What is a short sale?
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According to the New Jersey Association of Realtors Addendum Regarding Possible Short Sales, a short sale is:
“A transaction for the sale and purchase of real property where the purchase price is less than the amount required to pay off the liens on the real property, such as mortgages, judgments, taxes, homeowner or condominium association fees, assessments, as well as closing costs, including but not limited to brokerage commissions, realty transfer fee, and attorneys’ fees. This transaction is or may be a short sale.”
A short sale must be approved by the lien holder. If there are two loans, for an example a first loan and a home equity loan, both loans must be approved separately even if they are by the same lender.
Additionally, the Addendum states that the Buyer may not contact any lien holders with the written consent of the Seller.
The process of a short sale really begins when the Seller receives an offer to purchase his or her property. The contract of sale is sent to the lien holder for approval. It is wise to work with a real estate lawyer who is well-versed in short sales and not a general practice attorney since there are requirements imposed by the lien holder which must be met in a timely fashion.
The Seller and Buyer have the right to terminate the contract of sale if the approval by the lien holder is not received in a timely fashion.
Randolph Short Sale Realtor
If you have any questions about selling your home in a short sale, contact Douglas Tucker at 973-769-1563 or use email for a prompt response.
According to Wikipedia: the definition of a short sale is:
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties.
A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower; however both will often result in a negative credit report against the property owner.
Doug is experienced in Northern New Jersey and Morris County short sales. The Doug Tucker Team has successfully completed short sales in many comunities, including Randolph, Denville, and others. Doug is a source of information about the towns in northern New Jersey and conducting a short sale with a positive outcome for the seller. Dont go into this alone, call Doug for advice. 973 769 1563