Short Sale / Pre-forclosure
What is a short sale?
A short sale is when real estate is sold for an amount less than what is owed on the mortgage and any liens that may exist on the property. Many homeowners choose to do a short sale vs. allowing their home to foreclose in order to avoid all of the stress and credit issues that come along with a foreclosure.
There are many reasons why a bank will consider negotiating a short sale. A few would be: If you are facing long-term hardships, you are ineligible to refinance or don’t qualify for a loan modification, are unable to keep up with your mortgage payments, or even if you owe more than the home is worth…
Know your options!
Millions of homeowners are still unaware of what to do when facing pre-foreclosure. There are alternatives to foreclosure or bankruptcy. Short sales are among one of the most favorable options for the homeowner.
- You are still the homeowner, not the bank! In a foreclosure, the bank is the owner and you no longer have a say in the property.
- Short Sales have a less negative impact on your credit than foreclosures do.
- These days, you can qualify to buy another home within 2 years or less. With a foreclosure you typically have to wait up to 7 years before qualifying again.
- You may be eligible for $3k+ in relocation assistance
Who negotiates a short sale?
Typically an experienced listing agent works with you and the bank simultaneously. This is not a simple process but can be when working with the right professional.
B. Quest Realty has an in-house short sale department who specifically handles this type of sale. We have been helping homeowners through a short sale for 15years+. We will:
- Work with the seller/homeowner in understanding the whole scenario
- Set the sale price based off of the fair market value
- Collect all financial information from the homeowner
- Review all offers
- Negotiate with all lien holders
- Work with the buyers/or buyers agents to seamlessly close
Contact us for a consultation @ 908-329-2295.