SHORT SALE

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SHORT SALE

what is a short sale?
Let’s say you need to sell your home due to unforeseen personal financial troubles, loss of a job, medical bills, etc. You have an offer, but it’s less than what you owe your lender. You can’t hold out for the full amount, so what can you do?

You can sell your home as a short sale. Simply put, you end up “short” on paying back your lender, but still get value out of your home. In many cases, your lender may agree to accept less than what’s owed on the loan, provided you have followed the steps of a short sale. In any case, you will avoid foreclosure and reduce your debt significantly.

Seller and the short sale
1. A short sale does less harm to a homeowner’s credit report or credit score than a foreclosure.
2. Homeowners stay in their home until sale is completed.
3. Deficiency may be waived.
4. Lender/Bank pays most fees associated with the short sale.

Keys to a successful short sale
1. Find an experienced Real Estate Professional like Al and Sue from The Bernier Group NJ, who can process the transaction.
2. The property must be listed.
3. The mortgage lender/servicer must agree to the short sale

If your property is in foreclosure, we maybe able to help you.
For more information on your situation, please call us today!

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