Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

User Stats

279
Posts
105
Votes
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. 

Loading replies...