Tips For Buying LBI Real Estate Short Sales

Distressed Sales in the LBI NJ Real Estate Market

Tips For Buying LBI Real Estate Short Sales
Tips For Buying LBI Real Estate Short Sales

Long Beach Island Real Estate

The LBI real estate market has seen a significant increase in both the number of homes sold and the average sales price. With the improvement in home sales, many home buyers have been looking for ways to beat the market and short sales are often viewed as an excellent way to find a deal in the LBI real estate market. For buyers looking to take advantage of distressed sales, it is important to keep in mind these Tips For Buying LBI Real Estate Short Sales.

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Tips For Buying LBI Real Estate Short Sales

There are a few ways to improve an offer when bidding on a short sale in the LBI real estate market.

  • Banks often look at terms as much as price
  • Most short sales or distressed properties are sold as is so buyers should budget for repairs
  • Negotiations can come in many forms including the seller taking back part of the short sale

In any real estate transaction, the terms offered to the seller can greatly influence the sale. When dealing with a short sale, the terms can be even more important! When a “cleaner” deal is offered to the bank, they will often give that offer precedence. Superior terms can include an all cash offer, a pre-approval (not a pre-qualification), or a very quick closing.

Most short sales are sold in as is condition meaning the buyer, not the seller or the bank, is responsible for repairs made to the house. Therefore, a buyer should plan for these expenses when making an offer and throughout the negotiation.  This is especially true in the wake of Hurricane Sandy when many homes sustained damage as a result of the storm.

There are a number of things that can be negotiated during the course of the transaction. For example, many banks will ask the seller to take back part of the loan as a mortgage to aid in limiting the loss to the bank. Additionally closing costs, real estate commission and other fees can be changed to make the transaction work for all involved.

LBI Real Estate Short Sales

Buying a short sale in the LBI real estate market can make for an excellent investment, but it is important to remember the limitations in distressed sales. They are not always the best deal so buyers should evaluate all options on the market. Additionally, short sales make up a very small percentage of home sale inventory so limiting a search to only include distressed sales can potentially cause buyers to miss out on other opportunities. For more information about the LBI real estate market or Tips For Buying LBI Real Estate Short Sales, contact me and I will respond right away.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

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