Pre-Foreclosure Listings
What are Pre-Foreclosures or Short Sales?
Pre-Foreclosures are the period between the mortgage Lender’s notice to the Borrowers of their default on the mortgage payments and the auction sale event that finalizes the transfer of title to the property to the Lender. The preforeclosure stage often times presents favorable buying conditions for those in the market. It’s important to get all the information available on the property in order to make an informed decision on things such as a purchase offer.
Pre-Foreclosures or Short Sales are homes that are available for sale but they will need bank approval in order for the sale to be approved. These home owners owe more on the mortgage then the home is worth, that is why it is called a short sale. For example, a home is listed for sale at $300,000 but the home owner owes $375,000 on the mortgage. The difference between the sale price and the mortgage amount is the “shortage” that needs to be presented to the bank and approved by the bank before the sale can go through.
Pre-Foreclosures or Short Sales can take from 3 months up to a year for the transaction to be finalized. Buyers must be aware that they are purchasing the short sale in “as is condition”. Most of these homes being sold will need a lot of work and therefore the buyer must be aware of market conditions, market value of comparable sold homes.
Pre-Foreclosure Searching
Both beginning real estate investors and “old pros” are searching for the best values in properties that are facing foreclosure, so the competition is fierce. Wasting time with postings and lists that are often out-of-date when they are printed may be costing you money! Our Pre Foreclosure page will show you all the true active listings that are listed in our Multiple Listing Service – MLS. Searching our web page is like Searching the MLS for Pre Foreclosures. This property information is updated daily. In addition to accurate property and owner information, you will have our market experience and knowledge to guide you along with your selection and acquisition of the property..
We can customize your search and help you identify the best pre-foreclosure (short sale) around. We will arm you with the amount of the mortgage, any lies pendis (liens) on home, and the original deed price. We also will give you a customized market analysis of the area and help you prepare your offer.
As an investor who is looking to buy multiple units in a declining market. Don’t wait on the sidelines and miss these opportunities! We can preview any property you have an interest in adding to your portfolio.
This is the best time to buy a home here at the South Jersey Shore. Rising inventory of homes in Atlantic County will give the buyers an opportunity to buy a home at a great price. Call me to discuss your needs and explore the market. We are dedicated to providing excellent service and are committed in finding you the perfect investment. We can provide you with a report of homes on a pre-foreclosure list in your area of interest.
