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About — Long Island Short Sales

About

With the increase in short sales throughout Long Island, I decided to dedicate a website showcasing information on short sales on Long Island. Along with our partners in real estate law and finance, our team of agents has been able to help people sell their homes for less than what is owed. Additionally, and more importantly, the difference between what the home sells for and what the homeowners owe, is forgiven by the lender. This is what is called a successful short sale.

SELLERS GET THE CURRENT VALUE OF YOUR HOME

In order to successfully negotiate a short sale, there are multiple goals that must be achieved in a timely manner. Pricing goals, marketing goals, and closing goals are all apart of what it takes to negotiate a successful short sale.

A critical part of successfully completing a short sale, is meeting deadlines for the listing and making sure that offers are presented as quickly as possible.

If you are in a position where you are struggling to make your mortgage payments, have already stopped making payments, or you are running out of money in your savings to keep up with the payments, please call me, Tom McGiveron, Licensed Salesperson with Coldwell Banker, at 631.831.9048.

Why consider a short sale over foreclosure?

The main reason why short sales are the most viable loss mitigation alternative is because the effect on the homeowner’s credit is much less damaging than a foreclosure. On a FICO score, the average loss is 300 to 400 points when a homeowner goes through the process of foreclosure. However, if the homeowner chooses to negotiate a short sale, the drop in FICO score may only be 80 to 100 points, assuming their mortgage is the only debt they can’t pay.

What is required of the seller to start the process of a short sale?

The short sale “package” that many homeowners will need to submit to the bank will include a hardship letter written by the owner(s) which explains the circumstances surrounding their inability to pay the mortgage. The lender will also require an authorization form allowing the real estate agent and/or attorney for the seller, to speak to the bank and negotiate the sale approval. Additionally, the lender will want proof that the money coming into the household is insufficient to cover the mortgage, so W-2’s, bank statements, and check stubs will be required.

What’s the best part of a short sale?

Sell your house for less than what it is worth and owe nothing to the bank after the sale is complete - no judgements, no liens, no hassles!  This means that whatever you sell it for less than what is owed, will be negotiated as part of the short sale, the bank will take less and you walk away owing nothing to the bank.

Complexities Explained

Short sales require approvals from a number of different parties. These include the loan servicer, the loan investor, and the mortgage insurance company (if applicable). These are items that I analyze up front, in order to expedite the process. If there is a second mortgage on the property, that’s another party added to the list that will be involved in the approval process.
Generally speaking, many lenders will consider a short sale after some type of loan modification is explored with the borrower. This may involve extending the loan term or reducing the interest rate.

How Coldwell Banker helps you.

For most lenders, if not all, the communication process can be very difficult between the bank(s) and the borrower. That’s where I come in. Once a short sale seems like the best option for a homeowner, it’s up to me to advise appropriately on how to go about getting things up and running and getting an application packet together as soon as possible. This requires work on the part of the seller(s) to put documents together in order to complete the packet and an incomplete or inaccurate application can create processing delays, which you absolutely want to avoid.
Obviously, one of the major portions to a short sale application packet is an offer - that’s where I come in.

Call 1-877-765-3123, EXT. 51 today and let’s review your options together!

LONGISLANDSHORTSALES.ORG