RE/MAX Benchmark Realty- Marty Remo
-
Under $300,000 in Suffern- What Can You Buy?
Posted Under: General Area in Suffern, Home Buying in Suffern, In My Neighborhood in Suffern | January 11, 2011 1:58 PM | 722 views | No comments -
RE/MAX Benchmark Realty- Marty Remo- CDPE (Short Sale Specialist)-Orange and Rockland County
Posted Under: General Area in Suffern, Market Conditions in Suffern, Foreclosure in Suffern | January 3, 2011 11:50 AM | 917 views | No commentsShort Sales Explained
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
- A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.
If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.
Understanding your options now could mean all the difference in the world. Click here for more information!
-
Are you looking for Positive Cash Flow?
Posted Under: Home Selling in Suffern | February 11, 2010 5:36 PM | 888 views | No commentsPOSITIVE CASH FLOW: LEGAL 3 FAMILY HOUSE in Nice Residential Neighborhood - VERY CLEAN! Perfect for an Investor or Owner Occupied First Time Home Buyer! **No Hidden Expenses; Utilities paid by Tenants (3 Gas Meters, 3 Electric Meters, 3 Water Meters); Yard Maintenance done by tenants. All apartments have been recently renovated.
Call Marty Remo @ 845-656-2527