.In 2021 Staten Island experienced one of its highest foreclosure numbers in history. New Jersey real estate was hit hard during the housing crash, which made it difficult for many sellers to find buyers for their foreclosed properties. Unfortunately, the “New Jersey Shore” was also hit with the housing crisis. As a result, many homebuyers found it difficult to get financing from traditional sources, such as banks and mortgage companies. Many of these New Jersey homeowners were unable to find a buyer for their homes and were forced to resort to selling their homes via short sales. Short sales offer New jersey foreclosed homes and real estate investors the opportunity to purchase homes at bargain prices.
Aware of the foreclosure problems:
Now that you are aware of the foreclosure problems on the New Jersey shore, it is time to learn about Staten island short sales. There is a great number of foreclosure listings available to prospective homebuyers. New Jersey homebuyers should take advantage of this abundance of listings by consulting with a local real estate agent. The availability of information makes it possible for you to have access to a listing at any time, so you never miss out on an opportunity to buy a foreclosure.
Short sale of a home:
Many mortgage lenders have created websites to assist customers who are interested in a short sale of a home. These websites allow you to apply directly with a lender if you qualify. These loan applications will allow you to compare your income and credit score to the criteria of the lender to determine whether or not you are a suitable candidate for a short sale. Once you have determine that you are eligible for a short sale and have select a lender, you will be require to obtain a lending inspection report. This inspection report will reveal any defects in the property that will need to be repaired prior to the foreclosure sale.
Purchasing a foreclosure:
If you decide to pursue the option of purchasing a foreclosure, it is important that you find an experienced staten island real estate agent to help guide you through the buying process. Applying directly with a lender may require that you provide your personal credit information. This means that unless you are a good credit risk, you may not qualify for the best rates and terms. It is recommend that you use an experience real estate agent to help you through the process, as the cost of a short sale can often be more than the price of a new home. Using a real estate agent will also allow you to select from a variety of properties in the immediate area that will likely meet your specific needs and financial objectives.
Benefits to the Staten Island real estate market:
There are many benefits to the Staten Island real estate market. In particular, the housing prices on Staten Island have risen considerably since the start of the Bush administration. This means that there is now a greater supply of homes for sale, which has a significant effect on the price of the homes on the island. The lack of new construction has led to a situation where there are more homes available than there are buyers. Although this is good news for consumers, it can sometimes be difficult for lenders to agree to short sale transactions. When using the services of a licensed real estate agent . Lenders will be more willing to approve a short sale than if you
attempted the transaction on your own without the representation of an agent.
Types of closing costs:
The closing costs associate with the Staten Island foreclosure Staten island real estate market .They are not as prohibitive as other types of closing costs. and there are usually no credit checks require for the transaction. However, if your credit was damage in the foreclosure process. if you do not meet income requirements. You may want to consider waiting and working with a broker . An agent who can assist you in finding a buyer for the property. You will be able to find many agents online who specialize in helping people. They buy foreclosure homes in the area of the former homeowner. These brokers or agents will help you to determine whether or not the
Staten Island short sale is a good option for you and your needs.