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Does anyone know lawyers in NJ who are expert in short sale. I was looking for a property in Woodbridge, NJ which is on short sale. Also the lawyer charges should be reasonable. All replies are appreciated.
Thanks EA. Also, is the whole process of short sale very complex and time consuming. I heard you have to wait about 2-3 months to hear back from the bank? Was the short sale you did successful?
Thanks EA. Also, is the whole process of short sale very complex and time consuming. I heard you have to wait about 2-3 months to hear back from the bank? Was the short sale you did successful?
Each case takes on a life of its own. I've heard of situations that take many months, and I've heard of ones that go very smoothly. The latter I would suspect is more rare these days and almost every case I've seen lately has taken several months, but again, case by case. In today's environment, anything can happen. There is pressure from both sides of the coin -- buyer and seller.
I've seen a few banks that have designated people handling these cases and they can be accessible. One bank/banker I recently spoke with said they are not only designating people, but they are looking to streamline the process and get more efficient, effective, etc.
The specific short sale situation I was referring to was successful.
I am the buyer and this is home for sale by owner. As EA said when we talked to the owner it looks like they already have a designated person from Chase bank assigned to the case.
The owner needs to put a financial package together with the offer and submit to bank. It's has to be submitted as a package with the estimated HUD 1. A lot to do if you are guessing. You are basically out of the loop without representation. A lot of attorneys will not dedicate a lot of time, as they are usually busy, expect to pay the attorney additional fees especially if they need to write the contract and negotiate for you. Are there any other offers?
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