Sicklerville | New Jersey | Short Sale; What's the Second Step?

As a continuation of my post yesterday, I'd like to go further into the steps of a short sale process. Once you have met with a real estate professional, and know approximately what price your property will sell for, you have to establish whether or not your financial situation is such that your lender will approve a short sale. For most of the homeowners that contact me, this is usually pretty straight forward. If you are already behind in your payments, or already facing foreclosure, most lenders are willing to entertain a short sale. If however, you are current on your payments, but are upsidedown on your mortgage, the answer is not always so simple.

Many people will tell you that banks won't do anything for you if you are current, but that isn't always the case. In my experience, if you can show that you are experienceing significant financial hardship, and will soon be behind, often lenders will allow you to sell your home as a short sale. It is best to ask your bank directly, and aslo check with your local real estate professional and legal counsel. Most agents that specialize in short sales and foreclosures should also be able to refer you to counsel that specializes in dealing with foreclosure cases.

Check back soon as we continue the process.

Joseph Cacciapaglia, MLERE
Realtor Associate®
R&I Realty
15 Potter Street
Haddonfield, NJ 08033
Office: 856.795.3111 x268
Cell: 979.218.2286
Jcacci1@gmail.com