Tracking Short Sales In The Long Beach Island Nj Real Estate Market On LBI

Dated: 11/01/2013

Views: 1607

Short Sales and Distressed Homes in the LBI NJ Real Estate Market

A short sale is the unfortunate situation when a home must be sold for less money than is currently owed on the property. This occurs when the present owner pays too much for the house and the market or the value of the property has decreased to a point where the outstanding mortgage balance is greater than the amount of money that would be netted after closing costs are deducted from the sales transaction. When this occurs, the bank or lending institution must agree to take a loss on the property by forgiving a portion of the unpaid balance or seeking some other form of compensation from the seller. Short sales and distressed home sales saw a lot of media attention during the financial crisis of 2008 as many homeowners were forced to undertake the process. While the LBI real estate market was somewhat protected from short sales (since the ability to rent the house will often cover most or all of the carrying costs) short sales do occur in the LBI NJ real estate market and it is therefore important to understand how they play into the Long Beach Island New Jersey real estate market as a whole. The best way to do this is by Tracking Short Sales in the LBI Real Estate Market.

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