stop the sale - close the deal
Short Sales
Is where the property value is less than the amount owed to the primary lender who then agrees to
accept a lesser sum at closing.
Significantly, and for example, the Nassau County Supreme Court calendar for August 1, 2022 shows 19 properties scheduled for foreclosure auction.
The yearly index numbers range from the years 2009 to 2020.
With the average calendar yearly index number being 2015.
(More than likely the average yearly index no. is even older than 2015 since they have recently begun to designate and replace newer index no’s for the older ones)
So, the average mortgage and tax delinquency rate of those properties being foreclosed is probably greater than 8 years.
Generally, 8 years of delinquency will have wiped out any equity in the property and it would be considered “underwater”. More owed on the property than it’s value and would have to be marketed as a Short Sale.
What this shows us is that the majority of properties scheduled for auction can not be marketed or sold in a conventional manner.
We believe that many people are just plain “leaving $$$ on the table”. Falsely believing that since too much money
is owed they can not sell the property.
This is just Not True!
What they are doing are just abandoning the properties and walking away or just waiting it out to be evicted.
In either case they are doing a disservice to themselves as they will end up with disastrous credit, no monies from the property and living in stress for years to come.
Conversely, in an approved Short Sale the lender will provide us an ample opportunity to market the property, enter a contract and allow us to close on the property. They will pay all the closing costs including our commissions. You pay virtually nothing and we even request relocation expenses. The added bonus is that you get to continue to reside in the premises during all this with no fears of immediate eviction and you close on your time table.
Chapter 13
A wonderful tool but only for a few. The limited few that can afford to make the required
payments!
There is another discipline that promotes the filing, joint filing,
and progressive multiple filings of Chapter 13 petitions. The truth is that the filings are disastrous
to the credit, benefits are typically short lived and the debtor, inevitably,
is usually back to square one with fewer options.
We heartily
advocate that you first become informed and fully understand, from your chosen legal
representative, all the requirements that will be imposed upon you prior to
making any decisions.
We, additionally,
advocate, that in many instances, within proper time constraints, you may be better served by listing your
property for sale, trying to maximize your return on your equity and relocating,
on your time limits, with the bulk of your
credit being preserved to use for another day.
Behind in mortgage or tax payments?
You want and need answers and direction immediately. Time is critical. We are here to do just that! To provide you with the straight, no nonsense, answers you need. CONTACT US NOW and we will do a thorough analysis of your situation with no obligation to list whatsoever.
TIME AS A FACTOR
What is important and valuable is TIME! With enough time on your side there is an ability to negotiate with a lender and market the property to realize a gain that might not otherwise be available.
- Our vast experience in these matters and much much more, over decades, is why we are The Right Choice to List/Sell your property.
- Regardless of your particular issue the market is changing and property values will no longer be increasing at the rate they were. So, action needs to be taken now.
- Get the straight answers as to what works best for you. Put “The Experienced Foreclosure Realtor®” to work for you today!
STANDARDIZED OPERATING PROCEDURES FOR PURCHASERS OF REAL ESTATE
