Somerset County Short Sale Specialist Realtor Help

877-737-4903

During this struggling housing market, many home owners desperate to sell their homes are finding it difficult to sell for more than what they owe on the home. Unfortunately, in many cases the end result is foreclosure. Within the past few years Realtors, lenders, and home owners have become more and more familiar with the term “short sale.” Now that everyone is a bit more experienced in the area, it is becoming easier to successfully complete the process.

A short sale takes place when a lender agrees to accept a lower payoff amount on a loan. But why would they agree to this? It costs a bank on average $58,000 to foreclose on a home. In most cases, it costs them less to accept a short sale on a home. Also, too many foreclosures make a lender look bad to their investors, so avoiding a foreclosure is in their best interest.

The first step in the short sale process is to prove to your lender that you are in some type of financial hardship that makes it difficult to pay your monthly mortgage payment. A few examples of typical hardships are job loss, decrease in income, relocation/job transfer, divorce/legal separation, increased bills, vacant rental properties, and poor condition of property with no resources for improvement.

• The whole short sale process costs you nothing! Your lender pays all of the sellers’ costs at closing, which includes the brokerage fees.

• Our agents will work hard with your lenders to secure you a release from the remaining deficiency after the sale proceeds are accounted for.

• A short sale harms your credit far less than a foreclosure. In fact, a short sale shows up on your credit as “Paid as Negotiated” or “Settled in Full” while a foreclosure shows up as “Foreclosure.”

• While a short sale does cause some damage to your credit, the main decrease in your score comes from the missed mortgage payments rather than the short sale itself.

• After the successful completion of a short sale, your credit will bounce back much more quickly than had you gone through a foreclosure.

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