Ready to Short Sell your home? Advice for Short Sale Sellers on Long Island in Nassau/Suffolk County on the "North Shore" or "South Shore" in the following communities:
Nassau County -Baldwin, Garden City, Levittown, Valley Stream, Manhasset, New Hyde Park, Port Washington, Cold Spring Harbor, Glen Cove, Great Neck, Lloyd Harbor, Muttontown, Hicksville, Oyster Bay, Old Brookville, Roslyn, Massapequa, Wantagh, Bethpage, Seaford, Syosset, Woodbury and the surrounding areas.
Suffolk County - Babylon, Lindenhurst, Bayshore, Brightwaters, West Islip, East Islip, Oakdale, Sayville, Bayport, Huntington, Northport, Stonybrook, Kings Point, Smithtown, Saint James, Port Jefferson, Setauket, Mount Sinai, Miller Place, Center Moriches, Selden, Holbrook, Ronkonkoma, Medford and the surrounding areas.
Don't know what a short sale is? A short sale is when the amount of the outstanding loans are greater than the value of the home. This situation is usually caused by home values in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How to do a short sale:
First, figure out the true market value of your house. If your finances are already strained, paying a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions in Nassau/Suffolk County on the "North Shore" and "South Shore" and the surrounding areas real estate market is the best way to get a realistic idea of your home's value.
Need an honest idea of what your home could sell for today's market? Contact us today to find out how Cafarelli Realty Corp can help.
Next, be sure to figure in your closing costs. The qualified REALTORS® at Cafarelli Realty Corp will account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and make them aware of your situation. They may even have a special team that oversees short sales. Ask about their particular steps. Some lenders will be more able to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to agree to the final sale.
