Diane

Hi Lauren:

Currently, the cheapest 2 bedroom in downtown is $309,000 so the price is reasonable. In terms of flooding, you should ask the seller to disclose if they have had a issues in the past.

Let me know of I can help you in any way. My office is on Grove St.


DIANE RIVERA
Broker Salesperson
NJAR Circle of Excellence Silver Award 2007
Weichert Realtors
273 Grove Street
Downtown Jersey City Office
973-809-7045 Cell
Visit my web: www.dianesellsnjhomes.com - Sun Jun 29 2008, 18:52

Rich:

It is very close to Journal Square. Which is a great plus. Depending on the size of the unit, you should no trouble renting but beware if it is smaller than 500 sq ft. because it can be harder to finance.

Call me if can be of assistance

Diane Rivera
Weichert Realtors
973-809-7045 - Sun Jun 29 2008, 18:43

Sonja:

I am a real estate broker and cater to the Jersey City market. Believe it or not, Jersey City is still quite a stable investment. Because of its proximity to NYC and ease of transporation, people find it very desirable.

Please call me if I can be of assistance.

Diane Rivera
973-809-7045 - Sun Jun 29 2008, 18:38

H Deborah:

The short sale process can vary, but it will generally work as follows:

1) The lender is contacted to discuss the possibility of a short sale and to determine the lender’s process for completing the sale.

2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer.

3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

4) The seller will complete a "hardship letter," which will detail and explain all financial difficulties. Lenders will usually want to validate the seller’s financial situation by looking at bank statements, investment accounts, along with examining paystubs and other financial records.

5) The lender will then look to the broker to provide a price opinion by examining the condition of the house and the market value of comparable properties.

6) The lender will then want to scrutinize the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.

Because of the documentation required, the short sale process can be lengthy. But if done correctly, it can work well for all parties involved. The lender avoids the uncertainty of the foreclosure process, the seller avoids a foreclosure on his or her credit report (along with potential bankruptcy), and the buyer hopefully got a good deal on a property.

I hope this helps you. Good luck !!

Diane - Sun Jun 29 2008, 17:59

Hi Darren:

I agree with all colleagues that have responded. The seller should be looking at quality not quantity. All banks cover the cost of the commissions since they are not in business to sell real estate. Short sales are hard work and the seller needs to hire someone that has tenure in the business and know how the handle the proecess from start to finish.

Regards,

Diane Rivera - Sun Jun 29 2008, 17:55