Understanding Short sales in the Long Beach Island NJ Real Estate Market
Short Sales in the Long Beach Island New Jersey Real Estate MarketLBI Real Estate on Long Beach Island New Jersey
The dream of owning a home on Long Beach Island New Jersey is one shared by many people. Apart from being a wonderful vacation destination, the LBI real estate market can also be a smart investment when purchased correctly. While the Long Beach Island real estate market is expensive, there are many buying opportunities that exist. While short sales are considered to be one of the best methods to purchase real estate, on Long Beach Island they may in fact not be the best option. Short Sales in the Long Beach Island New Jersey Real Estate Market do exist however but one must understand the process before buying in the Long Beach Island real estate market.
Short Sales in the Long Beach Island New Jersey Real Estate Market
Broken down to the most basic form, a short sale means the current owner of the property overpaid for the property. Now, the owner must sell the property at a loss and the bank or banks must agree to accept a loss on their investment (mortgage). While this does create a need to sell scenario which tends to be uncommon in the LBI real estate market, Short Sales in the Long Beach Island New Jersey Real Estate Market do not always produce the best results. There are a few options that must be considered such as:
- A Short Sale in the Long Beach Island New Jersey Real Estate Market must be approved by the bank and trade at fair market value
- Short sales in the LBI real estate market and elsewhere tend to be in poor repair and will be sold in “as is” condition meaning the responsibility of repairs will fall on the buyer
- Short Sales tend to be a good deal in a market that has a large inventory of short sales. Short Sales in the Long Beach Island New Jersey Real Estate Market make up a very small percentage of the LBI real estate market.
Despite the potential disadvantages of Short Sales in the Long Beach Island New Jersey Real Estate Market, at times they can be a good deal and it is therefore important to not exclude them from your LBI real estate search. If you are considering a short sale in the LBI real estate market, you must be patient and willing to wait for a response from both the seller and from the bank. This will take a great deal of time during which you may or may not be locked into the transaction and unable to look at other homes in the LBI real estate market.
Alternative Buying Opportunities in the Long Beach Island New Jersey Real Estate Market
If you are considering buying in the LBI real estate market, it is advisable to explore not only Short Sales in the Long Beach Island New Jersey Real Estate Market
but all options available in the LBI real estate market . While short sales and other distressed sales can produce excellent results, the best deals can often be found in the cases of divorces and estate sales as there is a need to sell often present in both scenarios. More recently there have been Alternative Buying Opportunities in the Long Beach Island New Jersey Real Estate Market produced by storm damaged homes. Hurricane Sandy produced many homes in the LBI real estate market that were damaged from the storm and are now being sold at land value. These transactions can be very smart investments for buyers in the LBI real estate market. It is important when looking at storm damaged homes, Alternative Buying Opportunities in the Long Beach Island New Jersey Real Estate Market or any other type of LBI real estate transaction to understand the new rules concerning flood zones on LBI, flood insurance on Long Beach Island and how these factors will influence the LBI real estate market as a whole. For more information about flood insurance, Alternative Buying Opportunities in the Long Beach Island New Jersey Real Estate Market or the LBI real estate market in general please do not hesitate to contact me, Nathan Colmer, and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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