How Long Will it be Before My Short Sale Offer is Approved?

Every short sale is different and depends on the lender and listing agent.  It is important to be patient when sending a short sale offer, as short sale approvals can take up to several months at a time.

What you can do to help speed up the process is to qualify the short sale.  First, examine the comparable sales.  What that means is to look at the comparable sales in the area and with your agent, make an educated offer that is reasonable and close to the comparable sales in the area.

Next, find out how many short sale offers have been submitted.  The offer prices may not be disclosed but in most areas, but agents can release the amount of offers that have been received—this will also help you and your agent figure out the best offer price for approval.

Another way to qualify the sale is to find out if the seller’s sale package is complete.  Usually if the file is missing paperwork and incomplete, the bank will either prolong the approval and send it to the bottom of the pile.

Once again, short sales approvals are essentially on their own schedule and will be approved when the bank says so.  They key is to be patient, especially if this is the house you truly love and want.

The information in this blog was gathered from Elizabeth Weintraub, About.com guide.

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Questions for Your Potential Real Estate Agent

A Smart Home Seller should always interview multiple real estate agents before deciding on one. Here are some questions for a successful interview:

1. What makes you different? Why should I list my home with you?

It’s a much tougher real estate market than it was a decade ago. What unique marketing plans do you have that will make my home stand out from other homes on the market?

2. What is your company’s track record and reputation in the marketplace?

It may seem like everywhere you look, real estate agents are boasting about being number one. It is important to know their individual performance and see it in writing.

3. What are your marketing plans for my home?

How much money do you have to advertise my home and where will it be listed?  Online? In print?

4. What has your company sold in my area?

Agents should bring you a complete listing of their sales and other comparable sales in your area.

5. Does your broker control your advertising or do you?

Are you in control of your own advertising or will the brokerage firm manage the advertising?

 6. On average, when your listings sell, how close is the selling price to the asking price?

7. On average, how long does it take for your listings to sell?.

8. How many buyers are you currently working with?

The more buyers your agent is working with, the better your chances are of selling your home quickly.

9. Do you have a reference list of clients I could contact?

10. What happens if I’m not happy with the job you are doing to get my home sold?

Local Events in New Jersey

Here are the upcoming events for Marlboro and Manalapan, New Jersey:

Marlboro, New Jersey

October 13, 2012: Robertsville Volunteer Fire Co. is holding an Open House on Fire Prevention from 10a – 2p. Location: 94 Route 520

October 19, 2012: This is the entry deadline for the Freehold Soil Conservation District annual photo contest open to adults (over age 18). Entry forms and rules may be found at http://www.freeholdscd.org under Events.

November 4, 2012: 5th Annual Multi-Cultural Day

Visit Marlboro’s Homepage at this address: http://www.marlboro-nj.gov/

 

Manalapan, New Jersey

October 5, 2012: The Nick Clemons Band will be playing at Manalapan High School

October 20, 2012: Manalapan Township Paper Shredding Event, to see the flyer, click here.

Visit Manalapan’s Homepage at this address: http://www.mtnj.org/

6 Things Covered in a Home Inspection

It is important to get a home inspection before buying a home; doing so can save you trouble down the line. Many homebuyers are not sure of what is included in a home inspection, but a thorough inspection is one that includes the following:

  1. Inspection of the home heating system and central air.
  2. Plumbing inspection.
  3. Assessment of electrical systems for up to date hardware.
  4. The roof is inspected for any leaking and any normal wear and tare.
  5. The attic, basement, walls, floors, windows, and doors are also part of an inspection
  6. They also do a check of any visible insulation.

There are additional services that can be included in the home inspection at the request of the homebuyer or the real estate agent. Such things include: mold inspection, radon inspection, water inspection, and a heat/air loss test.

Some information in this article was summarized from Inman News.

Nine Dos and Don’ts When Buying Your First Home

DO know where your credit score stands. Before you apply for a home loan you can get your free credit report at AnnualCreditReport.com. This allows you to make changes in your spending habits and a chance to boost your credit score if it is not up to par. Most buyers cannot purchase a home without first taking out a home loan which requires certain “creditworthiness”.

DO research the home market. You can look at RealtyTimes’ Market Conditions or Coldwell Banker’s Home Price Comparison Index to find information regarding housing costs in various markets.

DO plan ahead. According to RealtorMag, “the average first-time buyer only stays in a home for four years”. Questions that you need to answer are: Will you raise children in this home? Do you plan to grow old here or do you plan on this being a starter home? Will Grandma be staying here in the future? Do you plan to have pets and will they need the outdoor space? All of these things should be taken into consideration when buying a home. It will influence the size and type of home you will need.

DO know when to ask for help. During your housing search you will most likely need to hire a real estate agent, a home inspector, an attorney to cross all the t’s and dot all the i’s, as well as a mortgage broker.  You have plenty on your plate as a first time home buyer; let these guys help you with the rest.

DO prioritize your needs and wants. Be willing to compromise in order to stick to your budget. A solid foundation and running water are things you need. Granite countertops and a pool are examples of things we may want, but don’t need. Make a list of your priorities.

DON’T buy a home for a quick profit. Buy a house because you need one, not to make money off it tomorrow. Don’t bank on your home price soaring. Especially right now, the housing market is unpredictable.

DON’T allow lenders to fool you. Know what YOU can afford, instead of focusing on what a lender will loan you. Take a look at your existing bills; college loans, car payments, cable bill, cell phone bill, life insurance, car insurance, and numerous utility bills. Rather than living paycheck to paycheck, choose a home that suites your budget comfortably.

DON’T settle for the first home you see. Keep an open mind and walk through many different homes to get a feel of what fits you and your family. You may end up loving a different style home or completely different neighborhood than you imagined in the beginning. This is a big investment; take your time during your search.

DON’T sign unless you understand the loan. Research your different mortgages and loans just like you researched the housing market. Find someone to help you understand every part of the loan, take your time, and find one that works best for you and your lifestyle.

The information in this blog was summarized from: http://realtytimes.com/rtpages/20080416_firsttimebuy.htm