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Approximately 2-3% of homes are in foreclosure. That's 2-3 homes for every 100 which is 1-1.5 of 50, or 48 good loans for 1 bad one.
That is assuming every home has a loan on it. I read something that stated that 8.5% of all loans were delinquent in the second quarter of 2011. That would mean that there were 4-5 loans with delinquencies out of every 50 not 1-2.
I would bet that the number is even higher for loans with initial down payments under 20%.
First, if they're getting payments I'd call it a good loan for the bank. Second, a quick search turned up some results. Here is the second link I clicked on the subject:
"In all, 930,437 homeowners received a foreclosure-related warning between July and September, up nearly 4 percent from the second quarter but down 1 percent from the same period last year, RealtyTrac said. The latest tally translates to one in 139 U.S. homes."
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It appears I overestimated foreclosure notices according to Fox News and Realtytrac, though as another poster stated not every home has a mortgage.
You should also be aware that NJ has a tax on all sold homes - not sure what the percentage is now. I don't know how this is handled if you end up doing a short sale, but you should definitely discuss this with your realtor. Just thought you should be aware of this.
Thanks for all the responses. My realtor said I have to contact my attorney to go over closing costs lol. Maybe in NJ this is how it's done???
I would expect your agent to be able to give you a reasonable estimate of your closing costs and net proceeds. I'm not in NJ, but would be surprised if this is not normal. How did you decide what price to set for your home and what you could expect to take away from a sale?
I would expect your agent to be able to give you a reasonable estimate of your closing costs and net proceeds. I'm not in NJ, but would be surprised if this is not normal. How did you decide what price to set for your home and what you could expect to take away from a sale?
We suggested the price and she just agreed. It did seem too easy like I thought she would give us some pointers, but we just gave her a # that would at least let us break even as we realize we're not going to make a profit since the house is worth approx. 30K less than what we bought it at 2yrs ago
We suggested the price and she just agreed. It did seem too easy like I thought she would give us some pointers, but we just gave her a # that would at least let us break even as we realize we're not going to make a profit since the house is worth approx. 30K less than what we bought it at 2yrs ago
Quote:
Originally Posted by Brandon Hoffman
That's some pretty sorry counselling/lack thereof by your agent. If she can't help you fire her and get a better one.
Brandon's comment applies here as well.
While it's ultimately the seller's decision as to the price to set, you should at least be made aware of how your home compares to other recent sales, if your price is reasonable, and if you will be able to cover your costs.
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