How to do a Short Sale in New Jersey? Short Sale Agent NJ

How to do a Short Sale in New Jersey?

If you are under water on your NJ home, which means that you owe more than what your home is worth, then most likely your best option is to complete a Short Sale on your home in New Jersey. More than 30% of homes on the New Jersey MLS are Short Sales and Foreclosures. 

Step 1

Contact a Short Sale Expert Real Estate Agent -  Fortunato Campesi with Remax Direct Cell 201-280-1280

This is the biggest mistake homeowners make in the Short Sale Process.  If you call most agents, they will tell you that they know how to complete a Short Sale on your home.  But the reality is most agents do not have the knowledge, bank contacts, and experience to conduct a SUCCESSFUL Short Sale.  There are many factors that go into completing a successful Short Sale in NJ. 

3 Great Questions to ask your Short Sale Real Estate Agent are:

1. How many short sales have you successfully completed in the last 2 years?

2. Can you please provide me with references of past clients who you have helped complete a successful Short Sale?  Get those reference names and numbers and call one or two of those past clients.  You DO NOT want to choose the wrong agent.

3. Do you know how to complete a Preliminary HUD 1 that can be submitted to my bank for the Short Sale Approval?  If they cannot and tell you that your attorney will complete this, then hang up the phone immediately and call a REAL SHORT SALE REAL ESTATE AGENT!  A real Short Sale agent will know how to complete this.

Step 2

Contact your NJ Accountant to see if it is in your best interest to complete a Short Sale on your NJ Home.  A good accountant will tell you the possible tax implications of a Short Sale.

Step 3

Choose an experienced NJ Short Sale Real Estate Agent and list your home. Proper pricing is also a factor in completing a successful Short sale in New Jersey.  You must price your home aggressively to generate realistic offers on your home.  Buyers in todays market know that purchasing a Short Sale can be a frustrating process so you must price it correctly. Also, you do not want to waste your time with a low ball offer that will be rejected by a bank. Another huge mistake that can be if you use an unexperienced Short Sale real estate agent.

Step 4

Start submitting short sale documents and a complete short sale package to your bank. This would include last 2 year tax returns, last 2 month bank statements, 4506T, last 2 months pay stubs, Arms Length Affidavit, 3rd Party Authorization, copy of your listing agreement, preliminary HUD 1, a short sale offer, and any additional addendums required by your bank.

Step 5

Notify your bank you are in the process of completing a Short Sale and ask your bank to order an Appraisal or BPO (Brokers Price Opinion).  This can greatly speed up the process of your NJ Short Sale. Once the bank knows the approximate value of your home, they will make a quicker decisiont to approve or deny a Short Sale offer.

Step 6

Make arrangements to move as you get closer to a closing date after you are issued a Short Sale Approval. Once you submit an Offer/Sales Contract along with your Short Sale Package, a bank issues a Short Sale Approval letter.  After you receive the Short Sale approval letter then the transaction should be handled like a regular sale. From the time you are issued a NJ Short Sale Approval letter, then most banks will allow 45-60 days for the buyer to get financing and the seller to make alternate living arangements or to find an apartment.  Some banks will also assist with moving expenses. The programs are called HAFA, Coop Program, or HIN Incentives.  An experienced Short Sale real estate agent will be familiar with these terms.

So those are the major steps in completing a successful Short Sale in New Jersey.  So pick a Short Sale Expert and an experienced Short Sale Realtor who can assist you in selling your home.  By picking the correct agent, you will save yourself a lot of time, money and aggrevation.  If you have any questions at all or if you need some advice, feel free to contact Fortunato Campesi wiith Remax direct at 201-280-1280.

Fortunato Campesi

Remax Elite

201-280-1280

www.bergencountyhomesearcher.com