Home Buying in Bellmawr>Question Details

cwazycampers, Home Buyer in Bellmawr, NJ

what is a short sale?

Asked by cwazycampers, Bellmawr, NJ Wed Feb 20, 2013

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This question was asked from this property: http://www.trulia.com/property/3081071378-529-Roberts-Ave-Be…

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The basic answer to what is a short sale is a short sale is a property that sells for less than the balance owing on its mortgage. Not every property qualifies as a potential short sale. A bank must agree to grant a short sale. Banks are under no obligation to approve a short sale. Banks will grant a short sale if the bank feels it is in the bank's best interest to approve the short sale.

It is in the bank's best interest to approve the short sale if the bank will make more money through the short sale than to foreclose. It is estimated that banks might save 25% to 30% on foreclosure costs to grant a short sale over a foreclosure, but some investor guidelines make it more profitable for the bank to foreclose.

Call or Email to discuss further or have me help you make an offer and help you close on the proerpty.

I am SFR certified ( Short Sale and Foreclosure Resourece) having closed many short sale and foreclosed properties I can help you navigate the process to success!

John Sacktig
Broker / Manager
SFR Certified
Orange Key Realty
Direct: 732-213-1409
JSacktig@orangekeyrealty.com
1 vote Thank Flag Link Wed Feb 20, 2013
In simple words, a short sale means selling your home short. The mortgage lender has the final say on the final sale price and should forgive the debt still owed on the mortgage. Many homeowners with mortgages higher than the market value known as "underwater" would need to sell their home short.

Best regards,
0 votes Thank Flag Link Thu Feb 21, 2013
Great Question! I get asked this question a lot. Your answer can be found on my blog here; http://devontesellsny.wordpress.com/2012/09/17/what-is-a-sho…

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.


Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Thu Feb 21, 2013
A sale of a home that is requiring third party approval and is being sold for less than what is owed on the mortgage. The third party is typically the lien holder or representative of such.
0 votes Thank Flag Link Wed Feb 20, 2013
I will also add the listing you are referring to is not listed as a short sale.

But looking into public records it sounds like a short sale is the best way to go for this home.

I do not know the circumstances of the home seller, so without looking into their situation it difficult to know.

I have closed 4 short sales in last week and 3 more before the end of this month.

I represent buyers and sellers and your best deal will come with someone who understands the short sale process.

Please contact me I would love to help. Even with just some answers to your questions.


Search foreclosures and short sale here: http://www.BuyNJShortSales.com

"Nobody Sells More Real Estate than RE/MAX"

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo When you want it Sold Fast!
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes Thank Flag Link Wed Feb 20, 2013
When the homeowner owes more than what the house is worth. The bank then approves the amount offered. You then have a short sale.

These are often great deals. But you should know particulars and use experienced short sale agents to represent you as a buyer or a seller...

see more information here ; http://sellitfast123.com/category/short-sale/buying-short-sales/

Search foreclosures and short sale here: http://www.BuyNJShortSales.com

"Nobody Sells More Real Estate than RE/MAX"

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo When you want it Sold Fast!
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes Thank Flag Link Wed Feb 20, 2013
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