Brigantine Short Sale Search & Opportunities – Purchasing a Short Sale
Brigantine Short Sale Search
Brigantine SHORT SALE search link at the top of the HOME page lists all short sales presently listed in Brigantine. Call Brigantine Realtor Nancy Campione @609-517-0009 for additional information.
Brigantine NJ real estate buyers, take advantage of Brigantine short sale opportunities before they disappear!
In a nutshell, a short sale is a real estate transaction wherein the sale proceeds fall short of the balance owed on the property. Both lenders and property owners often find this process to be preferable to a foreclosure action.
Short sales afford buyers with the opportunity to get a fantastic deal. But the process is very different than the normal home buying experience. When entering into a short sale transaction to purchase property, there are several key factors that buyers need to be aware of.
First, there are no guarantees. The homeowner’s signature on the contract does not mean that the negotiated price will be acceptable to the lender. Once the contract is submitted, the lender will order a Broker’s Price Opinion (BPO), an estimate for the value of the property. It is the lender, not the homeowner, who makes the final decision. Brigantine Short Sale Search
This leads to the second factor buyers must consider, time frame. Lenders can, and usually do, take several months to respond. In the best of circumstances lenders are not well equipped to dispose of properties; in this environment, they are overwhelmed. So buyers must be prepared to sit tight during this process. If you must close on a property within a certain time frame, such as the beginning of the school year, or in time to enjoy the summer season, a short sale may not be for you. Brigantine Short Sale Search
Patience is key. In a traditional real estate transaction, a buyer is able to monitor the progress of the transaction. In a short sale transaction this is typically not the case. Loss mitigation officers are often dealing with hundreds of applications. The Realtors involved will make every effort to keep the lines of communication open, but it is extremely important for the buyers to understand the process, and avoid becoming frustrated.
Lastly, when the lender notifies the parties it has approved the application, it will demand that the buyers settle within fourteen to twenty-one days. So, if the buyers are financing the purchase, they must have their mortgage commitment in place, and be ready to settle. Consequently, the buyers must be willing to potentially incur rate lock fees while waiting for the green light from the lender. Brigantine Short Sale Search
The payoff for your time and patience is the chance to buy a property for less than you could otherwise expect to pay. Your Realtor can help you identify the right short sale property today!
Brigantine short sale search