Why Is My Bank Willing To Pay You To Short Sale My Ridgewood Home?

By
Real Estate Agent with RE/MAX Properties - Saddle River

short-sale-vs-foreclosure
Ridgewood NJ – The Stop Foreclosure Institute recently received a question from Samir. Here was his question.

“I am thinking about short selling my house. I’m just wondering how I can get someone to help me. I know that your website says that a short sale costs me nothing.

I just have a hard time understanding why my lender would pay you if they are losing money. Please explain that. Samir.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to his question. We get paid because the bank benefits financial from a short sale. Yes, they are losing money. But, they are paying us because we are helping them cut their losses.

This is because they get to sell the house at today’s price, versus what it will be worth 6-12 months down the road. I just did a comparison and pulled up sold homes.

All of the homes were very similar. First, I looked up the average selling price per SQFT of homes that sold in 6-8 months ago. They sold for an average of $103 a SQFT.

Then, I pulled up houses in the same neighborhoods that sold after the bank had foreclosed on them. Those sales were in the last 2 months. They are sold for an average of $85 a SQFT.

These homes average 1,700 a SQFT. That means a 1,700 bank foreclosure sold for $30,600 less. Ouch! As you can see, a short sale realtor brings tremendous amount of value to the bank.

You also benefit. Your credit damage is reduced. You also, have a lower chance of being chased down for the bank’s losses. A short sale is a win – win for everyone involved.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

 

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ridgewood Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Real Estate Agent at RE/MAX Properties.

Phone: (201) 825-6600 x 343 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.

James Lockard specializes in loan modification assistance and short sales in Ridgewood New Jersey. Ridgewood Loan Modification Help, Ridgewood short sales. Ridgewood Short Sale Realtor Short Sale Realtor. Ridgewood NJ Short Sales. Ridgewood Realtor

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Lockard’s personal views and do not reflect the views of RE/MAX Properties.

This information on Why Is My Bank Willing To Pay You To Short Sale My Ridgewood Home? is provided as a courtesy to our viewers to help them make informed decisions.

Comments (1)

Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

Great explanation.  Very detailed.  Now put it in a letter and start mailing them to every abandoned home in your farm area and watch for the responses.  These folks have already given up and now you are throwing free money at them just for doing what they have already done.

Let me know how you do.

Oct 20, 2011 03:44 PM