Real Estate Attorney in Old Bridge, NJ ( Short sale for Buyers) (short sales, foreclosure)

[rtikekar]

Please advise me on a real estate attorney in NJ who is an expert on short sales. I am interested in a property in Old Bridge, NJ. All responses are appreciated.

[Jillian Mason]

Hi rtikekar. Unfortunately, I don't have anyone to recommend who specializes in short sales, but I can give you the names of two attorneys to avoid in that general area. DM me for names, as I do not want to slander them on board.

[ambernoble]

Two real estate attorneys well versed short sale you may want to consider...

Valerie Avrin @ 732-888-1202

Keith Arcamano @ 732-229-5515

Let me know if you need any other recommendations.

Best of luck,

Amber Noble-Garland

[JConfalone]

Originally Posted by rtikekar

Please advise me on a real estate attorney in NJ who is an expert on short sales. I am interested in a property in Old Bridge, NJ. All responses are appreciated.

Whilst it is important to have an attorney who is versed in short sales, it is more important to ensure that the seller, the seller's agent, and the seller's attorney know what they are doing as your attorney on the buy end don't have too much different to do in a short sale situation. It is generally either the seller's Realtor or the sellers attorney that is doing all the paper shuffling and negotiating with the bank.

I have handled several dozen short sales and I also represent several banks in foreclosure sales as a Realtor. I'd be more than happy to answer any questions you might have.

[Delphi]

JConfalone,
How is short sale different from foreclosure from seller's side, if you don't mind me asking.

I see a lot of short sales in the market these days. Do you have any suggestions for short sale buyers?

Thanks,

[ambernoble]

Originally Posted by Delphi

JConfalone,
How is short sale different from foreclosure from seller's side, if you don't mind me asking.

I see a lot of short sales in the market these days. Do you have any suggestions for short sale buyers?

Thanks,

This is a very common question. A short sale is essentiall "pre-foreclosure." It's when a seller demonstrates a legitimate and documented financial hardship, and the bank potentially allows the seller to resell the property for a price that is less than what the seller actually owes the bank.

In terms of potential impact of a short sale on a seller's credit history, it will be noted on their credit report, but it often doesn't have the same impact as a full-blown foreclosure.

My advice to short sale buyers is to work with an agent who has previous experience repping sellers and/or buyers in short sales. This could give you a real "inside track" on how the process really goes.

Also, you should ask questions (if there's anything you don't understand) when you're buying a short sale...no question is a silly question.

Stay motivated,

Amber Noble-Garland