What is a short sale and how does it benefit you in New York City New York?
What is a short sale and how does it benefit you in New York City?
Short sale agreements are useful for New York City homeowners who are facing a foreclosure. In this article, you’ll learn how they work and how to make the most out of them.
What is a short sale and how does it benefit you in New York City?
A short sale is an agreement made between the buyer and seller of a property. Both parties agree to sell the property at a loss instead of defaulting on the loan. As a result, the borrower doesn’t have to go into foreclosure.
When the New York City real estate market collapsed a few years ago, people used short sales to protect themselves from foreclosures. Over time, the number of short sales reduced as the market recovered.
Today, short sales aren’t as common as they used to be, but they still have all the advantages they did a few years ago.
The reason why a short sale on your New York City home is a good idea
It Protects You From Foreclosure
The main reason why short sales are great is that they protect you from going into foreclosure. With this type of agreement, the lender agrees to a property price that's below the value owed on your mortgage.
By avoiding a foreclosure, your credit will remain unaffected, and you’ll able to take out a loan for a new house in the future.
Foreclosures usually stay on your credit report for seven years, which means that you won't be able to qualify for a mortgage during that time. With a short sale, you won’t have to go through all the stress of having a bad credit report.
It Fixes Credit Problems
Not only can foreclosures prevent you buying a house, but it can also affect your ability to take out a traditional bank loan.
If you short sale your house, your credit report won’t indicate that you experienced a foreclosure, which will make it simpler for you to secure a bank loan for a new property in your area.
It Helps You Buy A New House
After a short sale, you can buy a new home in two years or less. You don’t have to wait for the seven years as you would have if you went through a foreclosure.
Finding a trusted bank to work with is the key to recovering after a short sale.
You Don’t Have To Pay Any Fees
When compared to foreclosures, short sales are very inexpensive. They typically don’t have any fees associated with them.
Some homeowners prefer selling their property through real estate agents. If you’re one of them, you need to take the time to understand all the fees involved.
At Lomotey Holdings, we can explain the best way to short sell your New York City area home. Just call us at [phone] or contact us on our contact page.
What You Need During A Short Sale
Before you can short sell your house, you need to provide proof that your bank can’t pay your mortgage. You can do this by seeking advice from a real estate attorney.
If you’re unable to find an attorney, you can contact us for help.
Depending on your situation, we can buy your house from you and eliminate your mortgage payments altogether.
Our experience in the New York City market allows us to provide unparalleled services to all of our clients regardless of their situation.
Feel free to get in touch with us if you need help.
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