Hoboken Real Estate: Short Sales @ The Hudson Tea

It's clear no condo building in Hoboken is immune to short sales. The Hudson Tea building in Hoboken is seeing it's share. Attention buyers, how about a sprawling three bedroom three bath condo for sale around $800,000? This short sale listing is one of the few where the agent has had communication, or seems to have had communication, with the bank and has already been given a price opinion as to what number the bank is looking for to allow the short sale to go through and close. These type of short sales typically take less time in the pipe line then other one's where the bank won't start the process or hint at what they'll accept until there is a buyer contract on the property - which makes things much more difficult.

This unit is an R line, 4th floor with a galley kitchen that has black granite counters, stainless steel appliances and white kitchen cabinets. There are three spacious bedrooms and they have been upgraded with hardwood floors. If you have or are starting a family, and love this building but can't find a condo large enough for you, then you may want to seriously consider purchasing a short sale.

You will still need to fill out an offer to purchase, and submit a recent pre approval letter from your preferred lender. You'll also want to conduct a home inspection up front, if you desire. Your offer will look that much stronger to the bank if you do.

If you are not in a situation where you have to move quickly, then you have the time to wait for a response from the bank on whether or not your offer was accepted. When a listing agent says that the bank has approved a price or is looking for a certain price, then typically the bank will only agree to sell the property if the offer price is the suggested price or very very close to it.

Agents will show short sales that have these type of advertising remarks because they know that they and their buyers have a much higher chance of actually purchasing the property. Unfortunately too many agents that aren't equipped to handle short sales, list them, and in turn waste the time of many sellers, buyers and agents..