The Sunset is FHA Approved

The Sunset has FHA approval. Buy with as little as 3.5% down. We are one of only three condo buildings in Asbury Park approved for FHA. Hurry up and come take a look — they are selling fast at these unbelievably low prices!

did you know?

The Sunset is FHA APPROVED, which means you can buy with as little as 3.5% down!

Overlooking Asbury Parks famous Sunset Lake & just two short blocks from the beach, The Sunset Condos are in an unbeatable location. Condos includes a terrace with views, oak hardwood floors, marble bathrooms, gourmet-worthy kitchens with stainless steel appliances and granite counters. Washer & dryer are included in each unit. Also features off-street parking included in the price. Low monthly maintenance fee includes heat and hot water!

The Sunset
303 Sunset Ave,
Asbury Park

1 Bedrooms Starting at $269,900
2 Bedrooms Starting at $314,900

John C. Conover Agency — 732-897-9200
Travis Newarski — 973-985-5032 (cell)
Anthony Newarski — 732-693-8042 (cell)

19 out of 24 units sold!

Short Sale FAQs

John C. Conover Agency Asset Protection Group
Direct Number: 732.897.1121 Email:

What is a Short Sale?

In the world of Real Estate, a short sale refers to the sale of real property for an amount less than the amount owed on the property. In the short sale scenario, the bank agrees to accept less than the full balance due on the debt, and usually ‘forgives’ all or a large portion of the difference.

How will the Short Sale affect my credit?

Banks have the option of submitting the short sale to the credit bureau as “Paid in Full” or “Settled for less than full balance”. The way the bank reports the settlement of your loan to the credit agencies will determine the effect on your credit score. It is possible that a short sale will have a negative effect on your credit score.

Who benefits from the Short Sale?

Short sales can be a win-win situation. Lenders and Mortgagees can benefit from a successful short sale. Mortgagors get the majority of their money back, and avoid having to foreclose and sell the property as “Bank-Owned” which often means selling for less than the short sale price. Mortgagees get the relief they need and are able to sell their property and avoid foreclosure.

Why would banks forgive the difference?

To mitigate their losses, banks often accept a settlement of less than what is owed on the property. When faced with the option of getting the property ‘back’ through foreclosure, a short sale often makes a much wiser business decision for the bank.

How much commission does the short sale cost me?

Your lender will pays all broker commissions. This sounds too good to be true!? Not really. Things that are ‘too good to be true’ usually don’t make good economic sense. The short sale makes good common and financial sense for the banks who grant them. The fact of the matter is, Mortgage companies and banks are NOT in the real estate business. They are in the LENDING business. The last thing they want is that property back.

Can FHA, Conventional or VA loans receive a short sale?


What is Negative Equity?

Also known as being “upside down” negative equity is the difference between the value of an asset and the outstanding portion of the loan taken out to pay for the asset, when the latter exceeds the former. For example, if your car is worth $10,000 and you owe $15,000 on it, you would have a negative equity of $5,000. Negative equity can result from a decline in the value of an asset after it is purchased. Some areas decline in value. In other areas, prices may remain flat so that the properties in that area do not appreciate. If a seller wants to sell within 2-3 years of purchasing their property, they may be in a situation where they have negative equity.

What if I owe what my home is worth?

Even if you owe exactly what your home is worth, you may still need to do a short sale in order to pay for the costs of the sale (Realtor fees, Title Policy and other seller closing costs).

Why not just let my lender foreclose?


The first thing banks do when they foreclose on a property is hand it over to a real estate agent to get rid of it! The foreclosure process is a legal process. It involves attorneys and it costs money. Once they get the property back via foreclosure they must often sell it for MUCH LESS than market value and pay broker commissions and all customary closing costs.

What if I’m not behind on my payments?

Short sales work – even if you’ve never missed a payment! Yes, I know… short sales have gotten a stigma of being only available for folks who are in foreclosure. But we have successfully negotiated short sales for folks who have never missed a mortgage payment! They just happen to be in a negative equity position and need the short sale in order to sell their home.

How long does it take?

While some short sales can be completed in as few as 45 days, most will take 60-120 days.

What if my home is already in foreclosure?

Your foreclosure sale will usually be suspended during the short sale process. That’s why it’s imperative that you contact your bank right away.

If I pay mortgage insurance and default on my loan, why wouldn’t that
cover the deficiency amount?

In some cases it will and in some cases it won’t. It depends on the amount of the deficiency. Usually the mortgage insurance only covers a certain amount.

Moreover, the lender will try to collect from you before they file a claim with the mortgage insurance company. The mortgage insurance is not there for your protection, just the lender’s.

Will I still have to pay taxes if I do a short sale?

This is a broad question depending on whether we’re talking about property taxes or federal income taxes. You’ll always have to pay extra income tax if the bank sends you a 1099 for the deficiency. SOMEONE will always have to pay property taxes. Whether its you or the lender depends on their policies and the specific agreement you reach while negotiating the short sale.

I owe more than my home is worth. Am I eligible for short sale or is my
only option foreclosure or bankruptcy?

Always consult your lender as to what your options are. They are usually short sale, deed-in-lieu of foreclosure (basically an accelerated voluntary surrender), and foreclosure. The banks like to prevent foreclosure when at all possible. They’ve even been known to lower people’s rates and payments because of all the new defaults in ’06 and ’07. Either way, your first stop should be to get information from you lender on what options they provide.

Does a good credit score help the seller trying to do the short sale?

Only inasmuch as their credit score will stay high as long as they don’t make any late payments leading up to the short sale. Some lenders may call the deficiency a judgment though, which will hurt the score a bit.

Where can I get information on investing in short sales and foreclosures?

First of all, there is no magic listing place for short sales. If a seller has gone to the trouble of asking their lender if they can do a short sale and the lender has given them a verbal approval, then the short sale will show up much the same as any other property for sale, only it will take you five times as long to close it.

Is a short sale still an option if a foreclosure has taken place?

By definition, no. However, it depends what you mean by “taken place” and whether you are the owner or the buyer. If you are the owner and you haven’t been evicted yet, there is always a dollar amount called “cost-to-cure” that, if received by your lender, will cure you default. If you’re a buyer, it’s all the same to you. All you do is make an offer.

I want to do a short sale and have a 2nd mortgage, does this make me

No. Both of your lenders will need to be satisfied in some way to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender.

I am current on my mortgage but feel I’m heading for trouble. Can I
consider a short sale?

The short answer is “yes”. But before you consider a short sale, there are many other options to explore, such as refinancing or modifying your home loan payments that could allow you to stay in your home with affordable mortgage payments. Call your bank to help determine your best course of action.

I have received a foreclosure notice. Can I still do a short sale?

Yes. Depending on your circumstances, it’s possible to do a short sale all the way up until the day of foreclosure.

Will I receive any money from the short sale of my home?

No. Because the bank and other parties are receiving less than the total amount owed to pay off your property, all the proceeds of the sale go to satisfying that debt.

Owning a Home is Easier Than You Think in Asbury Park

Avenue A

Open Houses Every Saturday & Sunday 12:00 to 3:00

Make your move!

Stop renting — Start owning today with our help!

The award winning Amended Springwood Avenue Advisory Redevelopment Plan is the product of a substantial public participation process involving community forums, public meetings, and the input of the Springwood Avenue Advisory Committee, a steering committee formed to provide guidance and recommendations towards the creation of the plan. The vision for the redevelopment of Springwood Avenue is now updated to reflect the current redevelopment objectives, policies, physical, and social needs of the community.

If you make at least $25,000 per year you may be eligible to own a brand new home in the up and coming Springwood Development area of Asbury Park. Three brand new 2 + 3 bedroom homes are available.
Get Qualified Today !!!

Several grant programs are available for down payment and closing costs:

  • Asbury Park Grant $5,000
  • Monmouth County Grant $10,000
  • Live Where you Work Program
  • Smart Start Program

You may qualify for several programs. Find Out Today!


Shawn Yezza
Cell 201.787.8726
Office 732.531.2500

Shonda Neal
Cell 732.685.6860
Office 732.897.9200

Is Our Economy Affecting Your Home?

Homeowner Options

Short Sale
Short Selling a home benefits the owner if they owe more on their mortgage than the home is worth in today’s current market. Because the Short Sale process can be involved, a third party Real Estate Agent is required by banks to facilitate the short sales process.

Refinance Mortgage
To repay a loan by taking out another loan. In other words to obtain a new mortgage at a reduced rate. Your first mortgage would be paid off with the refinanced mortgage.

Loan Modification
A change to an existing loan involving an interest rate reduction, an extension of the length of the loan, a different kind of loan or a combination of all three.

The legal process in which a person or firm declares inability to pay their debts.

Deed in Lieu of Foreclosure
When a property owner deeds the property back to the bank or mortgage holder in exchange for a release of all mortgage obligations.

The legal process by which an owner’s right to a property is terminated.

Contact Us

If you have questions, or are in a situation where we could be of assistance, please contact us either by phone or email. We are happy to discuss what opportunities are available and what options can be taken. Our Asset Protection Group is comprised of the following:

Robert Roccia, Realtor Associate ABR, CRT, SFR

Travis Newarski, Realtor Associate

Greg Demaras, Broker

Anthony Newarski, Realtor Associate SFR

Call: 732.897.1121

Many homeowners are facing difficult decisions on how to negotiate these challenging times. Selling your home as a SHORT SALE is one option to consider. A trained real estate agent can help navigate this sometimes challenging process. To learn more, please call or email us: 732.897.1121


“When I decided that selling my home the Short Sale route was the best fit for me, Bob Roccia lead me through the process with ease and confidence. I will always be grateful to Bobby for his skill and knowledge in the short sale of my home.”

Will E., Asbury Park, NJ

“Thank you for your diligent work and many hours that you put in working with my mortgage lender to avoid foreclosure on my home. The Short Sale process greatly benefitted me and my family.”

Harry O, Neptune NJ

For 105 years, the Jersey Shore has been home to the John C. Conover Agency. Community roots run deep for us, and we have served and supported several generations of families in their real estate transactions. Since Conover agents live in the communities we serve, the level and degree of customer service is unparalleled due to our knowledge of the communities and the people that live here.

Owning A New Home in Asbury Park is Easier than You Think! 10.28.10

The Affordable Housing Alliance & The John C. Conover Real Estate Agency
Team Up to Make Dreams of Owning a New Home Become a Reality in Asbury Park —
Monthly Payments as Low as $574 to $825*
For Immediate Release
Media Contacts: Anthony Newarski at the Conover Agency – 732.693.8042
or Christine Burke Eskwitt at the Affordable Housing Alliance – 732-688-8079

Asbury Park, New JerseyOctober 2010 The Affordable Housing Alliance has joined forces with The John C. Conover to market and sell brand new homes on Avenue A, part of the city’s $2.5 million dollar Springwood Avenue Neighborhood Stabilization Program. Other partners in this major community improvement effort are The City of Asbury Park, Coastal Habitat for Humanity and Interfaith Neighbors.

“This community initiative is historic in scope and wide reaching in its positive impact on Asbury Park. At any time, and in any market, being able to offer affordable new housing to people is a wonderful thing but to be able to provide healthy and affordable opportunities now, in a challenging economic period, is remarkable” says Anthony Newarski, Vice President of Sales and Marketing at Conover. Anthony continues “as Asbury’s number one real estate agency in sales since 2002, we know the city well. Since many of our own Conover agents are Asbury Park residents, we provide an unsurpassed level of customer service because of our deep knowledge of the community and the people we are serving.”
For 104 years, The John C. Conover Agency has called the Jersey Shore home. With 75 agents and 2 offices, including one in Asbury Park, Conover has an outstanding track record of results for buyers and sellers. “We are thrilled to work with the Affordable Housing Alliance to provide the opportunity to purchase affordable new homes,” says Gregory Demaras, Broker in the Asbury Park office and Agency Partner/Owner.

Donna M. Blaze, CEO of the non-profit Affordable Housing Alliance, says that the partnership with The Conover Agency will help reach many untapped potential buyers for these new homes. “We want people to know about the opportunity to purchase these beautiful and affordable new homes and the positive changes happening in the Springwood Avenue area. With the down payment assistance and incentives available, qualified households can purchase these homes for as low as $113,364, which means that their monthly mortgage payment will often be far less than they are currently paying in rent. Currently the streets are being repaved and new sidewalks installed. When completed, this neighborhood will be reinvigorated and revitalized. It’s our mission at the AHA to help people achieve the dream of new home ownership in this rehabilitated area.”

Shonda Neal, who grew up in Asbury Park and is now a Conover realtor associate, says “When I recall Springwood Avenue in the 1960’s I become very nostalgic and hopeful.  I have many memories of what a great center of activity it was and what a great sense of community we shared. Whether it was going for a daily walk to the butcher shop or attending ballet class at the West Side Community Center, I always felt it was a safe and friendly place. I am proud now to be a part of bringing our community back. Springwood Avenue will be something new and fresh with a great vibe.” The Springwood Avenue neighborhood is conveniently located a short distance away from trains and buses, the Asbury Park downtown area and its beautiful beaches and boardwalk.  Shawn Yezza, a Conover Realtor Associate, exemplifies Conover’s commitment to attracting new home owners in the Springwood Avenue neighborhood. “I know this project is going to help further the existing revitalization of the south west section of Asbury Park. I am just so happy that I can be a part of it,” says Yezza.    

To visit the property call:

Shonda Neal, Realtor Associate  cell: 732.685.6860

Shawn Yezza, Realtor Associate cell: 201.787.8726

* Amounts include principle and interest


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