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Beach Haven West Short Sales Foreclosures | Beach Haven West NJ Real Estate

 

 

Beach Haven West Short Sales and Foreclosures

The Beach Haven West real estate market, like many other real estate markets around the country, have experienced short sales, foreclosures, and distressed properties. Hurricane Sandy, which made landfall at the end of October 2012, increase the number of distressed sales in the Beach Haven West real estate market. Some homeowners were unable to afford the cost of repairs and thus were forced to sell their homes at a loss. Short sales in the Beach Haven West real estate market are a part of the local economy and understanding how they relate to the market helps when looking to invest in the area.

 

 

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Beach Haven West Short Sales Foreclosures | Beach Haven West NJ Real Estate

Short Sales in the Beach Haven West Real Estate Market

There are many misconceptions about a short sale, and understanding how the process works can go a long way to determining if investing in a distressed sale is the right move for you. In its most simple form, a short sale simply means that the current balance of the existing mortgage exceeds the net market proceeds of the house. To put this in a more practical example, if the current mortgage balance on a home is $300,000 but the net proceeds from selling a home, after expenses are deducted, will only be $250,000, there is clearly a deficit. This $50,000 difference between the current balance than the current value creates a short sale. It thanks can maneuver in any one of a number of ways ranging from forgiving the current difference to forcing the seller to take back the difference in a separate mortgage. When looking to buy a short sale in the Beach Haven West real estate market there are a few key points any buyer should be aware of. For example:

  • Most short sales were sold as is condition meaning that the buyer will be responsible for any repairs or alterations to the property
  • Short sales can often take much longer than a traditional real estate transaction
  • A short sale will only be a good value if the cost to purchase the property and the cost to repair any damage are lower than the current market value of the finished home
Investing in distressed properties can offer excellent returns, but they can be lengthy and at times risky transactions. Once a buyer is committed to a short sale, they are committed for the long haul. In other words they may miss another buying opportunity if they are tired of waiting for event to respond to an offer. In addition, when purchasing a property in as is condition the cost of repairs will fall on the buyer. If a buyer is not aware of the true actual condition, or if there are defects in the property that are not uncovered during the home inspection, the cost of these repairs combined with the cost to purchase the property may exceed the current market value. Therefore, it is important to understand all aspects of a real estate transaction to make sure the investment is profitable.

 

 

 

 

Beach Haven West Short Sales Foreclosures | Beach Haven West NJ Real Estate

 

Shorter Waiting Period For Troubled Buyers in the Beach Haven West Real Estate Market

Most buyers in the Beach Haven West real estate market will seek mortgage financing to complete a transaction, however in the wake of the financial crisis, lending a difficult for some buyers. Specifically, buyers who have had recent bankruptcy, foreclosure another home, or have had to short sell the property can run into particular difficulty. The good news is, the Department of  Housing and Urban Development have created a shorter waiting period for trouble buyers in the Beach Haven West real estate market. It is important to remember that every individual’s financial situation and lending criteria will be different so it is therefore important to speak with a qualified mortgage representative to understand your individual situation. That said, there have been some recent changes that can aid those who fell on hard times.

The waiting period after a bankruptcy, foreclosure, or short sale has been reduced to just one year from the event! Program rules are:

  • Purchase Transactions Only
  • Housing counseling must be completed 30 days prior to loan application.
  • The bankruptcy, foreclosure or short sale MUST be related directly to the loss of job or 20% income reduction for at least 6 months.
  • Credit must have been satisfactory before the bankruptcy, foreclosure or short sale and be satisfactory for a minimum of 12 months after the event.

 

 

 

 

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About Beach Haven West

Learn about the Beach Haven West and Stafford Township areas in Southern New Jersey.

 

Beach Haven West Buyers

Learn about buying a home in the Beach Haven West NJ real estate market.

 

Beach Haven West Sellers

Read about selling a home in the Beach Haven West real estate market.

 

 

Beach Haven West NJ Real Estate | Beach Haven West Homes | Stafford Township NJ

Get Your Beach Haven West Home Search Started with Farrah Pileggi

C: 201.952.4131 | O: 609.492.1511 | E: fpileggi@vandykgroup.com

Contact Farrah

 

 

Farrah Pileggi

Sales Agent: 201.952.4131

Kim Pileggi

Transaction Coordinator: 732.887.4853

Nathan Colmer

Marketing Agent: 609.290.4293

The Van Dyk Group

12800 Long Beach Blvd

Beach Haven Terrace NJ

08008

Long Beach Island

609.492.1511