Admin

Program in Mine Hill Explains Short Sales as an Alternative to Foreclosure

By
Real Estate Agent with Keller Williams Towne Square Realty

Program in Mine Hill Explains Short Sales as an Alternative to Foreclosure

Realtor-Attorney Team Specializes in “Shorts”

 

(Note: Realtor Kelly Holmquist talks about changes in foreclosures and an option to foreclosures in a video here.)

 

Real estate experts are predicting an increase in foreclosures due to recent court rulings. That means it’s time for people who are struggling with their mortgages, but have put off looking for a solution, to take action.

One alternative people should consider is a short sale. There are lots of myths about foreclosures and short sales.  As readers of this column know, I have earned an solid reputation helping people use short sales to avoid foreclosure. I work with a Morristown attorney. He and I will talk about options available to struggling homeowners at a free workshop at 7 p.m. June 11 at Cinders, 319 U.S. 46 in Mine Hill.

Short sales are an excellent way to get out from under your house and limit damage to your credit and financial well-being. Selling short, however, requires experienced Realtors and attorneys, patience and the right circumstances. Many homes in the area are selling by short sale. It’s become a common practice.

In a short sale, the bank agrees to allow a home to be sold for its market value rather than its mortgage value. A successful short sale requires an in-depth understanding of the market and the laws involved and a lot of negotiations.

Homeowners in trouble should no longer assume they’ll be safe for a while until the process catches up with them. The process has caught up with them. The time to investigate alternatives and options is right now.

At our workshop, we will talk about the many intertwined issues that surround selling short. We’ll speak in general terms about some other options that are available and be available to answer a few specific questions. We’ll also talk about federal programs, slated to end in December, that offer a variety of tax benefits to people selling through short sales.