Sicklerville | Camden County | NJ | Short Sales; Continued

Once you have a contract in place with your buyer, it's time to start the negotiation process with your lender. For all my clients, I suggest that they retain a local attorney who specializes in this type of negotiation. It is important to choose someone who has experience dealing with lenders and also has a system in place to make regular calls on your file. At least one call every 3-5 days is what I recommend, but some will even call more often than that. I know that there are some agents out there who will do the negotiations themselves, but I don't believe that this is in the seller's best interest, especially because it typically doesn't cost them anything to have the attorney work for them. Their fee is taken out of the settlement, which and if successfully negotiated just reduces the proceeds to the lender.

Having the right people on your team will ensure that the short sale negotiation goes as smoothly as possible. However, you should still expect the process to take 3+ months to close. During that time you should be recieving updates from both your attorney and your real estate professional on a regular basis. Often though, these updates are that we are all still just waiting on the bank. Patience is key.

Joseph Cacciapaglia, MLERE
Realtor Associate®
R&I Realty
15 Potter Street
Haddonfield, NJ 08033
Office: 856.795.3111 x268
Cell: 979.218.2286
Jcacci1@gmail.com