I wanted to do a quick write up on short sales, as it seems they are everywhere these days in the real estate headlines. Short sales are on the rise due to the high number of foreclosures that we are seeing here in Gloucester County, as well as around the country. A short sale occurs in real estate when the outstanding debt against the property is higher than what the property can be sold for within current Gloucester County market conditions. Home owners can negotiate with their lenders to settle on a lower amount for payoff in an attempt to avoid foreclosure. There are some important things that sellers should be aware of prior to attempting to negotiate a short sale with their lender.
1) The market value of your property - This can be provided by a local Gloucester County real estate agent.
2) The costs associated with selling the property, such as closing costs and fees.
3) The exact amount owed against the property.
4) You should also stay in communication with your lender and provide them with status updates on a regular basis. This may help keep you out of foreclosure for a longer period of time.
5) Obtain all the short sale procedures from your lender and share them with your Gloucester County local real estate agent. When you contract with a real estate agent, they will have the time and expertise to assist you through the short sale process.
6) Contact your accountant so you fully understand the ramifications on your income, taxes, and credit.
If you would like to learn more about short sales and the value of your home, please give me call. I will gladly offer a free, no obligation consultation.
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