Tips for homeowners regarding 'SHORT SALES' & for Buyers too.

Homeowners must know this vital information to avoid Foreclsoures. And for buyers, a complete detailed process that is imperative to know.

After being in Real Estate for 33 years, you do come across a standout from time to time. A real Expert specializing in a certain field of real estate. I must give credit when credit is due to an outstanding Real Estate Broker who has helped so many sellers avoid foreclosure. So without further delay I interviewed Mrs. Silvia Suarez, Broker of Golden Properties Real Estate Corporation. A simple explanation, and the process is outlined for all homeowners to read.                                                                    

THREE THINGS AN OWNER MUST KNOW.

GOLDEN PROPERTIES REALTY  CORPORATION

BROKER SILVIA SUAREZ HAS BEEN LICENSED SINCE 1985, AND HER REAL ESTATE IS LOCATED AT 37-40 75 STREET, JACKSON HEIGHTS, N.Y.11372. WITH 25 YEARS OF EXPERIENCE, AND DUE TO THE ECONOMY AND THE REAL ESTATE MARKET BEING WHAT IT IS, SILVIA AND HER SALES TEAM NOW FOCUS ON SHORT SALES. IF YOU WANT TO BE IN THE HANDS OF AN EXPERT, GUIDING YOU THROUGH, FROM BEGINNING TO END, THEN GIVE THIS BUSINESS WOMEN A CALL.

SHORT SALE

A SHORT SALE IS A SALE OF A REAL PROPERTY IN WHICH THE PROCEEDS FROM SELLING THE PROPERTY WILL FALL SHORT OF THE SALE BALANCE OF DEBTS SECURED BY A LIEN AGAINST THE PROPERTY AND THE PROPERTY OWNER CAN NOT AFFORD TO REPAY THE LIEN’S FULL AMOUNTS, WHEREBY THE LIEN HOLDERS AGREE TO RELEASE THEIR LIEN ON THE PROPERTY AND ACCEPT LESS THAN THE AMOUNT OWED ON THE DEBT.  ANY UNPAID BALANCE OWED TO THE CREDITORS IS KNOWN AS A DEFICIENCY.

SHORT SALES IS OFTEN USED AS AN ALTERNATIVE TO A FORECLOSURE BECAUSE IT MITIGATES ADDITIONAL FEES AND COSTS TO BOTH CREDITOR AND THE HOMEOWNER. HOWEVER, BOTH OFTEN RESULT IN A NEGATIVE CREDIT REPORT AGAINST THE PROPERTY OWNER.

IN MOST CASES THE HOMEOWNER CHOOSES TO DO A SHORT SALE ON THE PROPERTY DUE TO THE FACT THAT THEY CAN START BUILDING THEIR CREDIT IN A SHORTER PERIOD OF TIME VERSUS A FORECLOSURE AND SEVEN(7) OF BAD CREDIT WITH A FORECLOSURE.

PROCESS

OFTEN CREDITORS REQUIRE THE BORROWER TO PROVE THEY HAVE AN ECONOMIC OR FINANCIAL HARDSHIP PREVENTING THEM FROM BEING ABLE TO PAY THE DEFICIENCY.

CREDITORS HOLDING THE LIENS AGAINST THE PROPERTY CAN INCLUDE PRIMARY MORTGAGES, JUNIOR LIEN HOLDERS, SUCH AS SECOND MORTGAGES, HOME EQUITY LINES OF CREDIT LENDERS. HOMEOWNERS ASSOCIATION (HOA) –SPECIAL ASSESSMENT LIENS, ALL OF WHOM WILL NEED TO APPROVE INDIVIDUAL APPLICATIONS FOR A SHORT SALE.

MOST LARGE CREDITORS HAVE SPECIAL LOSS MITIGATION DEPARTMENTS THAT EVALUATE BORROWER’S APPLICATIONS FOR SHORT SALE APPROVAL. OFTEN CREDITORS USE PRE-DETERMINED CRITERA FOR APPROVING THE BORROWERS AND THE TERMS OF THE SALE OF THE PROPERTIES. PART OF THIS PROCESS TPYICALLY INCLUDES THE CREDITOR(S) DETERMINING THE CURRENT MARKET VALUE OF THE REAL ESTATE BY OBTAINING AN INDEPENDENT EVALUATION OF THE PROPERTY FROM AN APPRAISAL. A BROKER PRICE OPINION, OR A BROKER OPINION OF VALUE, ONE OF THE MOST IMPORTANT ASPECTS FOR THE BORROWER IN THIS PROCESS IS PUTTING TOGETHER A PROPER REAL ESTATE SHORT SALE PACKAGE. THE PACKAGE SHOULD BE WELL ORGANIZED ALONG WITH A HARDSHIP LETTER TELLING THE CRDITOR WHY A SHORT SALE IS NEEDED. THE PROPERTY MUST BE LISTED WITH A REAL ESTATE BROKER. EVERY CREDITOR HAS THEIR OWN SHORT SALE PACKAGE.

PLEASE CONTACT OUR OFFICE FOR A ‘FREE’ CONSULTATION.

WE LOOK FORWARD TO SERVICING YOUR WANTS AND NEEDS.

SINCERELY YOURS,

SILVIA T.SURAREZ/BROKER                                                                                                                                                                            GOLDENP57@AOL.COM                                                                                                         

1-718-639-4200 office