Thanks for all your help everyone. I understood that they needed some information but just still think it's a little bit too much asking for ALL the credit card numbers and their amount along with bank account number and how much you have in the account, your assets, stock and bonds and liabilities.
I am ok with them running a credit report on me. By all means do it but if I'm meeting your 3:1 ratio for monthly payments with my income and have a good credit, I still don't understand the necessity of giving ALL my information to some random people on a board. If I'm applying to a bank or mortgage by all means.
I just am frustrated I guess. Thanks.... more
Yep.....chasing foreclosures no doubt! It's the nature of the beast. The best way get on the inside track is to work with an agent(s) that is a "big time" distressed sale agent. These agents often have information on potential properties prior to recieving them as listings and share this information with their sphere of influence.... more
I have several contacts that may be able to help you. Please contact me at (973) 901-1900. I would prefer not to post them all in the open forum as the phone numbers I have may be cell phones and direct phone numbers that the loan officers may not want published in an open forum. I have sold homes in Edison over 20 years ago, I know the area a bit. Please call me, perhaps I can help you.
Robert Bruckner
Coldwell Banker
(973) 901-1900
RBruckner31@gmail.com... more
Photo taken while walking by Jacobs Ferry & Bulls Ferry Townhomes at Port Imperial - West New York / Guttenberg, NJ(double click to see the full size picture)Do you know someone who is moving or thinking
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Former NY Giants Tight End Jeremy Shockey recently sold his Hudson River waterfront home in the town house community of Jacobs Ferry in West New York.Shockey sold the 3 bedroom home for $1,800,000. For
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Do ,
As for my mentioning "other factors", here's a few other situations that can cause a short sale to be denied.
If there is more than one lienholder ( ie: first and second mortgage), then technically there are two investors looking for their piece of the pie, and this adds an additional level of negotiating and problems with getting the short sale approved. Primary lienholders get "first dibs" at payment. Often times the second lienholder will not accept even less of a % of what's owed them than what the primary lien holder is getting.
I had a situation with just one lien, where the home appraised (by a licensed appraiser) at $196,000...offer was $196,000. Amount owed was $234,000. Bank said they would only allow short sale IF the seller came to closing with $32,000 AND signed a note for payment of $75/month for 90 months. This was because the bank was not willing to take such a hit (18% less) than what was owed to them and basically wanted the seller to pay the difference (no forgiveness of the debt so to speak)
Well obviously if the seller had $32,000 laying around the seller would not be in a short sale situation. I was able to successfully negotiate with the bank to remove the contingencies. However, sometimes this negotiation cannot or does not happen and the seller has to walk away from the short sale and let the bank go to foreclosure.
There are so many reasons a short sale can go awry. Most times it's not the sellers fault, but the banks.
I do agree with John, that you should have been told that there is ALWAYS a chance the short sale will not be approved. I wrote a blog about the short sale process. It's a good primer on how the process works, although it talks about the process going from beginning to an actual approval :
http://marypetti.wordpress.com/2011/04/28/short-sales-a-not-so-brief-description-of-the-process/... more
The Grandview II at Port Imperial from Hudson river promenade walk - West New York, NJ 07093(double click to see the full size picture)Do you know someone who is moving or thinking about buying or selling
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Hudson River & Manhattan panorama from New Jersey Gold Coast Promenade(double click to see the full size picture)Do you know someone who is moving or thinking about buying or selling a home or a condo?If
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Manhattan & Hudson River panorama taken from Versailles in West New York, NJ(double click to see the full size picture)6600 Kennedy Blvd, West New York, NJ 07093Do you know someone who is moving or
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The Hudson River Pipeline - Located on the waterfront promenade by Jacob's Ferry & Bull's Ferry development in West New York, NJ / Guttenberg, NJ.(click twice to see in full size)
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Manhattan & Hudson River from The Gold Coast Of New Jersey(click to see the full size picture)Do you know someone who is moving or thinking about buying or selling a home or a condo?If so, kindly provide
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I have no direct experience to comment specifically but do have a recommendation---for this or ant other matter that will affect quality of life and future resale, test it out yourself by visiting the area at different days/times. Make your decision with eyes - and nostrils - open!... more
55 Riverwalk Place, a dynamic urban community located at the edge of the Hudson River, includes 348 luxurious, mid-rise apartment homes centered on a feast of attractions, such as world-class restaurants
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Market value is determined only after a trained eye assesses the condition of your property as well as any pros and cons of the property that may affect the value compared to similar homes in the area. West ny is a part of my territory. You can contact me if you want a market analysis.
As far as time on the market, you want to price your home to sell well below the average time on the market. The worse thing you can do is to overprice your home and gradually bring down the price overtime to eventually reach the correct market price only for a buyer to ask the most common question and the first question asked by a buyer when viewing a home. "how long has this home been on the market?". It's extremely easy to put doubt into a buyers mind even at a fair market value.
Reach out to me if you want to further discuss your property and guidance to make the right financial decisions.
Brian Kim
Broker associate
Remax competitive edge
177 Washington valley road
Warren nj 07059
Cell (732) 887-9659
Bkim@remax.net... more
Port Imperial is located on the Hudson River, directly across from Midtown Manhattan. Within Port Imperial are several wonderful rental, condo and townhome communities. Pictured above is The Hudson
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The View from Promenade Walk Way by Luxury "Grandview" Development in West New York, NJ 07093GRANDVIEW I & II IS A LUXURY MID RISE COMMUNITY LOCATED ON THE BANKS OF THE HUDSON RIVER, DIRECTLY ACROSS
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Manhattan and Hudson River View from The Hudson Club at Port ImperialThis place truly provides inspiring views of New York City ... At the same time you will find fully amenitized lifestyle and quick,
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