Got Questions?

• What are Short Sales? 

A short sale in real estate occurs when the outstanding loans against a property are greater than the proceeds from the sale of a home.

• How can you help me? 

We are a network of experienced and very reputable Real Estate Agents who specialize in New Jersey Short Sales and in helping home owners by working with your lender to negotiate a lower payoff amount in order to price your home below competition and get it sold, even in this market.  Our agents will also aggressively market your home to attract buyers and oversee the entire sales process of your home.

• What if my home is worth more than my loans, but I could not pay the closing costs? 

That can still be a short sale.  Many homeowners have avoided adjusting the price of their home to current market value in a desperate attempt to receive enough money back to pay off their loan balances.  If this is you, you are very likely just delaying the inevitable, as home values continue to fall.

• What are the qualifications for a short sale? 

Mainly that you are in some type of financial hardship.  This can include, but is not limited to a loss of employment or reduction in pay, death or illness in your family, relocation or job transfer, divorce, or even unexpected major home repairs that you can't afford.

• If I sell my home short, can the bank come back after me for the money?  

NO.  Our agents will work to secure a full release for you at closing.  Rarely, a lender will ask that the home owner take back an unsecured loan for all or part of the deficiency balance.  This is a rare occurrence, especially if you are in a true financial hardship.

• Why would my lender accept a short sale? 

It's a fact that the average foreclosure proceeding costs a lender over $58,000.  In addition, properties deteriorate in condition and lenders are in the money lending business, not the property management business.  It seems like a wise decision for them to cut their losses in order to avoid costly foreclosure proceedings.

 

 

• Who will pay your commission? 

The bank will. You will pay $0 out of pocket in a short sale.  Nothing up front, nothing at closing, period.  In a short sale, if you are in a financial hardship your lender pays all traditional seller closing costs.

• How much work will this take? 

Not much for you. We will ask you to gather certain financial information and forms for us, and our agents will handle the negotiations and details with your bank as well as the process involved in selling your house.

• If I am going through foreclosure, can I do a short sale? 

YES. In fact, the bank will be more than happy to work with you on a short sale. It is to the bank's and your advantage to work out a short sale.  The foreclosure process is usually much more costly for both parties than a short sale.  Typically a lender will immediately halt foreclosure proceedings to consider a short sale offer for a property.

• Will my neighbors, family or friends know about the short sale? 

Unlike a foreclosure, (which is public knowledge) the short sale is private.  Our agents don't even have to put up a "For Sale" sign if you don't like in many cases.  Besides, half the country is underwater right now!

• Why is it to my advantage to do a short sale on my home? 

A foreclosure will hurt your credit far more than a short sale will. Some banks don't report a short sale.  They are typically reported as a "paid/settled in full."  A "deed in leiu of foreclosure" also has a horrible effect on the credit.  In addition, in the event of a foreclosure, your lender can come after you for a judgment in the amount you owe.

• Can I continue to live in my home until the short sale is completed? 

Yes. You will not have to move out of your home until the closing.  In fact, if you are facing foreclosure and we are actively working with your bank, the foreclosure proceedings can typically be delayed, which may make it possible for you to stay in the home for some time.

• Can my current Realtor® work the short sale?

In the majority of cases, the answer is NO.  Unfortunately many Real Estate Agents do not have the knowledge, experience, or skill to complete a short sale on a house.  The majority of other agents simply don't want to!  The results of inexperience can be disastrous!  Our short sale real estate agents make the deals happen, while other agents make Foreclosures happen.

Remember, ALL of our fees and all traditional closing costs are covered by your lender!

CLICK HERE or call (877)737-4903 to discuss your circumstances and for a free consultation.  We are here to answer any questions you have about the short sale process!

Need a New Jersey Distressed Property Expert Certified in short sales to offer free Chase short sale services? Our NJ area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the New Jersey Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.