North Salem Real Estate

Search Short Sale Listings in North Salem

Sort by:

  

What is a "Short Sale"

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.

 

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 the 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 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. Together, we can identify all possible options and, when possible, assist you in the quick execution of a short sale transaction.

We know North Salem Real Estate and we're here to help.

Want help finding Short Sales in North Salem?  Our REALTORS® can help! Message us with your specific criteria and we will find you the perfect home!

Provide a valid email address.
Newsletter consent
Westchester County NY Real Estate Search

Start searching for your dream home now.

When it comes to convenience, our site is unparalleled. Whether you're in the comfort of your home, or on the go.
Our site works flawlessly on multiple devices so you can find the information you need.

Start Search




Information Copyright 2021, OneKey® MLS. All Rights Reserved. The source of the displayed data is either the property owner or public record provided by non-governmental third parties. It is believed to be reliable but not guaranteed. This information is provided exclusively for consumers’ personal, non-commercial use. The data relating to real estate for sale on this website comes in part from the IDX Program of OneKey® MLS.

Listing information last updated on August 15th, 2022 at 2:05am EDT.