Cash Sales in Stafford Township and Beach Haven West
Beach Haven West NJ Real Estate
The real estate market in Beach Haven West has been changing since Hurricane Sandy. Since Hurricane Sandy made landfall at the end of October 2012, there has been an abundance of storm damaged homes and vacant lots which are generally sold in “as is” condition to make way for new construction. The difficulty in purchasing these homes has to do with financing. Traditional financing collateralizes the structure not the lot, so with a damaged home or no home at all, conventional loans may not be available. This creates a situation where special financing is needed or, the transaction must be completely cash. Cash sales in the Beach Haven West real estate market can hold a higher appeal for a seller, and can potentially result in a better deal for the buyer.
Cash Sales in the Beach Haven West Real Estate Market
To understand cash sales in the Beach Haven West real estate market, it is important to understand what constitutes a cash transaction:
- Essentially, a cash sale involves no mortgage contingency.
- It is possible to obtain funds from another source, for example, a home equity loan on a primary residence, and complete the Beach Haven West transaction using these funds.
- Above all else, it is important to remember that any source of funds must be legitimate, and must have a paper trail.
Many cash real estate transactions, like those in Beach Haven West and on Long Beach Island, will see some sort of financing at some stage of the transaction. For example, a buyer may elect to cash out the equity in the primary home, or borrow against some other sort of investment, to obtain the money to purchase the home in Beach Haven West without the mortgage contingency. Many homes which are purchased for cash are subsequently refinanced at a later date, especially with attractive interest rates. It is important to remember that any cash transaction has to have a paper trail. The buyer cannot simply walk in with a briefcase full of money and expect to purchase a home. Rather, the funds must come from a bank or some other source that has a defined paper trail.
Buying a Home in the Beach Haven West Real Estate Market
There are some excellent investment opportunities in the Beach Haven West real estate market. With storm damaged homes still present in the market, it is possible to purchase a home and build new, resulting in immediate equity. Even if a buyer is not in the position to pay cash, there are mortgage options which can provide financing for the purchase of the land and construction of a home in one neat package. For more information about cash sales in the Beach Haven West real estate market, contact us and we will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com