Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer

How Does A LBI Short Sale Work?

Nathan Colmer | The Van Dyk Group

C: 609.290.4293 | O: 609.492.1511

How Does A LBI Short Sale Work?

Learn about LBI short sales, Long Beach Island short sales, LBI NJ real estate and the Long Beach Island area. Short sales can offer a very good opportunity but only under the right conditions. Understanding how a LBI short sale works is key to smart investing.

 

LBI Short Sale | Long Beach Island Short Sale | LBI NJ Real Estate

Distressed Sales on LBI

 

LBI Short Sale | Long Beach Island Short Sale | LBI NJ Real Estate

It is important to understand that every situation is different. Banks will look at the entire financial picture of the individual as well as the overall all market. In a market like the real estate market on Long Beach Island, banks tend to be more resistive as the overall market is strong.

LBI Short Sale | Long Beach Island Short Sale | LBI NJ Real Estate

How Does an LBI Short Sale Work

 

There are several real estate transactions that fall under the general term of a “bank sale” and they all have different impacts on buyers and sellers. A few are:

  • Short Sales on LBI
  • Foreclosures on LBI
  • REO Listings on LBI
  • Auction Sales on LBI

Short sales occur when a seller owes more on his or her mortgage than the house is worth in today’s market. For example:

  • Seller Tom has a mortgage balance of $500,000.
  • The sale price of the house is $350,000, after expenses and closings costs.
  • The balance of $150,000 must be eliminated by some method, thus making it a short sale.

There are a number of ways to disperse the balance of the unpaid mortgage amount. Speaking in VERY general terms, the bank can simply forgive the balance, the bank can request the seller take back the balance as a new mortgage, the bank can forgive a portion of the balance and request the seller pay back the new balance, etc. Depending on the circumstances, short sales can have a very negative impact on a seller’s credit score and overall financial picture, so it is important to speak with an attorney and/or an accountant.

A buyer should be aware that in almost every case the sale of the home will be in "as is" condition. This means the burden of repairing any damage to the house will fall on the buyer. Therefore, it is important to make sure the purchase price of the home and the cost of repairs do not outweigh the market value of the home on Long Beach Island.

 

 

 

Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
Long Beach Island New Jersey Real Estate | LBI NJ Real Estate | Nathan Colmer
LBI Short Sale | Long Beach Island Short Sale | LBI NJ Real Estate

More Information About Long Beach Island New Jersey Short Sales and Foreclosures

 

Tips For Buying LBI Real Estate Short Sales

Distressed Sales in the LBI NJ Real Estate Market Long Beach Island Real Estate The LBI real estate market has seen a significant increase in both the number of homes sold and the average sales price. With the improvement in home sales, many home buyers have been looking for ways to beat the market and ...Read More

 

Short Sales in the Long Beach Island New Jersey Real Estate Market

Understanding Short sales in the Long Beach Island NJ Real Estate Market LBI 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 ...Read More

 

Short Sales on Long Beach Island NJ

Short Sales on Long Beach Island NJ-Are they always the best deal? Short Sales on Long Beach Island NJ More and more buyers look to begin their LBI real estate search by asking about short sales and foreclosures on Long Beach Island NJ. LBI short sales do exist and to help those looking only at ...Read More

 

 

 

Popular LBI Real Estate Searches

 

You May Also Like...

LBI Buyers

Read tips and information about buying a home in the LBI real estate market.

Learn More

LBI FSBO Homes

Learn about homes listed for sale by owner in the LBI NJ real estate market.

Learn More

About LBI

Learn about the Long Beach Island New Jersey area and find fun things to do!

Learn More

 

 

Your LBI Beach House is a Phone Call Away! Call Nathan Colmer 609-290-4293

Nathan Colmer

609.290.4293

ncolmer@vandykgroup.com

The Van Dyk Group

12800 Long Beach Blvd

Beach Haven Terrace NJ 08008

609.492.1511