Has your listing expired?

In this market many houses come on the market and never sell, there are a number of reasons for this that can be overcome by your agent.  Market positioning is key, this means if your home is overpriced for the neighborhood you will not get the buyers you are looking for. Below is a check-list developed by Real Estate Marketing Experts that can help you discover the reason for your disappointment.  Go over it, answer the questions truthfully and if you have any questions or would like me to help make a marketing correction please feel free to contact me.

North Jersey Short Sales (Part 2)

Once you have decided to try to short sell your home call your lender and see if they have a pre-sale approval process.  Not all lenders do this but you can ask.  Most lenders will give you a short-sale information package to fill out.  This will include a hardship letter where you explain why you can no longer pay you mortgage, copies of the past 2 years income tax returns, a list of all outstanding debt, a list of all recurring payments you must make (utilities, water, groceries) pay stubs and other financial paperwork.  This package must be completely filled out and returned to the bank before you can accept an offer.  You can list your house with a realtor.  A short sale must be listed with a licensed real estate agent who has no relationship to the seller, all short sale transactions must be arm's length, which means that the seller, the agent and the buyer can have no relationship. 

North Jersey Short Sales (part 1)

If you are one of the many homeowners in North Jersey who is finding themselves underwater in their home you need help. Your first step should be to contact your lender and request a loan modification. If you really can't make your full mortgage payment every month and the recommended sales price of your home is less then you owe on it your bank may approve a reduction in your monthly payment. This is often the only help a distressed homeowner needs to move forward and continure living in their home.

If you are not approved for a modification and you can't make your mortgage payments you are risking foreclosure. In a foreclosure the mortgage holder takes the house back and you are forced to move. A possible alternative to foreclosure is short selling your home. In a short sale you maintain some control of the sale and the timing of your move.

If a short sale is the road you decide to travel keep in mind you will need a Real Estate Agent who is specially trained in short sales and a Real Estate Attorney who is experienced in the short-sale process.

I hold the SSFR designation which is the Short Sale and Forecloser Expert designation earned through the Board of Realtors. A short sale is anything but short and does have credit ramifications but in a desperate situation it is a viable alternative to foreclosure.