Nathan Colmer | The Van Dyk Group
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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.
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.
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 occur when a seller owes more on his or her mortgage than the house is worth in today’s market. For example:
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.
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