Runnemede, NJ

This home is one that I have posted several blog entries about. It was one of the first properties that I had multiple offers on early this year, and it also was the only property so far this year that had a sale fall through due to the buyer's financing issues. Like many of my clients, these sellers had run into a rough patch and were facing foreclosure, but yesterday they were able to put all of that behind them and leave the closing with a healthy check. I love to blog about homes like this one because they are great examples of how well our housing market really is. Despite what you hear in the media, this home had multiple offers both times that I put it on the market. It also took less than 30 days to find the first buyer.

Don't be scared by what you hear in the news. If you're thinking about selling your home, give me a call today.

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

I have found that I spend quite a bit of time discussing what is wrong in a lot of homeowners' lives, so I wanted to take a minute to focus on the bright side. The best part of my job is helping a homeowner realize their goal of selling their home and moving on to the next stage of their life. Whether they have recently had a new child, are moving to another part of the country, or simply downsizing, all of my clients are hoping to make that next step as quickly and painlessly as possible. This is especially true when it is a distressed homeowner facing foreclosure.

I was recenlty hired to market a young family's home for sale. They are facing foreclosure, but have some equity in their home. The husband has found a new career, and they are planning to relocate to another part of the country. After discussing their situation in detail, it was obvious that we needed a marketing plan that would get them out of the home as quickly as possible. As part of that plan we priced the home just under where the recent comparables had sold, but still high enough for the family to net the money that they needed for their move. This strategy proved extremely successful, we immediately had numerous showings, which in turn created multiple offers. That's right MULTIPLE OFFERS in this market! I don't typically discuss transactions that haven't yet closed, but I was particularly excited by the final outcome of the price negotiations with the buyers, and I wanted to share this positive tidbit immediately.

I think that this was a tremendous example of how a motivated homeowner can work with their real estate professional to achieve success even in the worst market conditions.

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

I know I have written a lot about short sales and loan modifications, and in New Jersey there are a lot of people who need one or the other, but recently I've been running into a different situation quite a bit. I've met several distressed homeowners lately that could not afford their monthly mortgage payments and were facing foreclosure, but they were sitting on a significant amount of equity in their homes. On the surface it may look like these people are better off than those that are in a short sale situation, but the decisions that they have to make are often more difficult. Do they risk losing their equity and further damaging their credit by continuing to miss payments in hopes that a something will change before the foreclosure, or are they better off selling their home quickly at some discount?

On top of that, if they do decide that selling is the best method should they use a real estate agent? This questions comes up a lot because many of these homeowners are receiving several letters from investors telling them that they'll buy their home all cash today. Now I don't have anything against investors; I happen to invest myself, but I know that I'm always looking to buy properties at a significant discount to their current market value. I've had clients who were offered cash prices at 30-50% discounts to the market, prior to speaking with me. I know that it is often tempting to end the situation quickly, but in my experience you can achieve a similarly quick sale if your home is properly marketed and you price it 5-10% below the market. In that case even with a 6% or 7% commission the homeowners will come out far ahead of where they would have with the investors' initial cash offers.

In the end, I always think it's best for the homeowner to make the decision that makes them the most comfortable. If they are willing to give up a significant portion of their equity in order to achieve immediate peace of mind, that is definitely their decision to make. Dealing with the foreclosure of your home in New Jersey, or anywhere for that matter, can be extremely successful, and I would never fault anyone for taking the quickest way out.

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