Wildwood NJ Bank Owned Homes ( REOs) & Short Sales- www.JoeWildwood.com

Looking for Wildwood Foreclosures, Wildwood REO & Wildwood Short Sales in Cape May County

REO/SHORT-SALES
A growing number of buyers are entering the market through purchases of REO/Foreclsoures or Short-Sales. To better understand these purchasing vehicles we felt it best to fully define each term:

THE SHORT SALE
A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.

STEPS TO BUYING WILDWOOD FORECLOSURES and SHORT SALES

1/CONTACT ME
Contact me at 609.402.8900 for additional information or use our HOMESEARCH option to select the type of property you are interested in and type "FORECLOSURE/SHORT SALE" in the comments section.

Within 24 hours we will furnish you with a complete listing of all the Foreclosures and Short Sales in not only Wildwood but if you choose all of Cape May and Atlantic Counties.

2/PREPARE FINANCING
One of the most important items that needs to be in place BEFORE you choose to make an offer on a Foreclosure or Short Sale is financing. Keep in mind whether you are buying a bank-owned property or a short-sale the bank is looking for a "slam-dunk"! Cash is king, and when coupled with a quick close can equal a tremendous opportunity to buy a property at a deep discount. Proof of funds such as a bank statement should accompany all offers. If you will be financing your purchase a pre-qual will need to accompany your offer. The best way to strengthen a financed offer is to have everything in place in order to facilitate a quick closing.

3/ VISIT THE PROPERTY
Typically foreclosures and short sales require the property to be sold "as-is". Under the law no one can require you to waive your right to inspections but the bank will not permit alterations to the purchase price to reflect items in need of repair as they are only concerned with the bottom line.

The best solution is, once you've decided on a property, have your home inspector look at the property before you make your offer. In this instance if you are willing to move forward you can then make your offer and waive your inspection since it's already been done. This would look very attractive to the seller.

4/ MAKE YOUR OFFER
When buying short sales and foreclosures keep in mind you are not the only person looking for the "deal of the century!". I have seen many buyers lose a property for a minute amount that in hindsight they were willing to pay. Make your offer the best and final at the most reasonable terms.


MY EXPERIENCE
I have been involved in numerous short-sale/foreclosure transactions so I can say without a doubt no two are alike. If you are contemplating this type of purchase call me on my cell at 609.402.8900 today for further information.