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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.
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 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:
Learn about the Beach Haven West and Stafford Township areas in Southern New Jersey.
Learn about buying a home in the Beach Haven West NJ real estate market.
Read about selling a home in the Beach Haven West real estate market.
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