Homes listed are available at special prices due to short sales and foreclosure.
A short sale is a process in which the homeowner sells the property for a value that is less than the original amount of their current mortgage in exchange for the bank writing off the loan balance. A short sale makes it possible for a property owner to disengage from future mortgage payments legally. Even when a foreclosure process has started, a short sale agent with good experience about New Jersey real estate can still negotiate a short sale successfully on the owners’ behalf.
A foreclosure occurs when a homeowner does not pay their mortgage.
It’s the legal process through which the previous homeowner loses the right to their property. If they owner fails to pay off their debt or sell the property through a short sale (see above), then the property gets auctioned off. If it still doesn’t sell, the lender takes possession of the home.
Foreclosure and Short Sale homes are often available at extremely favorable prices due to the circumstances of their availability. Because of the nature of these properties, they can often be purchased for amounts well below their true real estate value. However, due to the circumstances that make them such a good value, they often sell very quickly, so if one of these properties appeals to you, it is in your best interest to act quickly.
To learn more about our foreclosure and short sale homes, call Exclusive Properties Realty at (201)796-7777.
Get personal assistance from Frank Aversa. Frank Aversa is a licensed Real Estate professional.