Nathan Colmer | The Van Dyk Group
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Read some helpful information about Long Beach Island Real Estate Short Sale Information. Are short sales the best deal in the LBI real estate market? That depends on the house and the conditions of the sale! Read on to learn about short sales and the LBI NJ real estate market.
Broken down to the most basic form, a short sale means the current owner of the property overpaid for the property. 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, short sales do not always produce the best results. There are a few options that must be considered.
Despite the potential disadvantages of short sales on Long Beach Island, at times they can be a good deal. Therefore, it is important to not exclude them from your LBI real estate search. If you are considering a short sale on LBI, you must be patient and willing to wait for a response from both the seller and the bank. This may 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.
If you are considering buying in the LBI real estate market, it is advisable to explore not only short sales on Long Beach Island, but all options that are available. Estate sales and divorces are two examples, as there is often a need to sell in both scenarios. More recently, there have been buying opportunities produced by storm damaged homes and opportunities to build a new house on Long Beach Island. Hurricane Sandy produced many homes 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 market. As with any purchase, it is important 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.
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