Don't hesitate, contact me today.