Can a Short Sale Apply to a Commercial Property?

Short sales are one option property owners who need to let go of their real estate can look into. These types of sales are where an owner works with their lender to sell the property as quickly as possible at a lower price than what’s owed, with the goal of helping the lender recoup as much as they can on the loss of a property, while allowing the owner to get out from underneath a financial burden.

Can a Short Sale Apply to a Commercial Property?

Short sales are not something to be entered into lightly.  They do provide a way to deal with a property which is underwater or valued at less than what is owed should financial strife be an issue preventing an owner from continuing to make their mortgage payments. The housing crisis of 2008 led to many homeowners opting for a short sale over foreclosure. Can a short sale apply to a commercial property?

The answer is yes, you can seek a short sale of your commercial property.  You do need to show proof of hardship, reflecting why you are no longer able to pay the mortgage on the property. Just as with a residential property, if a commercial property owner isn’t able to meet the payments, provided you can market the property at its current value, a short sale can be an option over foreclosure.

Being able to get at or close to the current market value of the property is key to getting lender approval and acceptance of a short sale; they want to recoup as much as they can after all. There’s one critical thing to keep in mind as a commercial property owner vs a residential owner however. It’s possible that your lender is more likely to take you to court for the remaining balance through seeking a Deficiency Judgment.  This tends to be more prevalent with commercial properties compared to residential ones.

A Deficiency Judgment lawsuit can occur after a short sale and is an option for lenders to attempt to recoup more of the original loan. This is not to say it will happen, but it’s important if you’re considering a short sale on your commercial property that this could occur.  Our goal in successful short sale negotiation is to have any deficiency forgiven.

If you’re facing financial distress and own commercial property, a short sale is one option to consider. Learn more about this and other options by contacting us.

When it’s time to sell or buy property, working with an experienced Realtor® who understands the local real estate market will make the process easier. I’m here and ready to get the conversation started with you. Call me today at 609-338-3773 or send me an e-mail.  Myself and my team at The Haviland Group and Keller Williams Realty are ready to share our expertise and care for all your real estate needs.

 

When A Bad Thing Becomes A Good Thing, Short Sale in Egg Harbor Township NJ

Choosing a short sale when facing foreclosure can make the best of a bad situation.

A few months ago I got a call from Susan.  She got my name online as a short sale expert and called me desiring to sell her home in a short sale in Egg Harbor Township, NJ.  She was behind in her payments and did not want to keep the home because she was relocating.  I listed the home for sale and found a great buyer looking to purchase the home for his children.

Short Sale in Egg Harbor Township, NJ

Short Sale in Egg Harbor Township, NJ

These happy home buyers purchased a short sale foreclosure property through me.

We received short sale approval and were able to sell the house so Susan could avoid foreclosure.  We were also able to get her a relocation incentive of $3,000.  The new buyers were able to get a great deal and are happy with their new home.  If you or someone you know is facing foreclosure or considering a short sale in Egg Harbor Township, NJ or anywhere else, please call me at 609-338-3773 or visit my foreclosure help center.  Best wishes, Matt

  • For privacy seller’s name has been changed in this post.

If you would like more information on short sales or forclosures please use the form below and contact me. I will get back to you ASAP!

When Should I Sell My House?

Why wait until the Spring? There is less competition right now!

Many people always think of the Spring as the best time to sell and buy a home.  That typically is when we have the most activity in our market however that doesn’t mean it’s always the best time to sell.  Right now we are on the tail end of winter.  We have some cold nights and the occasional snow storm and overall the weather is not bad.  Buyers are out now shopping for homes.  Listing and selling your home now means that your home will competing agains fewer homes for sale.  Fewer homes for sale means you may be able to get a better price for your home.

March 2, 2018 Winter storm. Ocean City, NJ

Some of our communities are experiencing an all time low in inventory of homes available.  The answer to the questions of when should I sell my house is it depends.  It depends on your circumstances, your plans, your neighborhood and your house.  There are many factors to consider and I’m here to help you.  Contact me for a free consultation to determine when the best time to sell would be for you.

Best wishes, Matt

Can A House Be Sold While In Foreclosure Without Going To Short Sale?

Your house can be sold while in foreclosure without going to sheriff sale.

Recently past client’s of mine came in to my office.  They received notification from their bank that the home was sold and they need to get out of the house.  They had been behind on their mortgage payments and had attempted to work out a modification but it was not successful.  Their house was located in Atlantic County in southern NJ.

Normally, in our county the foreclosures run through the sheriff’s office and usually the owner of the house is notified of the sale and can even postpone the sale for at least a month.  However in this case the house was sold to an investor and the deed was recorded with the county clerks office.  I advised that my client’s seek legal advice since there was little I could do to help at this point.

If you or someone you know is facing foreclosure contact me immediately.  I’m here to help home owners keep their home when possible or avoid foreclosure through a short sale.  Contact me for a private complementary consultation.

Matt

P.S.  If you or someone you know is facing the stress of foreclosure and not knowing if you will still have a roof over your head contact me for help and options.

11 Reasons Home Sellers Should List During the Holiday Season

Now is a great time to sell your home.

Holiday-Proof-Your-Real-Estate-Business

11 Reasons Sellers Should List During the Holiday Season

We made it past Thanksgiving and now December will be over before we know it.  Many home seller chose to pull their homes off the market this time of year and wait until Spring to sell.  Here are 11 reasons sellers should list during the Holiday Season.

11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less money! This will allow you to sell high and buy low.

10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year.

9. Even though your house will be on the market, you still have the option to restrict showings during the six or seven days around the Holidays.

8. January is traditionally the month for employees to begin new jobs. Since transfers cannot wait until Spring to buy, you need to be on the market during the Holidays to capture the market.

7. Some people must buy before the end of the year for tax reasons.

6. Buyers have more time to look for a home during the Holidays than they do during a work week.

5. Buyers are more emotional during the Holidays, so they are more likely to pay your price.

4. Houses show better when decorated for the Holidays.

3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home. Less demand means more money for you.

2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you.

And the number one reason why your seller should list during the Holidays …

1. People who look for homes during the Holidays are more serious buyers!

* repost from blog.KW.com

Keller Williams Realty Atlantic Shore Is The Real Estate Sales Leader In Egg Harbor Township, NJ

The new sales leader in Egg Harbor Township NJ is Keller Williams Realty Atlantic Shore with the highest year to date units and sales volume.

Recently one of our competitors has been advertising as the Egg Harbor Township, NJ real estate sales leader.  I questioned whether this was true and discovered that at one time they were the sales leader however year to date real numbers show that Keller Williams Realty Atlantic Shore is number one in sales volume and sales units.  I have included some charts and graphs to show this.  These are real numbers taken from the South Jersey Shore Regional Multiple Listing Service.

Keller Williams Realty Atlantic Shore units sold in Egg Harbor Township increased 73.68% as of September 21st 2017 compared to year to date numbers from 2016.  165 units have been sold year to date and our next closest competitor sold 131 units.  Units sold is the number one indicator of who the sales leader is in a community and we are dominating that category.

 

Keller Williams Realty Atlantic Shore sales volume increased 53.96% as of September 1st 2017 compared to year to date numbers from 2016.  Year to date sales volume for 2017 is $24,814,297.00 making it number one.  Keller Williams Realty Atlantic Shore is number one in market share also with 16.6% market share  based on units sold.  So the new sales leader is Keller Williams Realty Atlantic Shore and we have the data to prove it.  If you are looking to buy, sell or invest in real estate in Egg Harbor Township, NJ I’m your local home town real estate consultant and I’m happy to help.  Call me at 609-484-9890 ext 132 or send me a message on this site.

Best wishes, Matt

P.S. Here are the actual sales numbers taken from our multiple listing service showing how we stack up against the competition.

YTD Total # Units as of 9-21-17

YTD Total $ Volume as of 9-21-17

YTD 2017 vs YTD 2016 Change in # Units as of 9-21-17

YTD 2017 vs YTD 2016 as of 9-21-17

Egg Harbor Township, NJ Market Statistics

What's happening in the real estate market September update

Houses for sale in Egg Harbor Township New Jersey

Here’s a quick overview of what’s happening in the real estate market in Egg Harbor Township.  Median sold price is down 6% to $190,000.  The median for sale price is up 2% and sold properties are down 2%.  New properties are down 9% and total inventory is down 19%.  

So even with lower inventories prices are still down overall.  My interpretation of these statistics indicate that the foreclosure properties that are still on the market are continuing to pull prices down.  At the same time some of the communities in Egg Harbor Township are very short on inventory and so there is a great possibility of price appreciation.  Contact me if you’d like to know how much your home is worth in today’s market.  To view full statistics for August 2017 Egg Harbor Township real estate click here:  egg-harbor-township-market-stats

Matt

Market Statistics For Atlantic County, NJ 2016

I have several clients investing in real estate in this market.  Prices are low inventory is high and it’s a great market to buy and hold.  I also have investors looking to flip properties.  I’ve put together some interesting statistics that should be helpful for people looking to invest in the Atlantic County, NJ real estate market.

Market statistics as of 12/22/16 For Atlantic County NJ

City Number of sales In 2016 Year to Date # of homes for sale # sold/month % sold/month
Galloway 349 311 29.08 9.35%
Absecon 122 98 10.17 10.37%
Port Republic 9 7 0.75 10.71%
Egg Harbor Twp 548 362 45.67 12.62%
Hamilton Twp 278 219 23.17 10.58%
Somers Point 127 86 10.58 12.31%
Northfield 130 84 10.83 12.90%
Linwood 98 85 8.17 9.61%
Pleasantville 224 121 18.67 15.43%

Sunset, Port Republic, NJ

This first chart shows some of the mainland areas, the number of homes sold and % of homes that sold.  The highest % sold was Pleasantville at 15.43%.  Pleasantville was followed by Northfield, Egg Harbor Township and Somers Point.

It’s also interesting to look at the number of sales in certain price ranges to see what price ranges have been selling the most.  Homes in the $150,000-$200,000 are selling most followed by $200,000-$250,000.

 

Sold Price Number of sales by price point
0-50k 94
50-100k 214
100-150k 307
150-200k 468
200-250k 350
250-300k 159
300-350k 56
350k-400k 33
400-450k 23
450-500k 16
500-550k 7
550+ 10

*Includes these areas: Galloway, Absecon, Port Republic, Egg Harbor Twp,
Hamilton Twp, Somers Point, Northfield, Linwood

I also get asked frequently how long it’s taking to sell homes so I broke that out based on the number of bedrooms.  Three bedroom homes are selling faster.  This is most likely due to their lower price point.

3 bedroom Average 71 days on market
4 bedroom average 91 days on market

Now is a great time to buy, sell and invest in real estate in Atlantic County.  Contact us for a free consultation to help you evaluate your opportunities in today’s market.  Matt

Fall In Love With Your Home!

Is it better to move in the Spring/Summer or Fall/Winter?

Here’s a quick post to let you know how I can help you and the people you feel comfortable

introducing me to.

If you or someone you care about had been thinking about buying or selling a home in the spring or summer and decided to wait, there is a subtle yet important shift to moving in the fall that deserves consideration.

Summer moves are often triggered by family needs, while fall and winter moves are frequently influenced by external factors such as work. Whether you are buying or selling, here are critical seasonal influencers which affect the value of a home.

springorsummer-move

 

 

 

It is important that you know I optimize marketing strategies based on several factors that influence your micro-market. The next time you notice a person who is falling into an autumn or winter move and you know they’d benefit from my help, call or text me immediately. I promise they’ll be delighted you introduced us.

Matthew Haviland, Your Real Estate Consultant For Life

Keller Williams Realty Atlantic Shore 609-484-9890 ext 132

Is Age 60 The New 40?

Here’s a quick note to let you know how I can help you—or anyone you feel comfortable

It seems like every day you hear a story on the news about how people are living longer.

And as people get older, many are staying active, working well into retirement, eating

healthier, exercising, traveling, and generally not “acting their age”. In fact, many people

consider age 60 as “The New 40”.

Another thing this age group has in common is rediscovering themselves. For the first

time in decades, empty-nesters no longer need to consider square footage and school

districts as a driving force to be in the right place to live. One of the rewards of living a

long, healthy life is being able to afford life on your terms.

The next time you’re talking with a friend, family member or neighbor and they mention a

move to accommodate a lifestyle change, stop, take out your cell phone, look up my

number and immediately call or text me. Together we will make sure they get advice that

keeps them financially healthy for many years.

Matthew Haviland

Your Real Estate Consultant For Life

Keller Williams Realty Atlantic Shore 609-484-9890 ext 132

P.S. Congratulations to Stan Wiley winner of this month’s Funday Monday contests.  Watch our drawing video to learn how to enter.