Lis Pendens – A written notice that a lawsuit has been filed which concerns the title to real property or some interest in that real property. The lis pendens (or notice of pending action) is filed with the clerk of the court, certified that it has been filed, and then recorded with the county recorder. This gives notice to the defendant who owns real estate that there is a claim on the property, and the recording informs the general public (and particularly anyone interested in buying or financing the property) that there is this potential claim against it.

Short Sale – Sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Foreclosure - The legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue homeowners’ association dues or assessments.

Courtesy of Good Morning America

Year              Sales           Inventory        Months Supply

2009               273                   3836                      14:1

2010               261                   3750                      14:4

BURLINGTON COUNTY

Year              Sales           Inventory        Months Supply

2009               214                   3612                      16:9

2010               260                   3657                     14:1

GLOUCESTER COUNTY

Year              Sales           Inventory        Months Supply

2009               135                   2300                      17:0

2010               158                   2321                      14:7

curtesy of Otteau Valuation Group, Inc.

With everything associated with buying a home and so many ways a simple deal can become complicated, inspections, negotiations, waiting on bank approvals for short sales, mortgage commitments… You can easily find yourself under the gun.

Here are a few tips to help you navigate the terrain between contracts and closing to be sure you meet the time line.

1 – Short sale approvals can take from 45 days to up 6+ months. You may want to make sure that the listing agent of the home you are interested in has already started communicating with the bank to help save time.

2 – Make sure your mortgage company has all your paperwork needed to close your loan and have a reputable company that can process your deal in time.

3 – Make sure you have a competent real estate agent, preferable a full time agent so you know your needs are not secondary.

A penny here, a penny there all adds up over time.

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