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A-List Realty is here to help you and those closest to you with real estate needs. Send us a message about how we can assist. You can also contact us directly; our office # is (732) 339-4701, our fax # is (908) 754-1372.

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FAQ

Still not sure if we can be of help? Check through some frequently asked questions and then send us a message or call us.

If you are facing a short sale and want to to keep your property, contact your bank immediately and speak about options available to you. Options can include a loan modification, deed in lieu or doing a short sale. If you decide to sell your NJ property by doing a short sale your home must be listed with a licensed NJ Realtor. A-List Realty are experts in handling short sale transactions, contact us today for assistance.

About short sales
A short sale is where the seller’s lender agrees to accept less than the full amount owned. In most instances the seller is often forgiven of any payment deficit and is no longer responsible for paying the difference.

Short sale benefits for sellers

  • Avoid the stigma of foreclosure
  • Reduce the hit to your credit score
  • Short sales can be repaired/ removed from your credit score over time; foreclosures often cannot be removed from your credit report.
  • Avoid a deficiency judgment – if you go into foreclosure, your mortgage company may file against you in court to collect payment by issuing a judgment against you. Short sales often relieve sellers from owing any additional money to the bank(s).

Speak with a reputable mortgage lender to get pre-approved to purchase a home. This is the first step in the process. The mortgage rep will have a consultation with  you to review your credit history, finances, income and expenses. Your desired monthly payments will also be discussed.

If you are pre-approved the lender will be able to supply you and your realtor with a pre-approval letter. If you are not approved the mortgage rep should be able to provide you with suggested actions to take to improve your eligibility.

With a Chapter 7 bankruptcy, the seasoning clock begins when the action is discharged. From that point, you’re typically looking at a four-year wait for conventional loans and a two-year wait for either FHA or VA financing. (The FHA’s short-term “Back to Work” program offers qualified borrowers the possibility of even swifter movement after both bankruptcy and foreclosure.)

Chapter 13 bankruptcies can be a little different. You might be able to land a conventional loan two years after a Chapter 13 discharge. FHA and VA loans are even more lenient.

Borrowers can be eligible for these government-backed loans just a year removed from filing a Chapter 13 bankruptcy. They’ll typically need to show at least 12 consecutive months of on-time payments and permission from the court to take on new debt.

Speak with a reputable lender about your situation and to discuss options.

For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent.

If your credit score is below 580 you will most likely have to put down a 10 percent down payment to qualify for a loan.

So if you’re planning to buy a house, and your credit score doesn’t meet the minimum, you should weigh the advantages and disadvantages of putting down a larger down payment or using those funds to try and improve your credit score first.

 

About Us

As an independently owned “boutique” real estate agency, A-List Realty operates with a high level of personal service, ethical standards and social responsibility. [read more]

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Contact one of our sales agents to discuss your real estate needs/concerns. You can also schedule an office consultation or join us at one of our signature networking events to meet with a licensed real estate sales associate in person.