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Updated almost 8 years ago on . Most recent reply

User Stats

279
Posts
105
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John D.
  • Rental Property Investor
  • Allentown, PA
105
Votes |
279
Posts

Short sale in NJ New Jersey

John D.
  • Rental Property Investor
  • Allentown, PA
Posted

I am considering putting an offer on a property in NJ.  My agent has advised that I need to have an attorney review the contract and send a letter prior to the bank agreeing to the short sale. 

Is this accurate?

Also, any idea what price range might be for the "attorney review"

Thanks for the info!!

Most Popular Reply

User Stats

408
Posts
93
Votes
Johnathan Boyle
  • Real Estate Agent
  • Belleville, NJ
93
Votes |
408
Posts
Johnathan Boyle
  • Real Estate Agent
  • Belleville, NJ
Replied

@John D. because you want to be covered if it does get accepted. If you're going to be in the business long, you'll have to pay for certain things sometimes even if the deal doesn't happen such as oil tank sweeps and home inspections. Don't overthink it honestly. Also, some attorneys will do it for free if the deal doesn't happen as they know you'll be doing multiple transactions. But only if they know that and you build a relationship. Nobody simply works for free. 

  • Johnathan Boyle
  • [email protected]
  • 973-951-1725
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