As foreclosure rates hit record levels, more sellers are turning to short sales as a way to avoid foreclosure. Short sales are one of our expertise. We work with a team of short sale negotiators and real estate professionals that specialize in negotiating short sales on behalf of New York homeowners and our investment company as the buyer. It is well known that homeowners can receive up to $40,000 from the bank for doing a short sale! Even if your property is scheduled to be sold at a foreclosure auction in a week, it is NOT too late! We can help!
In a short sale, the seller or a real estate professional arranges with their mortgage lender to accept a price that’s less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan balance. As a result, the seller doesn’t have to go though a foreclosure and the lender avoids taking on the burden of unloading the property through foreclosure.
A short sale is an alternative real estate strategy for people who fear that their properties are losing value. With the current economic bubbles, it is difficult to tell when mortgage rates and value of properties will improve. Where the value of the property is less than the outstanding loan, a homeowner may opt for a short sale instead of foreclosure. This is particularly beneficial when a homeowner does not intent to stay in the house for long.
A reduction of the loan balance owed on the loan is negotiated with the lender. When a mortgage lender is satisfied with your reasons, you will be allowed to sell the property for less than you owe on the mortgage. This will not only help avoid embarrassment and inconveniences, but also work to avoid damaging marks on your credit that occur when going thru foreclosure or bankruptcy.
The money received from the short sale is used to pay the loan balance. Most times, a lender forfeits the deficit between the sale value and the mortgage loan balance, providing the borrower with relief of liability pursuant to the short sale and mortgage agreement.
It will take time and work to arrange such a sale and a person who opts for a short sale should work with an experienced real estate professional. Furthermore, the real estate professional will need to negotiate with the bank and get the bank’s agreement for such a sale. However, the good news is that many banks are willing to accept the loss caused by a short sale due to the fact that homes put up for auction rarely sell at a good price.
To summarize, when we work with you to do a short sale, we can benefit you by:
- Providing you with Financial Assistance to move your family to a new residence!
- Putting extra CASH in your pocket to support your life!
- In most cases, your Deficiency is waived by the bank. In other words, you walk away with CASH and owing nothing to the bank!
- Saving your credit from the damage of foreclosure or bankruptcy!
- Giving you peace of mind from the harsh reality of an eviction!
- Most likely you will be able to stay in your home for at least 2 more months without having to pay your mortgage!
- Providing you with help from quality professionals who will work with you to make sure your needs are met!
Please feel free to contact us with any questions regarding a short sale on your home.