mercer co short sales: Making Short Sales Work in Mercer Co NJ - 12/09/10 01:39 PM
I have quite a bit of experience representing both buyers and sellers in short sale situations.  They are not easy transactions, and usually require patience and negotiating on all sides.  Since there is no provision in the mortgage agreement for a short sale, the primary lien holder - the lender (servicer) - must approve the homeowner's request for one. Any additional parties with liens against the property, such as a second mortgage holder, must also approve the request before a short sale transaction can get underway.Because homeowners rarely enter into this process on their own, the value of an experienced Realtor cannot … (0 comments)

mercer co short sales: 5 New Jersey Foreclosure Myths - 11/12/10 01:43 PM
Trulia recently published a good blog in their Reality Check section, titled "5 More Foreclosure Myths - Busted!"  The information is relevant to New Jersey homeowners, so I have included the highlights here.
1.  "Foreclosure Happens Fast.  With unemployment and underemployment still affecting nearly 1 in every 4 Americans, no one is immune from fears that a pink slip might quickly turn into a foreclosure notice.  According to NeighborWorks America, nearly 60% of families seeking foreclosure counseling cited a lost job or cut wages as the reason they were facing foreclosure."  The HAP programs (Home Affordable Programs) of the government have … (0 comments)

mercer co short sales: Considering a Short Sale in Mercer County NJ, as Buyer or Seller - 09/23/10 05:59 AM
RISMedia recently published an article on short sales, which was written from a different perspective.  The author, Jim Wasserman, approaches the "Short Sale Opportunity" as more of a market trial and test than an investor opportunity.  He states, "Short sales are a phenomenon that reappears like clockwork when real estate sours. Alongside repo listings, short sales are defining a new reality in which banks sell most area real estate."
He makes the point that most buyers serious about finding a home in 2010 will preview, and have a good chance of considering, a short sale, if not a bank-owned property.  Wasserman … (0 comments)

mercer co short sales: It's Time to Buy that Home in Mercer County - 09/17/10 06:59 AM
The Wall Street Journal recently ran an article about why now is a great time to buy a home.  Yes, rates are low, yes, inventory is high, but here are some other points to consider.1.  This is a Buyer's Market.  You - as a Mercer County buyer - are in an excellent negotiating position.  Sellers have lost the interest of the Buyer Tax Credit and, here in New Jersey, are looking at our cold winter months coming up, when real estate activity is at its slowest.  You can find a Great Deal.
2.  You'll save on taxes as a homeowner instead … (0 comments)

mercer co short sales: Yes, You Can do a Short Sale and Keep Your Good Credit - 09/09/10 12:01 PM
Recently I was able to help sellers find a buyer through a short sale process.  While they were current with their mortgage payments, and had excellent credit, their home was worth considerably less than what they owed.  They needed to sell so elected to use a short sale, with a lot of concern about keeping their credit clean. 
Here are the thoughts post-sale of the sellers about what they learned:"1.  The bank is not the IRS so they don't know how many bank accounts you have (credit reports also don't list who you bank with).2.  They will try to get as … (1 comments)