Buyers-

When looking for deals, I have found that short sales seem to be the best around. The only real issue with a short sale is the fact that it can take a lot of time, up to 4 months for the short sale to be approved.

Lately, for many reasons, I have seen the time it takes for a short sale to be approved shorten...the last short sale I did that closed this week, was approved in 3 weeks! (Yes, 3 weeks). Everyone was happy. I negotiated with two separate banks and the second lien holder was harder to deal with than the first, but I got it done!

The key ingredient to make a short sale work is the agent. The SELLING agent bares the burden of getting everything done, all the paperwork, proper pricing and negotiating etc...

So when looking for a bargain, the short sale STILL may be the best bet you can make, if you have the time and patience, go for it...that house you are buying for 50,000 below the comps may bring you instant equity!

Some tips:

Have a "buyer's agent" on your side, one that has done short sales themselves. They will know the proper questions to ask the SELLING agent. You both can then decide to stay or go.

Don't lose contact with your agent after your bid gets accepted. A good agent (Realtor) will keep weekly updates for you from the other agent.

Don't stop looking for other properties - I mean still have your agent send you other listings so you can keep your options open if the deal falls through.

Do not allow closing on the contract to go further than 45 days out...I SAY THIS BECAUSE YOU CAN MAKE THE DETERMINATION IF THE SELLING AGENT IS DOING THEIR DILLIGENCE OR NOT. If you really feel the deal is not going in your favor, you can walk away and have no issues getting your deposit back.

Please take into consideration people's feelings. - This is a very tough time for the seller.

One last thought. Short sale properties are generally in better condition than foreclosed properties. You are buying the property when people are still and caring for them.  Feel good about yourself too, you are also helping someone get out of a bad situation.

Just some thoughts for you to think about. Thanks for reading.

Dave Sulvetta REALTOR-Associate
Cell 856 889-8163
Century 21 Hearst
Camden County NJ Realtor, Camden County Real Estate, Gloucester County Realtor, Gloucester County Real Estate, Burlington County Real Estate

http://www.davesulvetta.com
http://www.camdencountyrealestatenews.com
email; dave@davesulvetta.com
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