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Looking To Network With NJ Investors


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#1 keedaah

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Posted 11 March 2005 - 10:25 AM

I specialize in Shortsales in NJ...if your a real estate investor that would like to be added to my buyers list, please send me an e-mail.

Thanks.

#2 Alan (NYC)

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Posted 11 March 2005 - 11:15 AM

Keedah,

Explain what a shortsale is? Thanks!

Alan

#3 Kimberly

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Posted 11 March 2005 - 01:21 PM

Alan,

In short :) ...
When someone is behind on their mortgage, sometimes an investor will make an offer (cash) to the bank which is much less than what is owed on the mortgage. Depending on the bank and their guidelines, good deals can be found this way. Many, if not most, times the properties involved are ones that are heading to foreclosure.

#4 Alan (NYC)

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Posted 11 March 2005 - 02:36 PM

Ok Kimberly.....

If the balance of a mortgage is 300,000 and an investor offers the bank 190,000 to pay off the mortgage, I'm not sure where we go from here? What about the homeowners? How does the homeowner and investor benefit from this transaction? Please advise and thanks.

Alan

#5 MichaelC

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Posted 11 March 2005 - 02:51 PM

Alan, for this to work the homeowner has already accepted the fact that they are losing the property. Which also means the bank is gaining a property, which they definitely don't want.
Depending upon the property, the offer, the bank's policies, etc., a short sale may be a win/win for all involved.
The investor gets a property at a discount. The bank avoids a foreclosure on its books, with all the baggage that implies. And the homeowner puts an awful episode behind them, without further legal hassles that the bank could otherwise impose upon them.

#6 Alan (NYC)

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Posted 11 March 2005 - 05:47 PM

Mike and Kimberly, thanks....

I now know and understand one more term today than yesterday.

Alan




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