Don’t Be Fooled By The Listing Price Of A Short Sale In The LBI NJ Real Estate Market
Deceptive LBI Real Estate Short Sale Listing PricesLong Beach Island Short Sales
Since the economic crisis and the downturn in the real estate market, the national media has promoted short sales and foreclosures as being some of the best deals in the real estate market. While this can be true in certain cases, buyers must be aware of Deceptive LBI Real Estate Short Sale Listing Prices that can cause a buyer to think they are getting a “steal” only to find that the actual sales price is much higher!
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Deceptive LBI Real Estate Short Sale Listing Prices
To better understand how Deceptive LBI Real Estate Short Sale Listing Prices occur, a buyer must first understand the short sale process.
- A property owner puts a home on the market for sale at whatever price he or she decide
- A potential buyer makes an offer and a sales price is agreed to by the buyer and the seller
- The deal is sent to the seller’s bank or banks to approve the short sale
It is the last step in the process that can lead to buyer’s having an unpleasant surprise when buying a short sale on Long Beach Island. When a seller decides to short sell their property, the bank must agree to the sales price since the bank will be forgiving a portion of the seller’s debt obligation. If the loss is too great to the bank, the bank may not approve the deal and ask the buyer for more money or additional concessions from the seller.
Many times, a seller will price their home below market value to attract offers. Even though the buyer negotiates with the seller, the seller does not really have the power to approve the transaction. The best way to avoid Deceptive LBI Real Estate Short Sale Listing Prices is to find out if the listing price has been approved by the bank. If the seller has not had discussions with his or her bank regarding the short sale of their home, buyers must take additional steps to ensure they are negotiating in a fair and open manner. Buyers should always remember that most short sales are sold “as is” so if there are any repairs needed, this must be budgeted for.
While short sales and foreclosures do not represent a large portion of the LBI real estate market, there are opportunities under the right circumstances. You can click here to view current short sales and foreclosures in the LBI real estate market. For more information about Deceptive LBI Real Estate Short Sale Listing Prices or about buying a home on Long Beach Island New Jersey, send me a message and I will be happy to help!
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market