Short Sale Process Overview in New Jersey

Short Sale Process Overview in New Jersey

Short Sale Process Overview in New Jersey

In order for the bank to review a short sale, most banks will require that the property be listed on the MLS (real estate agent)

  1. Submit Short Sale Application to Bank(s)
  2. Bank will qualify the homeowner, property and transaction

– FHA Mortgage Consideration – First must be reviewed for Loan Modification before Short Sale

  • Considerations

– Short Sale is a real estate transaction but needs mortgage lender’s approval

~ “Subject to Lender’s Approval” and “Sold As Is” Clauses are required as part of short sale

– Execution of Contract

~ Make sure that contract goes through Attorney Review and parties follow all the terms of the contract

– Deposits

– Inspection

  • Third Party Validation – BPO/Appraisals is a critical aspect of Short Sale Process
  • Negotiation

– Short Sale Approvale

– Counteroffer / Decline

~ Submit Value Dispute

~ Work with Bank to get Acceptable Counteroffer

If you need to sell a property in New Jersey or New York, we can help you. Connect with us and we can walk through the specific foreclosure process here locally in New Jersey and New York.

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