What is a Short Sale?

What is a Short Sale?

Do you have to sell your home for less than its worth? A short sale is when you sell a home for less than the amount you owe the

mortgage company.

It occurs when the net proceeds from the sale of a property are not sufficient to satisfy the outstanding mortgages and the seller does

not have the financial ability to make up the difference.

In this transaction, the lender is asked to take less than the full amount owed in order for the sale to be completed.

Due to various circumstances, homeowners may find themselves underwater - a situation where they owe more to the bank than what the property is actually worth. It may be because of unforeseen changes in

the homeowner’s life, such as a loss of employment, a divorce, a long-term illness, or a disability.

The change can dramatically affect the person’s income such that the mortgage payments are no longer affordable and the only option is to

convince the bank to agree to a short sale.

A short sale, although not a miracle cure for underwater mortgages, is a viable option for some homeowners. However, before short selling your

Long Island NY home, you have to weigh this decision carefully.

Prime candidates for a short sale include:

- A homeowner who is unable (or soon unable) to make his or her mortgage payments as agreed upon. - A homeowner who has property in negative equity. You must owe more on the house than its current market value because this situation defines the short sale.

Remember that lenders require the borrowers to demonstrate that they cannot continue to make payments or make up the difference in

the mortgage in order to agree to a short sale.

A short sale may not be an option for a homeowner who is currently delinquent on his or her mortgage and already facing foreclosure. Why? The

homeowner is already short on time and the short sale process will likely take months and several levels of lender approval to complete.

Another thing you must know is that a short sale is not a do-it-yourself project. You need to work with a real estate professional who

understands this territory.

Having a real estate agent on your side who knows how Long Island NY short sales work and who has successfully negotiated such

transactions will increase the chances of closing the deal.

Let me assist you! If you are not sure if a short sale is right for you, I’m willing to discuss your situation and help you identify your options.

Call me, Rene Perrin, at 516-802-3785. I look forward to assisting you in all your real estate needs. You can count on

me to make your experience easier.

Let Me Help You Sell Your Long Island NY Home!

René Perrin

516-802-3785With my skills and track record, I can get your

Long Island NY home in front of the widest pool of potential buyers!SellYourLongIslandHome.com