Port Chester Real Estate

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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 Port Chester Real Estate and we're here to help.

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

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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 June 25th, 2022 at 3:06pm EDT.