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Short Sales in Long Island NY

Written by Posted On Thursday, 21 December 2017 01:19

Are you wondering if a short sale is right for you?

 

Are you having trouble meeting your monthly loan payments on your Long Island NY home? Are you now facing foreclosure? If so, a short sale may be a better option.

 

Even after all these years, the short sale process is still a mystery to many people. It is not surprising because a short sale isn't your traditional real estate transaction.

 

Let’s look at the basics of the short sale process.

 

A short sale is when a property is sold for less than the remaining balance on the mortgage, so the seller, who is no longer able to make mortgage payments, can avoid foreclosure. In a short sale, the seller does not make any money off of the deal. However, in most cases, they are not required to pay the remaining balance of the mortgage.

 

Short Sales vs. Foreclosures: What’s the Difference?

 

Short sales and foreclosures are two financial options designed to resolve situations for homeowners who are behind on their mortgage payments, have a home that is underwater, or both. However, the procedures and financial outcomes differ significantly.

 

In a short sale, a homeowner in financial distress sells the house for less than what’s owed to the lender. The proceeds from the sale go to the lender and the lender absorbs the remaining debt above the short sale price.

 

On the other hand, a foreclosure is the act of the lender seizing the home after the borrower fails to make payments. This is the last option for the lender, since the home is used as collateral on the note.

 

When Is a Short Sale Better Than a Foreclosure?

 

Here are some considerable advantages of a short sale over a foreclosure:

 

1. It eliminates your debt despite selling your Long Island NY home for less than you owe.

2. It minimizes the impact on your credit score as compared to a foreclosure. With a short sale, you are softening the blow to your credit score and you are preserving your credit to the best extent possible.

3. You can stay in your home until the sale closes. While you're selling your property short, you can continue living in the home rent-free.

4. You may be entitled to certain relocation incentives.

 

Once you decide that a short sale is a more viable option, you need to get a short sale agent. You have to remember that not all real estate professionals are created equal.  It is essential to have a real estate agent that is on your side and can help you through the process from day one.

 

A short sale is a very complicated real estate transaction. You need someone who has substantial experience with the short sale process and a strong track-record of success in negotiating short sales for their clients.

 

That would be me, Rene Perrin.

 

Visit my website at http://LongIslandShortSaleAgents.com/ for more information.

 

If you are thinking of short selling your home, call me at 516-802-3785 for a confidential phone interview about your situation. We can help simplify this rather difficult process and help you  make a dignified exit from your mortgage.

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René Perrin

René Perrin | Remax Central Properties | 341 Newbridge Road, East Meadow, NY 11554 |  516-802-3785

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