Long Beach Island Real Estate Deed-in-lieu of Foreclosure
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Deed-in-Lieu of Foreclosure 
LBI Real Estate Deed-in-Lieu of Foreclosure 
LBI Real Estate Deed-in-Lieu of Foreclosure
Long Beach Island Real Estate
An LBI real estate deed-in-lieu of foreclosure is a legal document that transfers ownership from the borrower to the bank in exchange for the lender not initiated foreclosure proceedings against the borrower. The avoidance of foreclosure has advantages to both the homeowner and the lender. While distressed sales, short sales, and foreclosures are rare in the LBI real estate market, they do occur from time to time, so understanding an LBI real estate deed-in-lieu of foreclosure can be helpful.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Deed-in-Lieu of Foreclosure
When a homeowner on Long Beach Island considers a deed-in-lieu of foreclosure, there are many things to account for. It is always best to hire an attorney to aid in this process, as entering into this kind of transaction can have a negative impact on your credit score and can even have tax consequences. A homeowner considering this process may also find resistance from the bank as some banks will prefer a short sale to a deed-in-lieu. The primary reason for this is when a bank takes the property back via a deed-in-lieu, it shifts the responsibility of selling the home from the owner to the bank. Many buyers in the LBI real estate market will view a deed-in-lieu as a potential opportunity-and in some cases, these can be buying opportunities. Like any foreclosure, short sale, or bank-owned sale in the LBI real estate market, they often end up trading at or even above fair market value, so it may not be a great value.
Long Beach Island Real Estate Deed-in-lieu of Foreclosure
While a deed-in-lieu is not very common in the LBI real estate market, we see them come up from time to time. A buyer looking for value may want to consider this type of transaction, but they should also be well aware of the home’s real value. As I mentioned above, it is very common for foreclosures, short sales, and bank-owned homes to sell at or above fair value in the Long Beach Island real estate market. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
You May Also Like:
What is a Co-Borrower in the LBI Real Estate Market
Should You Wait For A Lower Interest Rate to Buy in the LBI Real Estate Market?