Local New Jersey homeowners who are facing a financial challenge may find themselves in foreclosure. Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses.
If you find yourself entering the foreclosure process, you might wonder if there is anything you can do about it.
If you need help with your problem with foreclosure, you may reach out to your local New Jersey home buyers like us. At New Jersey Cash Home Buyers, we buy houses in New Jersey and we can help you with your problem just like we’ve helped a lot of homeowners.
In this blog post, you’ll read about a few foreclosure prevention measures in New Jersey that you can take to keep your home from foreclosure.
Foreclosure Prevention Measures in New Jersey
These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make the decision for yourself:
1. Pay off your mortgage / sell your property. The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.
2. Work out a deal with your bank. Sometimes you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and talk to them about changing the structure of your mortgage. Perhaps your payments get spread out so they are lower each month, for example. Just make sure that the deal works for you — you don’t want to just repeat the process.
3. Do a short sale. A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. This keeps a foreclosure from impacting your credit score and it gets the bank off your back!
4. Give your deed in lieu. Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference.
5. File for bankruptcy. In some ways, a bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop so it’s still a foreclosure prevention measure.
If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement (#2) is probably your best option.
If you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.
Sell My House in New Jersey
If you are looking for a convenient, fast, and fair way to sell your house in New Jersey, working with the team at New JerseyCash Home Buyers may be the solution you have been waiting for. We’re helping local homeowners have a quick and hassle-free sale. If your NJ house qualifies, we can make you a quick and fair cash offer.
We buy houses in New Jersey for cash and would love to see if we can help you during your short sale. Contact us by filling out the form on this page and we’ll see if we can work with you.
Few things are more devastating to families than the prospect of foreclosure. You own your home and you love it — it serves you well. Yet, due to unfortunate circumstances, foreclosure may seem imminent.
For local New Jersey families facing foreclosure, the stress can be almost unbearable. Worse yet, the foreclosure process can take months or even years, stretching out the pain for longer than anyone wants.
Fortunately, you have options available to you here in New Jersey — perhaps more options than you realize. There are many strategies that help for foreclosure in New Jersey; these are legal foreclosure avoidance strategies you can implement to help you resolve your foreclosure issue so you can get on with your life.
If you need help with your foreclosure problem, contact your local New Jersey home buyers like us that also offer cash for houses in New Jersey. At New Jersey Cash Home Buyers, we buy houses in New Jersey and we’ve helped homeowners who have the same situation as you do.
In this blog post, you’ll read about 3 ways that you can avoid foreclosure (there are other ways to avoid foreclosure as well). The goal of these strategies is to help you legally and ethically avoid foreclosure and reducing the pain and frustration that you’re facing while minimizing any long-term financial commitment or burden to you. Not all of these strategies will apply in every situation but you’ll probably be able to find at least one of the three ways that will work for you.
Strategy #1: Work Out a Deal With Your Lender
The first strategy is called a “foreclosure workout”. In a foreclosure workout, you’ll sit down with your lender and tell them that you don’t think you can pay your current mortgage obligation but you’d like to figure something out so you can stay in your house and continue to pay your mortgage.
Contrary to popular belief, lenders don’t want to foreclose! They want happy customers who pay their mortgages, so lenders are often willing to work with homeowners to figure out a deal. This might include a temporary reprieve on your mortgage payments, or it might include a catch-up strategy where your outstanding mortgage payments are spread out so you can catch-up and pay them off, or it might include a restructuring of the outstanding amounts that you owe.
Strategy #2. Bankruptcy
Filing for bankruptcy may seem like an extreme measure but it is one of the “tools” in your foreclosure avoidance toolbelt. When you file for bankruptcy, you indicate to all of your creditors that you are no longer able to pay your bills. Filing for bankruptcy will put a stop to the foreclosure process because all creditors must stop the collection process.
Filing for bankruptcy, though, is a little extreme: it may require you to sell off some of your assets in order to pay off your creditors. And, a bankruptcy will remain on your credit score for many years, which could impact everything from getting a loan to getting a car… even getting a job. So this shouldn’t be your first line of defense!
Strategy #3. Short Sale Help for a Foreclosure in New Jersey
A short sale is the third strategy — this is where you sell your home and put the proceeds of the sale toward the amount owing on your mortgage loan. A short sale is a preferred method for people facing foreclosure because it is proactive, fast, and very effective.
It’s proactive, which means that you take matters into your own hands (that’s a major stress eliminator because so much of the stress of foreclosure comes from the process being completely out of your control).
It’s fast — in some cases, you can sell your home in as little as a week! That’s also because it’s local: You can get help for foreclosure in New Jersey since organizations like New Jersey Cash Home Buyers help people going through short sales.
It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owing on your mortgage. If there is any amount left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).
With a short sale, you still end up with the reality of having to leave your home but there is a bright side: The impact on your credit is much less (compared to a bankruptcy or a foreclosure) so this is a smart long-term play to give yourself some options.
Sell My House in New Jersey
If you think you need to sell your house in New Jersey fast, then you may need us. We at New JerseyCash Home Buyers are local home buyers in New Jersey, and we’re helping local homeowners have a quick and hassle-free sale. If your New Jersey house qualifies, we can make you a quick and fair cash offer.
Selling your house is something you’ll have to do maybe just a few times in your life. And unless you know a local New Jersey real estate agent who will sell your house for free or a hugely discounted commission, it can be a real pain in the rear and an expensive process for you as well.
So, you landed on this page about “How to sell your house by yourself in New Jersey” because of a few reasons I’m guessing…
You have no or very little equity in your house so you can’t afford to pay a real estate agents commissions
You have equity but want to try to save money selling the house yourself before you resort to hiring an agent
You’re in foreclosure (or heading that way) and just need to sell fast without incurring thousands in agent commissions
You can’t wait the months and months it sometimes takes to sell a house in the New Jersey area in this market so you want to try to sell it more quickly
Whatever one you land in… there are ways to sell your house yourself here in the local New Jersey real estate market.
If you’re looking to sell by yourself, you may want to contact your local New Jersey home buyers that offer cash for houses in New Jersey like us. At New Jersey Cash Home Buyers, we buy houses in New Jersey and we’ve helped homeowners with the same situation as yours.
Since 2013, the housing sector has been experiencing a major recovery. Selling your house at this time will definitely be profitable if you do it right. In most cases, it is about using smart marketing strategies and being realistic about your expectations of what you want to achieve with this sale.
This article will provide some guidelines to help you sell your New Jersey area house yourself.
How To Sell Your House By Yourself In New Jersey – Let’s Dive In
Know The New Jersey Real Estate Market Well
The first and most important step is doing market research on your neighborhood in the New Jersey area. This step involves visiting various home marketing sites (Zillow, Eppraisal the Chase home value estimator, etc), calling a real estate agent or two to see what your home is worth, or reading about the various market pricing techniques. Proper homework on these issues will allow you to come up with the right price for your house and also helps you to avoid making certain selling mistakes.
Assess the Market
This step is almost similar to conducting market research, only that in this case, you are bound to your neighborhood and similar houses. Are there lots of houses for sale in your neighborhood here in New Jersey? If so, what is the average that they are listing for? Are there lots of foreclosures in your neighborhood? That may drag your house price down.
Assess the House
As a seller, your house should be in top condition or shape in order to sell at a good price. Identify certain unique characteristics about it and emphasize them during the marketing. For example, in New Jersey, a house with a driveway parking may be more attractive to buyers compared with one with garage parking.
Also, does your house require repairs? Does it need to be repainted inside or out? How is the condition of the roof? Is the landscaping in good shape? Is the house outdated at all? (you know, those popcorn ceilings ;-). All of these things can make the house more attractive or less attractive depending on the buyer… which changes the price they’re willing to pay.
After all of this… come up with an asking price for your New Jersey home that is fair… isn’t so high it’ll take you 12 months to sell the house… but is attractive so you get a frenzy of buyers who are ready to buy it quickly.
Use Photos or Videos
New Jersey buyers are obsessed with media. Taking walk-through videos of the house and using the videos to advertise will enable you to reach a wider market. In fact, these videos are considered more transparent than taking photos. However, this should not stop you from using the latter option since it is more affordable compared to the video.
So take some great pictures. Take a picture of every room in the house that helps show it off. Take a picture of the house from the outside from a few different angles… people want to see the house before they ever show up to see it. So having great pictures of your house online could be the difference between getting the right buyer quickly… and waiting months and months to sell.
Get Your House “Listed” On The Local New Jersey MLS And Market It
You can find no or low fee real estate brokers these days who will charge you a few hundred bucks to put your house on the local New Jersey MLS. This gets your house in front of all of the real estate agents quickly (so be prepared to pay those “buyers” agents a 2-3% buyers broker fee if you plan to have their support in helping you find a buyer.
Place ads in the local newspaper, signs on the roads, and hold an open house.
All Of This Sound Like A Lot Of Work To Sell Your New Jersey House Fast Yourself?
It can be.
And in the end, many New Jersey house sellers think they’re saving money and time by marketing the house themselves… when in the end it costs them more money to go that route.
When you sell your own house here are some things you need to consider…
If you’re not a good marketer or aren’t ready to spend a bunch of time marketing your house right… selling it yourself may not be your best bet
If you don’t do a good job preparing the house and the marketing materials… and working with buyers to really build the value of your house in their minds… you may actually sell the house for 3-8% less than you may get for the same house an experienced person marketed the house for you
Too many sellers never think about holding costs or opportunity costs… every month that your house doesn’t sell means another mortgage payment, tax payment, insurance, utilities, etc. If your mortgage payment is $1,500/mo… and $1,300 of that is interest… if it takes you 7 months to sell your house… that cost you an extra $9,100 (not to mention taxes and insurance you paid during that time). So, if you were able to sell that house more quickly… would it make sense for you to provide a buyer a discounted price today so you can close quickly and move on? Something to think about.
If you’d rather not put up the hassle of trying to sell your New Jersey house yourself… and would rather just sell it quickly for a fair price without paying any commissions or fees…
… here at New Jersey Cash Home Buyers we actually buy local New Jersey houses.
Sell My House in New Jersey
We are home buyers in New Jersey and we’d love to make you a fair, NO OBLIGATION and NO HASSLE cash offer on your house. We can close quickly (in as little as 7 days if you wanted to)… which would save you thousands of dollars vs. trying to sell the house yourself and waiting for months.
Are you worried about how to sell your house quickly in New Jersey without any hassle? In this article, I’ll dive into some ways you can start to look at selling your local house more quickly.
If you need help selling your house, you may reach out to your local New Jersey home buyers like us. At New Jersey Cash Home Buyers, we buy houses in New Jersey and we can help you with your problem just like we’ve helped a lot of homeowners.
There are lots of reasons people need to sell their house fast.
For instance, some of these reasons may include:
need to relocate to another city because of a job change
vacant property is being a burden on you
divorce
financial hardship
you inherited a house that you don’t want to keep
… among other reasons for needing to sell your house
So, if you’re looking to sell your local house fast (who wants to sell their house slowly anyway?)… check out some of my tips below in this quick article.
Leverage The Web To Get The Word Out
Stats have shown that over 80% of house buyers go to the web first to research and find houses.
So if your house isn’t on the web… how are buyers going to find out about your house?
There are lots of ways to get your house online. You can list it on websites like Zillow, redfin, Craigslist… or even set up your own website for the property.
Then, take that property listing and get it everywhere online that you can. List it on all of the classifieds websites (again, Craigslist, Backpage, etc.).
Total Cost:FREE – Cheap (most routes are free, but some of these sites have paid versions)
Use Facebook To Spread The Word About Your New Jersey House For Sale
One of the best ways to sell a house is through word of mouth.
Tell all of your friends and family that you’re selling… and have them tell everyone they know.
Also, hop on your Facebook account and share the property listing with your friends and ask them to spread the word for you to all of their friends who may be interested. What you need to do is simply send your link to your Facebook friends.
There may be a person in dire need of a house. Besides, you may also get a friend who may link you up with a buyer. The importance of using Facebook over other social networks is that it is free and you only need to be connected to the internet on your computer.
Total Cost:FREE
Use of Local Dailies (Newspapers, Magazines, etc.)
One of the things we’ll do whenever we need to sell a house fast is also get our property in the local newspaper. It gets your house in front of lots of people… and one place lots of buyers look for houses is in the “homes for sale” section of the paper. Put your phone number… a link to your online listing if you have one… a picture (ads with pictures get many many more responses than ads without the picture of the house).
Add in a few of the best parts about your house… the price… and end with a clear call to action on how they can set up a time to come check your house out.
Total Cost:Under $100
Get Your House On The Local New Jersey MLS
The number one place buyers look for a house is the “multiple listing service”. That’s the fancy name for where houses go when real estate agents “list” a house.
A listing for your house will go into a central database that all local New Jersey real estate agents in our area will have access to… so they can bring their buyers to the houses on the MLS that fit what they’re looking for.
You can get your house on the MLS without hiring a real estate agent to sell your house. Some agents will let you pay a few hundred bucks to just list your house on the MLS for you and take no commission on the sale.
Sell Your House To A Reputable Local Property Buyer Like New Jersey Cash Home Buyers
Last, as another option to sell your house… if you really need to sell your New Jersey home quickly… and don’t have the time or money to use the marketing tips above… you may want to look at getting an offer from a local house buyer like our company, New Jersey Cash Home Buyers.
We buy houses in and around New Jersey, and can close quickly.
If you want to sell your house and are curious about how the process works… and want to see what we can pay you for your house… you can get that ball rolling in a couple of ways.
Go fill out this really short and simple form with your basic house info: We’ll evaluate the property as soon as we get it today… then we’ll call you with a formal offer on your house in less than 24 hours.
It’s really simple. You pay no fees. No commissions.
We just agree on a price that works for both of us and that’s it.
Sell My House in New Jersey
Let us make you an offer on your New Jersey area house (we buy in other parts of New Jersey as well). You don’t have anything to lose. And you can have your house sold by this time next week (if you wanted us to close that fast) rather than having to wait months and months to market your house yourself the traditional way.
If you are looking for a convenient, fast, and fair way to sell your house in New Jersey, working with the team at New Jersey Cash Home Buyers may be the solution you have been waiting for. We’re helping local homeowners have a quick and hassle-free sale.
You might think that only tenants have a hard time making a mortgage payment, but even for real estate investors or landlords, problems are sure to come up that make paying the mortgage hard. There are things for you to do to help avoid having a financial hardship come up that can hinder your ability to pay the mortgage every month. Here are a few tips on how to keep your house rented in New Jersey:
Keeping your properties full.
This may seem like a no-brainer. but this is the biggest thing you can do to ensure that you have rents coming in each month so that you can cover the mortgage payments. Do not allow yourself to slack on marketing for qualified tenants. You also need to make sure that you are adequately screening the applicants, you don’t want to get yourself in a position when something comes back to bite you later on down the road. Keeping away from having any vacancies will contribute in a major way to your business being a success.
Finding quality tenants.
While its important to keep your units full, finding quality tenants is the key. A “good” tenants is someone who pays their rent on time, keeps the house properly maintained and won’t abuse the leasehold. Doing thorough background & credit checks will enable you to find the best tenants possible and will help contribute to keeping your rental fees coming in consistently, which is important so that you will not be late paying the mortgage.
When possible, seek out longterm tenants.
Don’t assume that quality tenants are the same thing as longterm tenants. Some good renters already know that they only plan to stay a few months, at most. This is common with students or professionals working a temp job. They may only be living in that area while they wait to move or retire somewhere else. Whenever you have the choice between two well qualified tenants, always opt for the one who will commit to a longterm lease. Doing so makes filling a vacancy something you need to think about that much less.
Keep the property well maintained.
If you want quality, longterm tenants that pay their rent on time, you need to do your part to deserve them. Make sure you address maintenance issues quickly and make repairs when necessary. Upgrade the appliances or at the very least, make sure the ones you provide are in good working order. Respond to tenant calls in a timely fashion, or if you know that you won’t be available for a certain time period, make sure they know you’ll be unavailable for the time.
Being the best landlord goes a long in way in developing relationships that will last with your tenants. Take care of them and they will take care of you and help to take good care of your property.
In a tough economy, we must do all we can to avoid running into troublepaying the mortgage. That applies just as much to real estate investing professionals as it does to the average renter. These easy tips can help guide you to develop great and lasting relationships, which will then continue to bring forth the income you are expecting every month, on time
Moving from one city to another is a big chore and it comes with a lot of moving parts. It is very common for New Jersey home sellers to call us or submitting their information to our website every week with the same dilemma, “I’m relocating and need to sell my house in New Jersey“. The awesome part is that we’re able to help almost every one of them by buying their houses quickly (because we’re actively buying houses in New Jersey right now!).
There’s a ton of details that you will need to keep track of, plus the situation that is causing the stress of whats triggering the move to begin with – often it’s for a new job or a maybe a family member is sick. Whatever it is, the need for the move always brings from a drastic change in life.
So how can we make the most from a difficult situation?
Organization is Key.
You would hate to find yourself in some situation where it would end up costing you to maintain a home that you are not living in for even a few month, especially if it is not making you money. It can be very expensive and burdensome, but its important to know that there are other ways.
Even though the real estate market is relatively at the moment in New Jersey, (and across the country as a whole), it is easy for things to take a dramatic turn in the blink of an eye. Boy have we heard horror stories over the years! So unless you’re dirty rich, you probably cannot afford to sit and wait for things to get better again before you can take action.
So, how should you make a decision when you’re relocating and need to sell your New Jersey house fast?
I’m Relocating And I Need To Sell My House Fast In New Jersey… What Are Your Options And What Are The Steps
Here they are:
First things first, you should find out the value of what your property is worth: There are a few different ways you can do this, either by speaking to a knowledgable real estate agent or link up with us and we can come out to take a look at your property. We’ll give you a “no strings attached” offer for your property. If you decide not to accept the offer, there are no obligations and you can always come back to us later down the line. This way you can know what your property should be able to sell for on the open market.
Decide how quickly you’ll need to sell your property after you’ve relocated: This is huge. I’ve seen people who have moved out of the state for work and then their house sits on the market for more than a year before it sells – and at a much, much lower price than they were hoping. So, decide how quickly you’ll need to sell your house… and for how long you’re willing to continue to make duplicate mortgage payments, insurance payments, etcetera.
Find a sharp realtor BEFORE you begin to pack up boxes: Getting everything rolling early is important so that you don’t begin to waste time. Each month you decide to wait or every month that it takes to sell the house with only cost you money and cut into the profits that you will make. If you decide not to sell your house with the use of an agent, you need to know that you do have other options. We are a professional local house buyer and we’d be more than happy to make you a fair offer for your house. You can start the process by filling out our form >>
Calculate the difference between selling your house now vs. “waiting around” for a better price: Everyone wants to sell our house for top dollar, that’s a given. But one point that many homeowners forget to factor in is the holding costs to keep the house before it is sold. The costs could be the mortgage (and if you are still in the first half of the life of your mortgage, the greater portion of the payment is still going to interest and has hardly been able to pay the principal down very much). And then there are also homeowners insurance (and quite possibly mortgage insurance), taxes, and then all the maintenance, etc. that needs to be accounted for. Do the math and more often than not, you’d be more ahead of the game by selling the house NOW at a discounted price to a home buyer like Savannah Properties vs. waiting the additional 6 months to try and get full price.
Take action!: Whatever it is you decide… it’s important to just make a decision and then follow through by taking action. If you decide that you want to use a real estate agent, great! Find a trustworthy and sharp local agent within New Jersey. If you’d rather not sit around and wait and then pay agent commissions on top of it… then selling to a property buyer like Savannah Properties is a great option to sell your property.
If you have all the time in the world and a great property that is up to date that you know that other people would be fighting over, than you definitely should test out the market and see how it performs. There is always the tiny chance that someone might fall in love and be more than willing to overpay – because people sometimes do crazy things when they are in love.
In reality, most properties are average when you compare them to the others in the neighborhood. The reflect the other houses that are close by, just like how people have a lot in common with the people that live nearby. So only if your property is truly exceptional (as if it were in a magazine), its unlikely that you will squeeze the most out of the market by pricing it high. To the contrary, pricing it high will often discourage traffic coming to view the house, as buyers may believe you have unrealistic expectation and cannot be reasoned with.
In some situations, we might partner with home owners in hopes of securing lease options and come to an agreement where well qualified buyers can rent the house for an agreed upon time before they buy it. With other situations, we may just help to renegotiate the loan, help out by making monthly payments or even work with the bank to get a short sale done.
The great part about real estate is that the options are endless. We love to help people solve their complicated property problems. Creative solutions always bridge the gap and get you to where you want to be.
Behind on my mortgage in New Jersey? Read this article for a few tips on what you can to do prevent and avoid foreclosure
If you struggling and thinking “I am starting to fall behind on my mortgage in New Jersey” it probably feels as if you are drowning in mountains of debt.
Even when you are able to make the monthly payments, getting passed payments all caught up is the most overwhelming part of all.
I’m behind on my mortgage in New Jersey
Luckily, you do have some options which can assist you in avoiding foreclosure in New Jersey and may even help find a way for you to keep the house, regardless of how late behind you are. Tons of properties within New Jersey have already gone through foreclosure, but that does not have to mean you, too. There are many different ways that you can avoid foreclosure is you are saying, “I’m falling behind on my mortgage in New Jersey.” Lets take a look at some of the options you have.
1. FileBankruptcy:
This tool should only be used as a final resort. When you are being suffocated by mountains in debt, filing bankruptcy can often be a good way for a fresh start and will give you the ability to negotiate down some of the debts with the lenders you owe. It will take some work on your part, and ultimately you will still be responsible for keeping up with the mortgage but it is a good way to buy yourself some time. For more information, its good to know exactly the stance that your lenders take in handling bankruptcy’s because each lender will handle them differently, so it is best to consult with a bankruptcy attorney first.
2. Reaffirming:
This is basically an agreement that states your promise to repay all or a portion of a debt from which you might have otherwise been released in a bankruptcy case. It can be a wise card to play, but it may also bring along other unseen penalties so it is best to consult with an attorney to see if its allowed in your jurisdiction.
3. MFA (Making Home Affordable):
This is a government program that, if you qualify (based upon your loan amount and your lender) then you could have the government pay off a portion of your loan. All loans that are backed by Freddie Mac or Fannie Mae must automatically get considered for the MHA program, while other lenders get to choose if they want to work with MFA.
There are a few different programs available through MFA, depending on which one you qualify for, your interest rate and/or payments could be lowered or the balance that you are behind could also be forgiven. There is yet another program for those that are unemployed, where your payments could be temporarily suspended until you find a job again.
Since MFA is a government run program, you should be ready to fill out a ton of paperwork. This program will require a lot of work on your part but if you qualify, its definitely a great program to help you get caught up.
4. Work with your lender:
Help! I’m behind on my mortgage in New Jersey
Most banks are ready to negotiate to offer you some sort of assistance to help you get caught up. The bank is losing money if they end up foreclosing on you, so they are usually very eager to find a way to keep you in the loan – since that is how they make the most money off of you. Ask about either getting a reduction in your interest or even a temporary reduction for your monthly payment.
Usually, lenders will try and steer you into refinancing the loan – but when you are behind on payments, most likely you will not qualify for a refinance.
Working with your bank is another option that will take a lot of work on your part, it usually means a ton of calls and the patience of a saint. But it is important to remember to never talk to the bank rudely. Ask everyone you talk to for help, but try not to sound desperate. Just explain the situation, offer whatever documents they need, and reassure them that you want to payoff the loan until the end, you just need some assistance at this time.
When they hear that, most banks can be somewhat forgiving. Sometimes they might tack your late payments on to the end of your loan if they see that you are serious about paying them. At the end of the day, it’s just dollars and cents to them, so remind them you intend to pay them much more money in the long run. If they end up selling your property in foreclosure, they’ll definitely be taking a loss.
5. Borrowing from an investor:
If you are behind on your mortgage payments and need to sell quickly, we are able to help with that.
In some cases, we might even have a way for you to stay in your house.
We work with lots of homeowners in New Jersey to find positive solutions to avoid foreclosure.
We’ll look at your situation closely and tell you how we might be able to help. We hope this article helped you out if you are saying, “Help! I’m starting to fall behind on my mortgage in New Jersey” and offered you some valuable insights on what you can do to get out of trouble!
Have you been trying to sell your house for months and now you’re wondering, “Why won’t my house sell in NJ?”
Which is especially confusing when you consider that the news tells us that the real estate market is still on the rise. Still we are hearing about multiple offers and high demands are on some houses, but still you just can’t figure out how to get rid of yours..
Why won’t my house sell in NJ? – 6 Tips To Getting Your House Sold
1) Get the right help.
It’s important that you make sure you are getting the right help from qualified professionals. Of course, there are novice real estate agents as well as investors that rush into a booming market and will make promises that they cannot fulfill.
Its important to work with someone that understands the nuances of financing and structuring a deal. There is a good chance that real estate will likely ben the biggest investment you make in your life, so its important to not take just anyone’s advice. If you want the best results, then you must partner with the pros.
2) Don’t over improve.
The number one mistake made by owners (and even investors) is when they put too much work into their house and are left with an over-improved property. Thats when they start to put unnecessary money into the property and will not see that investments back. At the end of the day, the market will only pay what that house is worth in that neighborhood and anything above will not be to your advantage as a seller. You want to outstretch your number of potential buyers as much as possible.
3) Do make the necessary fixes.
Unfixed items will scare the majority of buyers. To prove you have been a responsible home owner, make sure any big tickets items are fixed before you put the property on the market (on the MLS). Its also good to get a home inspection to show to any potential buyers to show that you have done your due diligence.
Unless of course, you are selling to an investor like Savannah Properties. We buy houses exactly as they are will not require you to fix anything before we buy it. Heck, we can even buy your house with all your old items in there that you no longer want and we will take care of them for you. If you are interested in learning more visit our website and fill out the short form for someone to get in touch with you.
4) The design & style matters.
Your property’s curb appeal will be the first thing people see when they come to your house and it has the ability to set the tone for the rest of the house. Make sure the exterior is clean (at the very least power washed) and there isn’t anything that is visibly unkept. And the inside is just as important, so be sure not to neglect one area of the property for another. Its also a great idea to put forth the most neutral, cohesive impression of great style. Again, you are trying to appeal to the greatest range of potential buyers as possible so keep it immaculately clean, paint the walls, and update the landscaping. It might be worth it to consider hiring an interior designer to stage the property tastefully.
5) Pricing is everything.
If you’re in a situation where you are getting a large number of showings but you aren’t getting any offers, you are more than likely too high in your price. If all your efforts to market the property and gets the news out are not making your telephone ring, it almost always means that you’ve overpriced your house.
6) Every property will sell – eventually.
There isn’t a magic formula – but if you make these adjustments, its only a matter of time before you will (finally) sell.
Understanding Foreclosure in NJ is the most important part of beating a foreclosure and keeping you if you find yourself getting behind on your payments. You need to know what you are up against and how it works so that you can find your way out. And be sure, there is a way out.
But before we dive in…
What is a foreclosure, anyway?
Foreclosure is a legal procedure that banks need to go through to take back a property because you are too late behind on the loan, ie, when you stop making payments.
Foreclosure is a serious business and lets face it, no fun. But its important to keep proactive about it and know that it is not the end of the world. Trust us, there are worse things.
As you get a better idea of how foreclosure works (at least, here is NJ) then that arms you with the knowledge to navigate through it where you have the best chance of coming out on top. So, lets get into the process…
The Basic Stages of A Foreclosure <———–
There’s a few stages that are important to any foreclosure process.
Foreclosure works differently in different states around the country.
The two ways different states use to foreclose upon a property are: judicial sale or power of sale.
Connect with us through our contact page to have us walk you through the specific foreclosure process here locally in New Jersey.
In either scenario, foreclosure typically doesn’t go to court until 3-6 months of missed payments have elapsed. Usually (but not always), a lender will send out many notices that you are in arrears – overdue or behind in your payment.
Under Judicial Foreclosure:
Your mortgage lender must file suit in the court system.
You’ll get a letter from the court demanding payment.
Assuming the loan is valid, you’ll have 30 days to bring payment to court to avoid foreclosure (and sometimes that can be extended).
If you don’t pay during the payment period, a judgment will be entered and the lender can request the sale of your property – usually through an auction.
Once the property is sold, the sheriff serves an eviction notice and forces you to immediately vacate the property.
Under Power of Sale (or Non Judicial Foreclosure):
The mortgage lender serves you with papers demanding payment, and the courts are not required – although the process may be subject to judicial review.
After the established waiting period has elapsed, a deed of trust is drawn up and control of your property is transferred to a trustee.
The trustee can then sell your property for the lender at a public auction (notice must be given).
Anyone who has an interest in the property must be notified during either type of foreclosure.
For example, any contractors or banks with liens against a foreclosed property are entitled to collect from the proceedings of an auction.
What Happens After A Foreclosure Auction?
After a foreclosure is complete, the loan amount is paid off with the sale proceeds.
Sometimes, if the sale of the property at auction isn’t enough to pay off the loan, a deficiency judgmentcan be issued against the borrower.
A deficiency judgement is where the bank gets a judgement against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.
Some states limit the amount owed in a deficiency judgment to the fair value of the property at the time of sale, while other states will allow the full loan amount to be assessed against the borrower.
Here’s a great resource that lists the state-by-state deficiency judgment laws, since every state is different.
Generally, it’s best to avoid a foreclosure auction. Instead, call up the bank, or work with a reputable real estate firm like us at Savannah Properties to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure.
Experienced investors can help you by negotiating directly with banks to lower the amount you owe in a sale – or even eliminate it, even if your home is worth less than you owe.
If you need to sell a property near New Jersey, we can help you.
With so many different ways to sell your house, you might be thinking “why sell to an investor in NJ?”? Well, selling traditionally is not always your best move. When you sell with the help of a real estate agent, that may work for some sellers but sometimes, to get the best outcome, you need to think a little outside the box.
Even though many people do not usually think of this as their first option, this can be perfect for someone in some situations. Keep reading if you want to know, “why to sell to an investor in NJ?”
Why Sell To An Investor in NJ? – The Perks
The most obvious perk of selling to investors is they will buy your house exactly as is it, without requiring you to make any repairs or put any more money into the property to get it sold. This is where investors bring their value: they are able to take on a large number of problems that may be wrong with the property and solve those problems for you. They are buying your house because they see the potential profits. That is why they buy properties at a discount: they need to have enough room to make all of the repairs and then pay all of the selling costs when they go to sell it again on the market.
Investors are buying your house because they believe it will have a positive cash flow after all the work has been done. This puts you in a very good position to negotiate with the investor you are working with and generally, its easier to structure a deal that works for the both of you without all of the usual negotiations that come with working with a traditional buyer and agents are involved.
Not All Investors Are The Same
Bear in mind that, like all things in life, not all investors do things the same. Like any other industry, there are good professionals that you want to work with, and then some bad apples that you should avoid. Keep in ming that the investor you are working with should stick by all of your agreements and keep their word. When they begin to get flaky or start changing their agreements completely, you should have some red flags go off. Do not work with someone who asks you to do things that you know to be illegal or anything that makes you uncomfortable. There are too many good investors out there to spend your time working with bad ones.
Use Your Good Judgement
While deciding “why to sell to an investor in NJ?”, you are going to have to weigh out your options and see what works best for your particular situation. Some investors work differently than others. For example, here at Savannah Properties we promise to pay all of the closing costs, there will be no real estate commissions and we buy your house exactly as it is. But other investors might not structure the deal the same way.
Of course you also have the option of using a real estate agent. Usually this will get you the highest price possible for your house. But just be aware that this process usually takes much longer and of course you should expect to pay real estate commissions as well as the closing costs.
Shop Around
Take as much time as you need to find the right investor, just make sure that they have a good reputation so that you know they will be fair when they are doing business with you. It more than OK to ask for references so that you make sure you are doing business with someone who has the ability to perform and do what they say they are going to do. The biggest advantage of selling to a real estate investor is you’ll receive your money quickly so that you can move on and leave a burdensome house behind you.
Find An Investor That’s Local
Working with an investor that is local to the city that you live in is going to get you the best price. You want to work with someone who knows the area and the value of your house so that you are not getting low ball offers, which only wastes your time. We are a group of local real estate investors that live and work in New Jersey and are experts on the housing market here. To start the process now, go to our website and fill out the short form on the home page and someone will reach out to you right away and see how we can help you. Talking to someone first is a great way to get you more comfortable with “Why sell to an Investor in NJ?”.
Find Out If It’s For You
Most people think that the only way to sell a house is by putting it on the market with a real estate agent. But that route isn’t for everybody. If you want to do things a little less traditional and get your house sold quickly and without the hassles then you should definitely start by talking to real estate investor to see if it is the right move for you.
