Bergen County Short Sale and Foreclosure Avoidance

 
Bergen County short sales are ever increasing. Avoiding foreclosures in Bergen County is a task that really needs to be left for trained professionals. There are so many real estate agents out there that do know how to work short sales and can help sellers avoid foreclosure. It is true one does not have to be certified by the Distressed Property Institute, to have the knowhow to do a short sale…but it certainly helps.


For short sales in Bergen County, it is imperative that the proper paperwork is completed well before a sale can go through and that it can even be considered for that short sale. The proper paperwork and information needs to be compiled to build a package for submission to banks. While many different types of documents are required, a certified Distressed Property Expert, CDPE, knows what is necessary and when.

With more than 70% of all residential sales in Bergen County in January of 2011 being that of distressed properties, would anyone think that an amateur is the way to go? Absolutely not!

CENTURY 21 Eudan Realty has a sales staff that not only has experience, but has many of its agents trained through both the Distressed Property Institute and the National Association of Realtors®.

Monthly, there is a Bergen County Town Hall meeting on what is going on in the Bergen County market.  Details for this informative meeting on local real estate is at  http://budurl.com/w5zb

Bergen County Short Sales

 
Short sales in Bergen County are going up. Foreclosures in Bergen County are going up. We must look at this situation and be prepared for what could happen if we do not truly understand the market.


In the current real estate market in Bergen County New Jersey, it’s almost impossible to have any day to day dealings with anyone that does not include something to do with distressed or foreclosed properties. January, 2011’s sales was 70% distressed properties!

Many homeowners throughout New Jersey may not know the advantages of a short sale in comparison to a foreclosure. The Short Sale is only possible when a homeowner can meet their mortgage lender’s criteria for a short sale to be able to avoid foreclosure by selling the property for an amount less than the amount that is owed against the mortgage loan.

A more complete description of Short Sale is as follows:

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than other alternatives available at the time. Both parties (the homeowner and potential buyer) consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan.

Bergen County Short sales need to be handled by qualified real estate agents. They need to be trained and have experience. Luckily the agents we work with every day are trained and experienced in handling distressed properties

Bergen County Real Estate In the know!

 
What is really happening with bergen County Real Estate?  Does anyone really know for sure.  Well I do know and if you have an hour to come to a Town Hall meeting on Tuesday night, please join us, but call for a resered seat.
http://budurl.com/burz