Just like Maplewood, New Jersey, its next door neighbor South Orange, New Jersey also currently has 19% of its residential homes listed for sale in the Garden State Multiple Listing Service (GSMLS)marked as a short sale or foreclosure. Short sales aren’t for the impatient or faint of heart; time has to be on your side in most cases. For foreclosures, it all depends on the bank on how fast you can really close.

Here’s the full list* of South Orange short sales and foreclosures currently listed in GSMLS. See the gallery picture view of the properties for an overview* then contact my partner Bob Meaux to get started on figuring out the best purchase for you.

Don’t necessarily count on getting the Home Buyer Tax Credit on a short sale or foreclosure because there isn’t guarantee you will be able to close on the house before the June 30, 2010 deadline.

What’s a foreclosure? A bank-owned property where the homeowner you are dealing with is the bank, which makes this a very un-emotional transaction. The bank has had a BPO (Broker Price Opinion) completed — a market analysis of the home — and has determined the price of the property based on the BPO and other factors they deem important. Most foreclosure properties are sold “as is”, which means what you see is what you get. It’s important for you to get a home inspection to determine if you still want to go forward with the purchase or not. Banks love dealing with cash offers whenever possible.

What’s a short sale? If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale.

We have earned the nationally recognized Short Sales and Foreclosure Resource (SFR) certification, which simply means we are not afraid of short sales and have taken steps to understand the process for you and are here ready, willing and able to help you through the short sale process. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.  We have also teamed up with a local certified public accountant and attorneys that have short sale experience to provide free consultations to our clients.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures.  For many real estate professionals, short sales and foreclosures are the new “traditional” transaction.  New Jersey REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
*These links will expire in 60 days. Information deemed reliable, but not guaranteed.