Since 2008, short sales and bank owned properties have been a large percentage of transactions in the northern New Jersey metropolitan area.
This was brought on by the recession which tremendously lowered the value of many homes.
I represent parties buying and selling properties through short sale process and bank owned properties.
These transactions usually allow for very little negotiation and/or modification of the agreements once they have been accepted.
Furthermore, these transactions require tremendous patience by all parties involved because the banks have their own internal mechanisms that make responses slow and difficult.
It is not like dealing with another individual on the other side of the transaction.
There is usually no room to resolve repair/inspection related problems.
If you are thinking of buying a bank owned property and/or a short sale type transaction, please understand that there are many things that can happen to derail the process.