Why would a homeowner participate in a short sale?
A homeowner should participate in a short sale if he or she needs to sell their home and what they owe is more than the home is worth. Additionally, they don't have extra cash to write a check for the difference. A successfully negotiated Short Sale will help them avoid foreclosure. Once a person has a foreclosure on their record, it becomes nearly impossible for them to purchase a home in the future for a reasonable interest rate. There is also the stigma of being locked out of your home, the announcement that your home is up for Sheriff's sale and last but not least a deficiency judgement. (If your home is foreclosed on and there are not enough proceeds from the sale to pay off your debts, the difference is then placed back on you in the form of a judgement). You are personally liable for this shortfall and your future wages can be attached. By having a Short Sale, you are able to preserve your credit worthiness and you may be able to buy a home within the next couple of years. Homeowners really benefit from the Short Sale because the lender is paying for all the fees that go along with selling a home. Attorney's fees, transfer tax, brokerage commission and the fees required to get a final certificate of occupancy.
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For more information on this or any other topic, call Sal Poliandro, Broker Associate, Realtor, Marketing Advisor,
Short Sale Specialist and CDPE, Certified Distressed Property Expert
ePRO, SRES at 201-259-2187, visit our websites: www.SalAndDawn.com or www.shortsaleguy.org
Follow me on Twitter: @salanddawn
Sal can be reached by snail mail at RE/MAX Properties 73 East Allendale Road Saddle River, NJ 07458