The Short Sale - What You Need to Know
A short sale basically means a lender will be willing to take less than the total amount due on the property, in order to sell it as quickly as possible. These are not foreclosures - they are properties where the seller can no longer make payments, and is trying to avoid bankruptcy or foreclosure proceedings. This can be very appealing to buyers - good properties, at a great price. With so much potential for a excellent deal, it can seem to good to be true.
There are no guarantees, however, that a short sale will be a breeze. Or even "short". An acceptable offer that the lender finds appropriate takes research and an understanding of the current market. While the lenders are looking to sell properties, they aren't going to be willing to take just anything you put on the table.
Your first move should be to find a Real Estate Agent with short sale experience. This is an invaluable tool to getting the right house for the right price, without the drama! The process is not simple and experience will be your number one tool in getting through it all.
A Real Estate Agent with short sale experience will help guide you through the steps of making the right offer on the right house. With all the extra details and paperwork, you want to work with a trusted Agent to help make the right decisions. They will protect your interests and expedite your deal, while managing all details. You don't want to undertake this journey without the right Agent at your side.
You and your Real Estate Professional will want to do your research before making an offer. Public records will assist you in finding out the amount owed on the home and any foreclosure notices that are linked to the property. With knowledge of the specifics of the house - and the surrounding areas - you can make the right offer, the one the lender will be inclined to accept.
The right Agent and the right offer will give you the very best chance in getting a short sale home!
For more information about short sales and RE/MAX Metro please visit www.remaxmetrony.com. We have locations at 585 North Gannon Ave., Staten Island, NY 10314, 718-979-3000 and at 95-04 3rd Ave., Brooklyn, NY 11209 (Bay Ridge) 718-491-2100 and 70-24 18th Ave., Brooklyn, NY 11204 (Bensonhurst) 718-236-7100 . Contact me or your local office with any of your real estate questions or needs.
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