A Dozen Morris County People Talk With Realtor, Attorney
About Avoiding Foreclosure
CHESTER – The headlines may be shouting about an improving housing market, but for a dozen people at a workshop in Chester earlier this month, the topic of a quieter discussion is avoiding foreclosure. They heard two experts,
of TheHolmquist Team, part of Keller Williams-Towne Square Realtors and Morristown Real Estate Attorney Martin Eagan
, talk about ways to do that. Ms. Holmquist and Mr. Eagan work together to help people sell homes short, meaning the bank agrees to allow a house to be sold for market value, even when that sum is less than what is owed to the bank.
“It’s a traditional sale,” explained Eagan. “You’re selling to a buyer. It’s not a foreclosure. It’s just the bank agrees to take less than you owe.” As they have at several previous workshops, the duo explained to those around the table how a short sale works and the role of the attorney and the Realtor in the sale. The bank agrees to accept the lower price, but it does want market value. It’s a tight rope, said Eagan.
“We want to upsell it to the buyer and downsell it to the bank,” said Eagan. “Kelly’s great at that.” Ms. Holmquist explained that the home will be appraised by the bank, which will set a target asking price. The house is then aggressively marketed like any other home. It must be listed on the MLS, for instance. And home sellers are encouraged to properly stage their homes so it sells quickly. When an offer is received, the bank has to approve the offer. In fact, said Ms. Holmquist, the only difference between a short sale and regular sale is the negotiations are done by the attorney with the bank and others owed money from the proceeds of the sale. “On the front side, everything appears to be a traditional sale,” said Ms. Holmquist. “It’s on the back side that it’s different.”
While past workshops have been attended by an array of people, many of them have been younger homeowners who can no longer afford their mortgages or who need to move for a better job, but can’t sell their depreciated homes. This group was a different, said Ms. Holmquist and Mr. Eagan. One couple, for instance, was collecting information for their daughter who is going through a divorce. Another couple is trying without success to sell a home owned by the woman’s mother, now in her 80s in assisted living and with no income. A third woman, in her 70s, had taken multiple mortgages to pay medical expenses. Although she’s never missed a mortgage payment, the failure of the real estate market and the devaluation of her savings now has created financial problems. “All sorts of people are facing foreclosure or are so far underwater that they may never recover, even though they’re making their payments,” said Ms. Holmquist. “It’s not at all uncommon.” In fact, she said, about 29 percent of the homes being sold in Long Valley and Mount Olive are short sales. In the Chesters, that number is about 9 percent. “Working with an established team of an attorney and a Realtor to sell short offers a good way out for many people,” said Ms. Holmquist. “The improving real estate market improves their chances of selling short, but it’s still the best answer for some people.” Ms. Holmquist said people with questions about short sales or any other facet of buying or selling real estate can call her office at (908) 867-7109 or by sending her an email at email@example.com
Ms. Holmquistis the team leader for the Holmquist Team, part of Keller Williams Towne Square Realty, and one of the top-producing real estate teams in Morris County, N.J. She has been in real estate since 1997, specializing in residential home sales. After working at other agencies, she founded The Holmquist Team in 2008. A Certified Residential Specialist (CRS), she holds a bachelor of science from Penn State University. More information is at www.kellysellshouses.com or by calling (908) 867-7109.
Marty Eagan heads an office that focuses on real estate and is one of New Jersey’s fastest growing specialty law firms. The firm has successfully represented thousands of individuals and business clients across the state in residential and commercial real estate transactions. More information is available at (973) 898-7300 or www.martyeagan.com.
“I had the pleasure of having Marty
be my attorney for the closing on the purchase
of my first house. He made what was becoming a
stressful situation painless and easy. Both he
and his staff were attentive, informative, and
highly professional. From the start to the finish
Marty made himself available to me at all times.
I would recommend Marty and his staff to any of
my family and friends.” July 19, 2010
Top qualities: Great
Results , Personable , Expert
“I have had the opportunity
to work with Marty Eagan and his talented staff on
numerous occasions for real estate closing. They
are perfection. From the first fax of the contract
to the handing over the keys at closing you are in
professional, courteous and caring hands. I am always
having clients thank me at the closing for recommending
Marty and his team. I have even used him for my personal
real estate closings.” March 12, 2010
Top qualities: Great
Results , Personable , Good Value
“As a real estate attorney Marty
does a great job with attention to details, is
a good negotiator for someone buying or selling
real estate and is very reachable to discuss the
details of each transaction. He also has top notch
staff.” March 11, 2010
Patty Malpere, Specialist Residential
Real Estate , Weichert Realtors
was with another company when working with Martin "Marty"
Thanks for being part of my first closing. Here
is pic of the happy day. It was a nailbiter
but "alls well that ends well". :)