What does it mean to sell a house on short sale? A short sale property can sell quickly due to having a low asking price, making them an attractive option for many buyers. However, on the seller's side, the process and reasoning is more complex. Here is a basic rundown of what a short sale means in real estate:
Short sales are properties offered at a lower price compared to the balance remaining on the seller's mortgage. In a short sale, the proceeds go directly to the lender rather than to the seller.
A short sale is often a strategy for avoiding the foreclosure process, but can also be helpful in times when the real estate market is either stagnant or in a downturn.
A short sale can be a great option in a pinch, but there are some downsides to consider. Primarily, though short sales are not as damaging as foreclosures, they still negatively affect your credit score. Also, short selling rarely negates the remaining mortgage debt - though there are multiple ways lenders can handle the situation.
Despite the name, a short sale process is actually quite lengthy and complicated - often taking up to a year to process completely. Therefore, they should not be considered a "quick fix" to a financial hardship or down market.
If you're facing foreclosure and considering a short sale, research all your options before committing. Talk to your lender about renegotiating your payment plan or modifying your loan. While loan modifications may temporarily reduce your credit score, the lasting damage will be significantly lower than the alternative.
If you have private mortgage insurance (PMI), you have other options. Sometimes, your PMI company can help bring your payments up to date, though you'll have to repay the advance eventually.
Sometimes a bank can grant relocation services in the event of a short sale. Relocation assistance is paid in advance for relocation expenses and helps facilitate the transition to another residence if needed.
A short sale request must be approved by the lender before the process can begin. While the process can be difficult, it can be an advantageous choice in a variety of circumstances.
Discuss your situation with your mortgage lender or a trusted real estate agent to learn more about whether short selling is the right way to sell your home.
Welcome to Long Island Living at its best! The South Shore of Suffolk County is a suburban area that runs along the shoreline of the Atlantic Ocean. Homes in this area consist of primarily residential properties. This area tends to be diverse in culture and income as it varies by hamlet, village or town. Residents along the South Shore have access to many beaches, parks and recreational activities. I pride myself on my honesty, integrity, hard work and personal service. My first career was in education, starting as a teacher then finishing as a guidance counselor and achieving my Master’s and two PD's. In 1986, I began my real estate career. In a sense, I am still an educator and offering guidance; this time I am outside of the classroom educating my clients on the selling and purchasing processes; which have become so complicated recently and guiding them safely through the confusing and ever-changing real estate market. It is very satisfying to me to help people with not only the greatest financial asset in their lives but their greatest emotional asset; where they celebrate holidays, raise their families and live their lives. I take the needs of my clients very seriously and as a result, I am proud to say, over 90% of my sales are the result of referrals and recommendations. Primarily, my areas of service are the Townships of Babylon and Islip on Long Island’s beautiful South Shore, near pristine beaches and wonderful boating, yet only 55 minutes from Manhattan; truly the best of both worlds. I'm a graduate of the Real Estate Institute and am certified as a Senior Real Estate Specialist. I also hold a license as a Notary Public. Please feel free to call or visit so I can help you fulfill your real estate dreams. I am a Full Service Licensed Real Estate Associate Broker and provide the following: Free appraisal Rental Mortgages International relocation services Sales Home warranty new homes Free school report Waterfront specialist Notary public Please feel free to call or visit so I can help you fulfill your real estate dreams.
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