Morris County Short
Sales

Short Sales-Often the best option for sellers, great deals
for buyers!

The number of homeowners in financial distress because of real estate
is at an all time high.  The need for informed guidance from a trained
professional is paramount for these homeowners.  There is help
available.  The Distressed Property Institute is currently training Real
Estate agents to provide guidance to homeowners facing financial crisis
and also skillfully navigate through the systems to provide the owner
with the best service and help them deal with their situation.








A typical market in the US would have approximately 1-3% of its
inventory in some state of foreclosure.  In today’s market, we are seeing
as much as 50% or more in states such as Florida and California.  In New
Jersey, there were 5,757 filings for foreclosure in August.  All price
ranges of homes are part of the foreclosure crisis.  Homes over a million
dollars are the fastest growing category of homes filing for foreclosures.  
Homes become distressed for many reasons: job losses, adjustable
mortgage rates that cause payments to be too high for the owner to meet
and/or property values dropping leaving the home worth less than what
is owed.  The homeowner does have options.  The government is now
offering help through the Making Homes Affordable Act.  Their website
is: HUD.GOV.  The possibility of working with a lender to sell the home in
a “short sale” is another option for homeowners.  Using a short sale, the
homeowner sells his/her home for what the market will bear and the
bank “forgives” the balance of the loan.  This is a process that requires
time and patience, but can be the best option for a distressed
homeowner facing possible foreclosure.









Foreclosure is very detrimental to a person’s credit.  Foreclosure is the
most detrimental credit issue a person can have affecting their credit; it
is almost impossible to have it fixed.  Short sales can provide a better
option.  Homeowners must qualify for a short sale.  There must be a valid
reason why they cannot make their mortgage payments.  Utilizing a
short sale is almost always mutually beneficial to the homeowner and
the lender.  The homeowner will most likely be able to restore his/her
credit in the future.  The lender will most likely net the most money for
the property using a short sale over foreclosure.









For buyers, short sales often present an opportunity to purchase a home
at below market value.  However, the process is time consuming as
many banks are back logged with the growing number of short sales
and the paperwork can be overwhelming.  Realtors knowledgeable of
the process can help in navigating through this process, helping you
obtain a home at a very good value.  Buyers interested in exploring
purchasing a distressed property should contact a realtor
knowledgeable about the process.  Short sale properties are most often
listed with a licensed realtor trained in the short sale process.  


To find out more about Short Sales, visit the website for Realtors
certified to handle the short sale process.  The website is:  www.CDPE.
com.  As a  local Realtor certified in the Short Sale Process  I can help
you navigate through the system and also provide you with a list of area
short sale homes.
.Ginny Cassidy
Ginny Cassidy
Ginny Cassidy
RE/MAX Superior
100 Route 46 East
Mountain Lakes, NJ
Office Phone:
973-334-3500
Cell Phone:
201-230-5539