Short Sales I guess they are just a Sign of the Times.
According to the multiple listing service of Long Island, as of this morning there were 2,116 homes being sold as SHORT SALES.
If you do not know what a Short Sale is here is a link to a great short sale definition from Wikipedia.com:
Wikipedia's Definition of a Short Sale
Mortgage companies take big losses when they foreclose on a home and will often do anything to avoid doing so. A short payoff is a viable alternative to taking the house back and it has become very popular.
The psychological effects of a Short Sale on home owners is devastating. Most that we have had experience with are very remorseful and many are very embarrassed.
A Short Sale destroys the Seller's credit making it impossible for them to buy another home in the near future. So the entire situation is very painful and very unpleasant.
We recently had a young couple who paid close to a million dollars for their home in 2008. The husband lost his Wall Street job and they were no longer able to afford their mortgage payments. They borrowed money from their family to stay current on their payments.
We advised them to apply for a SHORT SALE. They felt as did their family that they had an obligation to pay the bank what they borrowed from them. We sold their home for $795,000.00.
They accepted their loss and after paying the bank everything they owed them they attempted to buy another home. Due to their low credit scores they were unable to do so.
They were able to rent a Condo ONLY WITH THE HELP OF THEIR FATHER, who because of their credit scores had to pay one year in advance and 4 months security on a $3000.00 a month unit.
It was our pleasure to work with this young couple. It was sad to see what had happened to their lives through no fault of their own and wonderful to be able to be in a position to help them get started all over again.
Short Sales are heartbreaking for the sellers but for the buyer they may offer a good home buying opportunity.
If you are in need of a SHORT SALE SPECIALIST please don't hesitate to contact us.
If you would like to explore the advantages of An All Cash Offer for your home please contact www.longislandcashhomebuyer.com
Short Sales... are they a Sign Of The Times... What do you think...
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