Yesterday, my "blog buyer" closed on a wonderful bank-owned foreclosure for sale in West Milford NJ - the Upper Greenwood Lake community. A totally renovated, 2 bedroom ranch in the Hewitt section; I knew it was perfect for Dr. Alvaro Alban; made him come from Manhattan - New York City - to see it within 2 hours of it being listed.
For 2 months, I've had this picture ready to use. Not a single aspect of the sale of 54 Cedarbrook Road, Hewitt-West Milford, went smoothly - from my perspective. While I didn't share this with Al until after closing, I had given up hope for this one! Called it my train-wreck deal and had visions of lawsuits.
Al had selected Sussex County NJ attorney Marleen Horlacher to represent him; she is a deal-maker with whom I do many, many real-estate transactions. Without the superb support of Marleen and her assistants Justine and Karen as part of our buyer team, the deal would not have closed. The train wreck would have taken place.
On New Year's Eve we submitted Al's highest-and-best offer of $151,000 to close January 29. My extensive experience with foreclosures for sale meant we crafted an offer with many terms attractive to a bank selling an REO. Among issues potentially leading to a train wreck with this lake community foreclosure for sale:
1. A scan found an underground oil tank. Fighting for my buyer, I eventually got the bank to agree to remove it. Turned out it was an abandoned water well, not an oil tank.
2. Time to dewinterize for closing and "the ground pipes were frozen," which shouldn't be. Al was pushed to close even though there was not a drop of water to the home. Weeks of touch-and-go during which I envisioned lawsuits. We triumphed. No pipes had frozen; the well was not correctly primed by the seller's handyman.
3. And last but not least was my buyer himself. A dedicated physician with an expanding medical practice and the devoted dad of a lovely young lady considering my alma mater, Duke, Dr. Alban didn't have time to handle a thing. (His New York City location didn't help.) Good thing I really came to like and respect Al because he made me work doubly triply hard! Our running joke was that getting me a commission check was both our top priority!
40 days after our original closing date, we did the final walk through and headed to Marleen Horlacher's for the closing. There we learned that 54 Cedarbrook Road, Upper Greenwood Lake appraised far, far above the $151,000 sale price. A great lake community home with instant equity for a buyer who found me from my blog posts - almost makes me forget the interim! We're all thrilled the train wreck was just a near-miss.
Much happiness and joy in your new home, Al!
Copyright © 2010, Irene Kennedy, all rights reserved. This blog post represents Irene's personal musings.
Considering selling a vacation home or looking to buy a NJ lake community property? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.
Even with a SECOND PRICE REDUCTION, through March 15, 2010 the estate is offering the buyers $1000 at closing for a new refrigerator or a washer-dryer. Many reasons to make this Sussex County NJ ranch for sale your new home!
A second HUGE price reduction on this Indian Fields home for sale. This bank-owned townhome for sale in Hardyston NJ (zip shared with Hamburg NJ, so it may appear as in that town) has had several offers that were rejected. Yes, it needs some work but is far from a dump.
Estate offering this Sussex County NJ ranch home for sale has just reduced the asking price by $5000! Being sold as-is but the 3 bedroom house in Frankford has been totally redone and is in wonderful, move-in condition! I've never had so much paperwork with a Seller's Disclosure - certification of new septic, water filtration, etc.
My real estate appointments for the day are done and went well. I spoke to several clients about seeing homes for sale this coming week. Materials for tomorrow's Open House are all pulled together.
