Is a Short Sale a Good Idea?

Are you thinking about selling your home? If the value of your home is Appraiser Ethics copyless than the amount of your outstanding loan consider a Short Sale. For example, if your home is worth $250,000 but you have a loan of $260,000 then a short sale is a consideration. Obviously, if you do not have to sell your home, you could wait out the market and hope for a turnaround in real estate values.

However, if you do have to sell your home you basically have three options. First, you can bring cash to the table. In the example above you would sell your home for $250,000 and pay another $10,000 to the lender out of your pocket to pay off the loan on your property. Second, you could let the home go into foreclosure. The lender will go through the foreclosure process, force you out of your home and then auction it off to the highest bidder at a foreclosure or Trustee’s auction. The third option is to pursue a short sale. You contact the lender, explain the circumstances and convince them to take less than full value of their loan.

In the example above you may tell them you have a buyer for $250,000 and it’s very unlikely there will be a buyer at a higher price. If they will accept $250,000 for their $260,000 loan then you can proceed with a short sale. Sometimes the lender will consider a short sale before you have a buyer and you can market your property and, if you find a buyer, take their offer to the lender for consideration. The lender may or may not accept the offer. It is definitely worth the effort since a short sale is less devastating than a foreclosure.

Take a look at Hoboken Condo Short Sale List to get a good idea of what is taking place in the local Hoboken real estate market.

If  you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, your chances of buying a short sale are greatly improved. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)?  To find out all the benefits and options of purchasing a short sale, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344-2886 or at eddie@InvestHoboken.com or Prevent Foreclosure.

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