Is a short sale right for you?  

If you can no longer afford to keep your mortgage payments on your Long Island NY home, you have a few alternatives to rectify your situation. You can try to modify the loan terms with your lender, start the foreclosure process, or begin bankruptcy proceedings.  

Another option is a short sale and it may be the best answer to your mortgage problems.

What is a short sale?

When we talk about a short sale, most people refer it as pre-foreclosure sale. This is when you sell your home for less than the remaining balance on your mortgage.

Qualifying for a short sale

There are some steps you will have to go through in order to get your short sale approved.

The first step is to get your house on the market. I can help you with that.

Call me now at 516-802-3785 for a fully confidential phone consultation.

How do short sales work?

If you are thinking of selling your Long Island NY home through a short sale, you must first make sure your home is eligible for a short sale.

You need to prove to your mortgage lender that you are no longer capable of making payments due to a documented economic hardship. Some of the acceptable hardship situations include unemployment, health setbacks, and divorce.

The process of selling a short sale property is the same with the normal real estate sales transaction. The difference is your mortgage lender is going to have to approve of your buyer and the purchase and sales contract. The lender will also get to approve the offer price from your buyer.

We want to share the benefits of doing a short sale.

1. You will not have a foreclosure on your record.

2. You may be approved for a loan on another home in about 2 years or so.

3. Your credit score most likely will not have the hit that a foreclosure would have!

Is it recommended to hire a Long Island short sale agent?

If you are doing a short sale, there is no advantage for you if you proceed without an agent. This is because, in a short sale, you are not the one paying the agent’s commission, it is the lender who does. The agent’s’ commission is part of the closing costs of the sale and is deducted from the net proceeds of the sale.

During the short sale process, it makes perfect sense to work with an agent who is experienced in short sales. You need a professional who will market your home, and look out for your interests.

Since short sales are complicated, the transactions tend to be stressful so you need someone you are comfortable with.

If you seek more information and need guidance with a short sale, I will be glad to help you and assist you with all your concerns.

You can call me, Rene Perrin, 516-802-3785. I have years of experience and good track record of closing deals. Let me put my skills to work for you!