New Jersey Real Estate Websites
Foreclosures are spreading all over the country, which means there are opportunities everywhere. Lenders are being overwhelmed with properties they inherit because of bad loans. It is safe to say that most lenders will accept a short sale, however, you may come across one or two who will not discount. If the numbers work out for the lender they will do it.
Monmouth County and Jersey Shore Real Estate - Serving Monmouth County and the New Jersey Shore
Moorestown Real Estate and Homes - Specializing in residential real estate and homes for sale in Camden County, Burlington County, Mooresotwn, Cherry Hill, Haddonfield, Mt. Laurel and surrounding areas.
Foreclosures are spreading all over the country, which means there are opportunities everywhere. Lenders are being overwhelmed with properties they inherit because of bad loans. It is safe to say that most lenders will accept a short sale, however, you may come across one or two who will not discount. If the numbers work out for the lender they will do it.
It is best to do a short sale when the property is in the pre-foreclosure state. Yes, you can perform a short sale when the bank owns the property, however your profits will more than likely be smaller. There are two stages within pre- foreclosure. The first stage being those individuals who are behind on payments and the second stage are those who are behind on payments with a notice of default. In order for this to work properly and for you to successfully get a short sale, you must find the homeowners who are in the second stage of pre-foreclosure or more than 3 payments behind on their mortgage. Once the notice of default has been recorded, banks become motivated as well, so you are more likely to get a discount. Until that time, very rarely will a bank ever discount a mortgage that soon. Why would they? The homeowners still have time to cure the loan and make up the back payments.
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