Homebuyers interested in buying a home in New Jersey may want to consider the purchase of a short sale. After all, when it comes to a short sale NJ is following the same trends seen across the nation, with many lenders happier to work with buyers to avoid the cost of a foreclosure. When considering short sales in New Jersey, it’s important to consider the advantages and disadvantages before making a decision.
Top Advantages to Consider
Regarding a short sale NJ has many advantages to offer homebuyers today. One advantage of choosing this buying route is ability to purchase these homes far below current market value. While the lender will have to decide on the price they will accept, most sale prices are significantly lower than the value of the home, allowing buyers to enjoy buying more home for their money.
Another advantage of short sales is that they come with disclosure protection, which can be helpful to buyers. When purchasing foreclosure, disclosures on the home are not provided, which leaves buyers unaware of potential issues. Buyers don’t have this problem with a short sale.
Of course, when considering a short sale NJ offers some very specific benefits to buyers. Unemployment is going down, the median income in New Jersey is quite high and the climate offers a warm summer and cold winters.
A Few Disadvantages
On the other hand, a few disadvantages must be considered before purchasing a short sale. Although New Jersey offers many benefits to those relocating to the area, when it comes to buying a short sale NJ has the disadvantage of recent job losses. Unemployment rates are still falling, but the area has lost some jobs as well. Specific to the short sale, buyer delays can be a big disadvantage to consider, since the bank has to deliberate before the transaction can go through. Negotiation challenges and higher risks are disadvantages that must also be contemplated before deciding to go this purchasing route.