What is a short sale?

What is a short sale? 

Many home owners who are facing personal and financial hardships, are upside down on their homes or cant meet monthly mortgage obligations, may not realize there is a alternative to foreclosure, and it often has less of an impact on their credit reports.

According to the National Association of Realtors, a short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner’s commission. The seller is unable to cover the difference.

How do I sell my home as a short sale?

Most times, home owners give the real estate broker permission to discuss the short sale with their bank who is holding the mortgage.  The bank will normally agree to take a loss, however sometimes they can require some kind of payment or that the home owner share the loss. The home is put on the market, and interested buyers make offers through the broker and bank. This is typically a longer negotiation and waiting process than a traditional sale.

The banks typically agree to a short sale since they generally result in smaller financial loss than a foreclosure.

For more information on how to sell your home as a short sale, please request our free short sale info package.

Looking for a short sale in Westchester or Fairfield?

Looking for a deal? Now is your chance!

Find Your Deal Today!

If you are in the market for a short sale or property in Westchester or Fairfield, CT, you have come to the right place. Simply CLICK HERE to request your custom, free short sale report with your desired towns and price range. The current real estate market conditions are very good for investors or those who are looking to get in the game and buy a home in Westchester or Fairfield.

History shows real estate fluctuates in cycles, and this is a golden opportunity for many to buy in a down market, since there are many indicators which show the market is on its way back up soon. Don’t wait, request your report today!

Why are Short Sales so popular in Westchester?

Short sales enable many buyers and investors to pick up properties at great prices. As mentioned in our prior post, they require a bit of patience, but if you are persistent and looking to buy a place that may need some work or fixing up, this could be a great route for you.

Here in Westchester we do not have a incredibly high inventory of short sales, but they are out there, and they are moving pretty quickly. If you are interested in a Westchester or Fairfield county short sale, contact us today for your free report! Or call us with your specific questions: 888-RRT-KWRE