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Sea Isle City Foreclosures and Short Sales

 

Understanding the Foreclosure Process

To truly be an effective foreclosure buyer, you have to understand how it is that a foreclosure becomes available for purchase. Knowing how to find the best deals and best prices depends on understanding how the foreclosure is being sold and why, and this is key to knowing how to place the right bids.

 

Step 1: How a Foreclosure Begins

Foreclosure Home for SaleA foreclosure is a property that is repossessed or put up for sale by a lender as a result of a homeowner's default on their mortgage loan. Generally, the process begins when the lender issues a Notice of Default informing the local authorities and the homeowner of their intention to seek a foreclosure. Once the Notice of Default is issued, there are several possible outcomes of the foreclosure process.

 

Step 2: The Pre-Foreclosure Process

Newspapers ClassifiedsThe pre-foreclosure period can range anywhere from one month to a year, depending on local law and custom. Often times, homeowners who cannot pay off their default debt will turn to selling their property during this period. For buyers, this can be a great opportunity to find significant discounts, as most homeowners look to sell for reduced prices simply to raise enough to pay off their remaining loan debt. Buying a pre-foreclosure involves dealing directly with the homeowner, and oftentimes this means approaching homeowners and actively seeking out the deals. However, the results can be quite rewarding in today's market.

 

Step 3: Foreclosures at Auction

Hammer in a Home AuctionThe foreclosure auction is the most commonly known way in which a foreclosure can be purchased. If the homeowner does not reinstate their mortgage, the property goes to a public auction, where anyone can bid. Auctions can be tough because they sometimes occur on short notice and don't allow you much time to do research and analysis of the property. However, they offer some of the best discounts, often ranging up to 50% below market value, and avoid some of the trouble of negotiating with a homeowner for a good price.

 

Step 4: Bank-Owned Properties and Government Homes

Foreclosure SignIf a foreclosure auction fails to satisfy a minimum bid amount, or the lender bids on the property themselves, then the foreclosure home may be awarded to the lender. This is known as government foreclosures and is most common with bank and government lenders like HUD. When this happens, banks will usually fix up the properties themselves before selling them, which can help you save on repair costs after you buy. However, the discounts you'll find on bank-owned homes aren't generally as high as through the auction method. But this can still be a great way to find quality properties for less.

 

Step 5: Finding the Right Foreclosure Homes for your Needs

a woman holding a mini house in her handsBuying foreclosures can be a great way to save money, but you'll have to have the information and tools necessary to find the right properties and decide which methods of buying and homes are best suited to your needs, abilities and price range. To get started in finding that perfect Sea Isle City REO/Bank-owned property or to get our up to date list of Sea Isle City Short Sales and Foreclosures please submit your search here.

 

SHORT SALES

Buyers pursue short sales to get a good deal. So when you see a price listed for a home that you think is too low for the neighborhood or just too good to be true call me to find out if the home is a short sale.

You might want to think twice about making an offer on a short sale home. It's not as simple as you may believe, and very few can close in 30 days or less.

Many of our home buyers have waited 4 to 6 months to close on a short sale, sometimes longer!

 

What is a Short Sale?

A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.

Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.

 

Hire an Agent with Short Sale Experience

It's one strike against you if the listing agent has never handled a short sale, but it's even worse if your own agent has no experience in that area. You need an experienced short sale agent to ensure all the timelines are met in order to get to the closing table. Island Realty Group's very own Joe Zarroli has the experience necessary to see your transaction from beginning to end and boasts an impressive 100% short sale approval record, actually having gone to settlement in as little as 30 days!

 

An agent with experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.

 

Give the Short Sale Lender Time to Respond

This is the golden rule of short sales. Make your offer contingent upon the lender's acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel.

Some lenders submit short sales to committee, but most can make a decision within two to three months. If you don't feel you can sit back and wait a short sale may not be for you!

If you have any questions you may contact Joe Zarroli directly at 609.402.8900.

 

Common Short Sale Terms

Advertising- (or Publishing)

A copy of the Notice of Trustee Sale must be published once a week for three weeks.

Bankruptcy-Chapter 7

Often called a straight bankruptcy-involves the liquidation of all non-exempt by the bankruptcy trustee, who in turn distributes the proceeds to qualified creditors. All dischargeable debts are discharged and the person(s) filing receive a ‘fresh start’.

Bankruptcy-Chapter 13

Often called a debt reorganization. A Chapter 13 Bankruptcy is generally appropriate for those individuals who have non-exempt property they wish to retain and who have enough income to reasonably pay the reorganized debt after covering reasonable living expenses.

Beneficiary

The beneficiary in a foreclosure context is generally the mortgage lender. Frequently referred to as the ‘Benny’.

Credit Counseling

Under the new bankruptcy law which took effect in October of 2005, those wishing to file bankruptcy must complete an approved credit counseling course within the six (6) months prior to filing.

Deed in Lieu of Foreclosure

The voluntary surrender of property by an owner/borrower to a lien holder that eliminates the need to continue foreclosure action by the lien holder. The lien holder can refuse to accept the Deed in Lieu and file a Notice of Non Acceptance with the County Recorder.

Discounted Payoff

The payoff of a mortgage loan where the lender accepts an amount less than the actual amount owed to payoff the loan.

Equity Deficient

A property is Equity Deficient when, if sold, sales proceeds would not fully pay off existing mortgage debt.

Forbearance Agreement

An agreement between a mortgage holder and a borrower that lays out a specific loan payment plan and puts a stop on the foreclosure action so long as the borrower meets the terms of the agreement. The payment plan includes provisions for repayment to the mortgage holder of all delinquent interest and fees and could include extending the life of the mortgage beyond it's original term. A Forbearance Agreement is a tool that allows the borrower to keep the property.

Judicial Foreclosure

A foreclosure action conducted through the courts instead of through a foreclosure trustee. Judicial Foreclosures are very uncommon in California, particularly on residential properties. Should a lender elect to pursue a deficiency judgment, it would be through a Judicial Foreclosure.

Junior Liens

A lien, usually a mortgage loan, that is subordinate to a Senior Lien, usually a first mortgage. Lien priority is generally established by order of recordation . NOTE: if you refinance a 1st mortgage on a property with a 2nd mortgage already in place the new 1st mortgage holder will require a subordination agreement from Junior Lien holders to legally establish the new mortgage holder as 1st or Senior Position.

LIBOR (London Interbank Offered Rate)

The interest rate charged among banks for short-term Eurodollars loans - LIBOR is a very common index for adjustable rate mortgages (ARM).

Loss Mitigation

Home mortgage lenders look to limit losses on delinquent mortgages by working out solutions with borrowers through their Loss Mitigation Departments.

Mailing

A copy of the Notice of Trustee’s Sale must be mailed (certified and first class) at least 20 days before the foreclosure sale to the borrower and to anyone who was entitled to receive a copy of the Notice of Default and Secretary of State and IRS, if applicable.

NOD

Short for Notice Of Default.

Notice of Default

An official notice filed and recorded by a designated trustee at the request of a lender indicating lender has commenced foreclosure action.

Notice of Trustee Sale

An official notice that is posted, mailed, published/advertised and recorded by trustee at the direction of lender indicating lender’s intention to sell the property at public auction. The notice includes a specific date, time and location.

Posting

A copy of the notice of sale must be posted in a conspicuous place on the property to be sold at least twenty days before the sale. Also, a copy of the notice must be posted at one public place in the city where the property is to be sold at least twenty days before the sale.

Postponement

Trustee Sales may be postponed by the first at the direction of the lien holder. Notice may be given in advance or at the time and location specified for the intended sale.

Private Mortgage Insurance (PMI)

A policy of insurance paid for by the borrower to protect the lender in the event the borrower defaults on the mortgage. Typically PMI is required by the mortgage holder when the down payment is less than 20% of the purchase price.

Qualifying Funds

In order to bid at a Trustee Sale bidder must have qualifying funds available at the sale. Qualifying funds are cash or a cashiers check(s) drawn by a State or National Bank, a check(s) drawn by a State or Federal Credit Union or check drawn by a State or Federal Savings and Loan Association, savings association or savings bank specified in section 5102 or the Financial Code and authorized to do business in the State of California.

REO

Short for Real Estate Owned. When a mortgage lender acquires a property, typically through foreclosure, it becomes real estate owned – or REO.

Reinstatement

To bring the loan current. Borrower may reinstate up to five (5) business days before foreclosure sale.

Short Sale

The sale of a home which is completed through negotiation with the existing lender(s) in which the lender(s) agrees to accept less than the full amount owed to satisfy the debt allowing the debt to be ‘paid off’, short.

1099-C

IRS Form 1099-c is issued by those canceling all of part of a debt to the person receiving debt relief.

Note: The cancelled debt may not need to be reported as income.

Trustee (Foreclosure Trustee)

A Foreclosure Trustee is appointed by the mortgage company when a mortgage reaches the default status for the purpose of processing the foreclosure.

Trustee Deed

The deed given to the highest bidder at auction or the foreclosing lender upon completion of the foreclosure.

Trustee Sale

Conducted by the Trustee. The property is sold at auction to the highest bidder, or taken back by a foreclosing lender.


 



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Island Realty Group is a full-service Real Estate Brokerage licensed to practice real estate in the State of New Jersey.
Our specialties are sales of homes, condos and investment properties at the South Jersey Shore plus Summer Vacation Rental Management.
We are a leader in Short-Sale and REO/Bank Owned Sales throughout Cape May County.



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REAL ESTATE SPECIALISTS of the SOUTH JERSEY SHORE REGION
Joseph Zarroli, Broker of Record
1701 New Jersey Avenue - North Wildwood, New Jersey 08260
Office: 609.522.4999 Cell: 609.402.8900 Facsimile: 866.571.9766

ISLAND REALTY GROUP STATE of NEW JERSEY CONSUMER INFORMATION STATEMENT



BuySeaIsleNJ.com puts Sea Isle City New Jersey Real Estate Listings for hundreds of Homes, Condominiums and Investment Properties for Sale at your fingertips.

Simply submit a search for Sea Isle City Property utilizing our SEARCH ASSIST application to gain access to Island Realty Group's vast database of Sea Isle City Real Estate Listings, Homes and Condominiums for Sale, investment properties and other real estate offerings currently on the market. So whether you are looking for a Sea Isle City Homes, Condominium, Townhome or Investment Property look no further than BuySeaIsleNJ.com.

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BuySeaIsleNJ.com is the official Sea isle City Real Estate website of Island Realty Group, a Real Estate Brokerage specializing in sales and rentals of South Jersey Shore Residential, Investment and Commercial properties from Ocean City to Sea Isle City to Cape May New Jersey. To help educate both Buyers and Sellers with their real estate needs, IslandRealtyGroupNJ.com also offers comprehensive real estate guides, real estate news, mortgage calculators, links to real estate market conditions, and of course information about Island Realty Group and its team of seasoned agents. If you are in the market for a home, condominium or investment property at the South Jersey Shore Island Realty Group is the Realtor of choice.

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