Saturday, November 3rd, 2012

NJ Short Sale Process – How to

We took on 4 new listings in December for short sales.  All of our short sale listings came via a referral from a happy client of ours.  The good news is that we have not failed a short sale yet.  We have come to terms with each seller / lender on each of our deals.. However, I want to mention one problematic file that we are processing in hopes that it helps other agents sellers by speaking out.

If anyone has had their short sale assigned from the mortgage lender to Cartus Financial, it is my recommendation that you INSIST that the file stays with the lender and not Cartus, a third party servicing company.  I have negotiated dozens of short sales.  I recently got introduced to Cartus about 5 months ago.  Without wasting my time to say how much I hate Cartus, run fast from them.  INSIST to negotiate with the actual lender.  Cartus is TERRIBLE and you will never get anything but lies and deceit.  The Attorney General’s office and BBB will be hearing from me for sure.

Anywaysssss…..back to important short sale updates.. As we have mentioned before, Chase Bank is offering CASH incentives for short sales these days, and other banks are starting to follow suit.  Chase Bank has a liquidation division that bases their incentive on certain borrower qualifications.  We have assisted in short sales that have received anywhere from $3,000 to $20,000 back at closing.  Yes you read that right.. Up to $20,000.

If you are a homeowner looking to short sell your home, it is critical to address your situation upfront without waiting a year before becoming proactive.  The banks will definately not like to incentivize you at that point.  If your home is your primary residence, we have been placing our sellers into the HAFA program, a government backed program that has the most lenient terms.  Terms include up to a $3,000 relocation incentive, all backed expenses paid, and a guarantee that the banks cannot go after you for any deficiency in the future.  It’s the best program out there.

You must have lived in your home during the last 12 months.  If you have relocated, your relocation incentive will not be granted by HAFA.  If you are not approved for HAFA, don’t worry.. it is not the end of the world as there are more short sale programs available, but HAFA is today’s preferred way to go.  HAFA stands for Homes Affordable Foreclosure Alternative.  View information of NJ HAFA Guidelines

We have over 3 years of experience with the short sale process.  We have a streamline process with the lenders to ensure the most favorable terms and our contacts with each servicer grows with each short sale we close.  If you are looking for more information on short selling your home, please call Scott @ 877-688-7582 or e-mail me at Scott@NewJerseyRealEstateGuys.com

I would be happy to explain the entire process to you so that you can feel comfortable going forward with any decision you make.  The short sale is actually in your favor and is not anything to shy away from.  If you are underwater or in a hardship, please call me for a free consultation.

 

 

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