|
|
|
|
|
|
|
|
In simplified terms a short sale situation is one where the bank agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. In doing so, the home owner sells the home for less than the outstanding balance of the loan.
When might a short sale be in your best interest? Lets say, for example, that you purchased your home when real estate values were much higher (likely between 2005-2007). Due to our slowed economy and struggling job market it's possible that you've lost your job or your hours at work may have been reduced, which would obviously affect your income and style of living. On top of that, you may have purchased with an adjustable rate mortgage and your payment has increased. Given the circumstances, it is extremely difficult or even impossible for you to pay your mortgage. What do you do? Consider a short sale.
In actuality, in a short sale situation, neither side is really doing the other a favor. A short sale is simply the most economical solution to a problem - It is an understanding or a compromise between both parties. Banks will incur a smaller financial loss than foreclosure or continued non-payment would entail... And home owners are able to mitigate damage to their credit history.
The number of homeowners who have taken advantage of short sales in the Hudson County area has increased dramatically over the last year. It is actually a commonality in our marketplace. We understand it is a delicate matter and we council our clients as such. We want our clients to feel at ease and protected through the process.
If you have any questions please give us a call at 201-798-2001
|
|
|
|
|
|
|
|
|
|
An independently owned and operated member of The Prudential Real Estate Affiliates, Inc. Prudential is a service mark of The Prudential Insurance Company of America. Equal Housing Opportunity. All Rights Reserved.
