Why would a buyer purchase a Short Sale? Buyers are free to make low offers and have them be entertained. There are no homeowners to be upset by the amount of the offer. You are letting the bank make a rational decision about how much they are willing to accept. For a buyer the Short Sale process is much better than purchasing a foreclosure property. Typically there are no chances to inspect foreclosure properties. Also, you have to do the title work (at an expense to you). When you purchase a Short Sale property, the bank will have to deliver a clear title. Most importantly Short Sales are handled by the Real Estate community. Meaning you get the benefit of your Realtor's knowledge.
Like any other undertaking make sure that you are receiving proper advice. My goal as a Realtor is to leave any situation in a better condition than when I found it. A Short Sale can offer major solutions to a painful situation.
For more information on Short Sales, New Jersey Homes for Sale, Bergen County Real Estate or any other topic,
call Sal Poliandro, Realtor, ePRO, SRES at 201-259-2187, or visit our website: http://www.salanddawn.com/
Sal can be reached by snail mail at RE/MAX Properties 81 North Maple Avenue Ridgewood, NJ 07450
Why would the mortgagee take less than they are owed in a Short Sale? They have to look at their costs. If this person stops paying their mortgage and they have to foreclose there are more costs than just the outstanding mortgage costs involved. Additional legal fees, fixing up the home to get it ready to sell, back taxes, realtors commission, etc. Some have placed the pricetag for a bank to foreclose as high as $100,000. A Short Sale provides the bank with a buyer today at a price they are willing to pay. The bank can then lend the money to someone else who is in a better position to pay. The majority of mortgages have been sold to investors, many Wall Street firms have huge stakes in the American mortgage industry. If lenders have too many non-performing loans that hurts their ability to borrow future monies. Stay tuned for part 4 ... Why would a buyer purchase a short sale?
For more information on Short Sales, New Jersey Homes for Sale, Bergen County Real Estate or any other topic,
call Sal Poliandro, Realtor, ePRO, SRES at 201-259-2187, or visit our website: http://www.salanddawn.com/
Sal can be reached by snail mail at RE/MAX Properties 81 North Maple Avenue Ridgewood, NJ 07450
Why would a homeowner participate in a Short Sale? The homeowner needs to sell their home and what they owe is more than the home is worth. They don't have extra cash to write a check for the difference. A successfully negotiated Short Sale will help them avoid foreclosure. Once a person has a foreclosure on their record, it becomes nearly impossible for them to purchase a home in the future for a reasonable interest rate. There is also the stigma of being locked out of your home, the announcement that your home is up for Sheriff's sale and last but not least a deficiency judgement. (If your home is foreclosed on and there are not enough proceeds from the sale to pay off your debts, the difference is then placed back on you in the form of a judgement) You are personally liable for this shortfall and your future wages can be attached. By having a Short Sale, you are able to preserve your credit worthiness and you may be able to buy a home within the next couple of years. Homeowners really benefit from the Short Sale because the lender is paying for all the fees that go along with selling a home. Attorney's fees, transfer tax, brokerage commission and the fees required to get a final certificate of occupancy. Part 3 ... Why would a Mortgagee take less than what is owed in a short sale?
For more information on Short Sales, New Jersey Homes for Sale, Bergen County Real Estate or any other topic,
call Sal Poliandro, Realtor, ePRO, SRES at 201-259-2187, or visit our website: http://www.salanddawn.com/
Sal can be reached by snail mail at RE/MAX Properties 81 North Maple Avenue Ridgewood, NJ 07450
Why are Short Sales happening? The Real Estate market is certainly down from the highs of just a few years ago. In many towns and also here in Bergen County there were excessive appraisals done. Meaning that there really was no solid basis for the value of a home except for the fact that someone was willing to purchase it. You had a willing homebuyer and a willing mortgage company to make the loan. The criteria for underwriting the loans was considerably more liberal. Some folks took the teaser rates some as low as 1% for a fixed period of time. Now those Adjustable Rate Mortgages (ARMs) are coming due. A person may have been financing their home for $2,000 a month and now with their mortgage resetting they may be faced with a $8,000 or $10,000 a month payment. They simply can't afford the house they currently own. In some areas home prices have depreciated significantly. The question to ask is did they really come down that much or were they inflated through the aggressive loan programs and appraisals. This is part one of a four part blog. This short sale information is meant to give you a better understanding into why we are in this current situation and why it makes sense to participate in a short sale. Stay tuned for part 2 ... Why would a homeowner participate in a short sale?
For more information on Short Sales, New Jersey Homes for Sale, Bergen County Real Estate or any other topic,
call Sal Poliandro, Realtor, ePRO, SRES at 201-259-2187, or visit our website: http://www.salanddawn.com/
Sal can be reached by snail mail at RE/MAX Properties 81 North Maple Avenue Ridgewood, NJ 07450
If you ever find yourself driving through G
len Rock, New Jersey you might pass by a gigantic boulder in the middle of the town. I know when I first drove by I thought to myself, "what is that doing there!?" In fact, the famous "Glen Rock" has quite a history. The town itself was settled around this enormous rock when it was left by a retreating glacier. The 570-ton boulder is called Pamackapuka, or Stone from Heaven, by the Delaware Indians. This rock served as a base for Indian signal fires and later as a trail marker for colonists. This is a very interesting piece of history right here in Bergen County - come check it out for yourself...you'll be amazed at it's size!
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Sal and Dawn Poliandro. Bergen County Realtors. Ridgewood Real Estate, Franklin Lakes, Wyckoff & Midland Park. Short Sale Help! Short Sales & Pre-Foreclosures. Avoid Foreclosure, call for help.
1. Our mission is to help people buy and sell real estate, while adding to their lives through outstanding service and personal relationships. We currently live in Wyckoff, NJ with our 3 children, Christina, Henry & Brianna. We enjoy interacting with families and helping them reach their goals. Our combined experience is what sets us apart. You receive twice the attention as we have 2 full time realtors at your service. If you would like to speak with us, please phone 201-259-2187. We look forward to speaking with you. Thank you for visiting our profile on Active Rain.
Designations:
Sal is a 
Members:
National Association of REALTORS
REALSOURCE Association of REALTORS
New Jersey Association of REALTORS
New Jersey Multiple Listing Service
Garden State Multiple Listing Service
Ridgewood Chamber of Commerce
Wyckoff Chamber of Commerce
Please email us with any questions, and thanks for reading our Active Rain Profile!
Our areas of expertise are Bergen and Passiac counties. We will be with you every step of the way through your Real Estate process. We have had some great success in helping people stave off foreclosure and have a Short Sale instead.
Sal writes a monthly Real Estate column in the Tri State Voice which is published in the New Jersey, New York & Connecticut area.
Sal has been quoted numerous times in the Bergen Record Real Estate Section.
I found Sal and Dawn from their website on the internet (www.salanddawn.com). Sal answered our email questions immediately. I was living in Switzerland and relocating to Northern New Jersey. Sal met with me and my whole family the 1st day we arrived in this country. Sal's knowledge of the area was a tremendous asset. We found a place to live within 2 days and are delighted with the school that our children are attending. Thank you, Sal!
Markus - formerly of Switzerland
We lived in Ridgewood for over 25 years. When it was time to sell, we called on Sal and Dawn. Our home went to contract in just 9 days. Their hard work and outstanding marketing made all the difference. We have recommended them to our friends who are pleased with the service they have received.
Dick and Doreen - Ridgewood, NJ
I had my Ridgewood home listed with a competitor of Sal's for 6 months. My home just wouldn't sell! Once my listing expired I called Sal, he made some suggestions about what I could do to make my home more marketable: removing old carpeting and refinishing hardwood floors to name a few. I was already living out of state and trying to sell my home. I trusted him and spent the money to make my home more attractive. In just under 2 months he got me $21,000 above asking. I couldn't believe it after all that I had been through. If you want the job done right the first time, call Sal!
Shree - Boston, MA
We are so pleased to have chosen Sal and Dawn to sell our Oradell home for us. Even though we have a lot of experience in life, we hadn't sold a home in over 50 years. Sal came by months before we were ready to sell. We asked his opinion about what we should do to get our home ready for sale. Ken & I took notes and did everything he asked of us. Due to his marketing savvy we had over 60 families come and see our home that first open house. We received an offer for over the asking price that 1st weekend. That transaction fell through and we had to put our home back on the market, we were not happy. Sal told us that everything was going to work out fine and we believed him. Sure enough about 3 weeks later we received another offer on our home and we couldn't believe it but it was for more than we were asking. He explained every step of the process to us. He really understands the needs of our generation.
Dorothy & Ken Zuber formerly of Grove Street in Oradell, NJ
Sal helped us at a time when we were really in need. We tried to sell our home without representation (FSBO), he called us and offered his help. We couldn't afford him or any other Realtor. We owed too much on our home, he introduced us to the idea of a short sale. He handled every last detail and I am proud to say we were finally able to sell that house and begin the rest of our life. We will be telling everyone we know how Sal helped us and that he is the only person to talk to if they are in the market to buy or sell Real Estate in New Jersey. Thanks for the help, you were there when we needed you most. We are proud to call Sal our Realtor, but more importantly our friend.
Rob & Kris, Bergen County, NJ
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