👉Is a Short Sale a Good Idea?

Are you still not sure if a short sale is the right step for you?

In a short sale, the market value of the home is less than the amount owed on the property. The homeowner is having difficulty making the mortgage payments or has missed mortgage payments. The home is sold for less than the remaining balance on the mortgage.

If your lender agrees to a short sale, you can sell your Long Island NY home and pay off all or a portion of your balance with the proceeds. There are instances when a homeowner is required to make a financial contribution to receive a short sale.

A short sale may be a good alternative to foreclosure and may be a sound option if you are in the following situations:

• You can no longer afford your home and you’re ready or need to leave.
• You owe more on your home than its worth.
• You are facing a long-term hardship such as a job loss, a divorce, or an illness.
• You are behind on your mortgage payments.
• You are ineligible for loan modification.

Who does a Short Sale benefit?

There are several parties that benefit from a short sale. The first one is you, the homeowner. With a successful short sale Long Island, you will have the house off your hands and you will be able to move forward with your life.

You will no longer have to spend sleepless nights worrying about a mortgage you can’t afford. You can take control of your finances again and enjoy a fresh start.

Your mortgage lender will also benefit because a short sale can help them save time and expenses usually associated with a foreclosure and the marketing of the Long Island short sale properties to sell it. Lastly, the buyer of the property will also benefit because they are most likely purchasing the house at below-market value.

Can a short sale hurt me?

Although there are many benefits to short selling your home, it’s still a serious decision that has to be made. You have to keep in mind that this choice will affect your financial future.

Here are some issues you need to be aware of if you’re thinking about short selling your home:

1. Your credit rating will be affected.

A short sale will affect your credit rating negatively. However, the drop in your credit rating is not as harsh as that of a foreclosure.

2. Deficiency judgment

Even if you have successfully sold your home through a short sale, your lender may still pursue a delinquency judgment against you. However, it is possible to negotiate a waiver of deficiency during the short sale process.

3. A short sale may take several months to complete

Most short sales usually take three to six months or more. However, there isn’t always a predictable timeline for you and your family to prepare for the eventual move out of the property.

Can I list my home "By Owner"?

Most lenders will require you to list your home for sale with a Long Island NY short sale agent.

You will benefit more from having a trusted real estate professional by your side. That would be me, Rene Perrin. I can help you navigate your way through this complex process.

Visit my website https://LongIslandShortSaleAgents.com/ for more information regarding short sales.

Call me, Rene Perrin, at 516-802-3785. Let me help you find a solution that’s best for you!