NJ Short Sale vs Foreclosure
A NJ Short Sale vs. a foreclosure is the best route for homeowners to take under most circumstances, if eligible. Unfortunately, six out of every ten New Jersey homeowners today are facing some form of hardship caused by financial devastation. Should you be eligible to pursue a short sale, you should do so since there are many benefits and advantages to a NJ short sale vs. foreclosure.
What is a short sale? A NJ short sale is a form of agreement between the owner of the home and your existing lender allowing the home to be sold for less than what is owed to your lender. Your lender would accept less than the loan amount in order to avoid a foreclosure proceeding. In most cases the short sale would result in a substantial discount price for the buyer.
Here is what Holly’s last client had to say about her NJ Short Sale!
What makes you eligible for a NJ short sale vs. foreclosure? There are a few factors in determining if you would qualify for a short sale. One is the nature of your hardship; the financial status of your debts versus your assets and your loan to value, or in today’s market better described as your remaining value compared to your loan amount. NJ short sale vs. foreclosure is a much better solution. Short sales of homes jumped 19% in the second quarter of 2011 compared with the prior 3 (three) months, while foreclosure sales were flat, signaling that banks are finally warming up to NJ short sale transactions. (According to Bloomberg reports)
Almost a third of all home transactions in August 2011 were foreclosures or short sales according to the National Association of Realtors. (NAR) Banks have become much more supportive with NJ short sales vs. NJ foreclosure and are finally getting their act together. The process is still slower than the traditional sale, however, much improved. Solutions are our best assets in eliminating stresses, if you find yourself in a situation I can certainly help simplify the financial epidemic so many families are facing or about to face.
New Jersey Short Sale Negotiations – Holly Pring, CDPE Certified, SFR, Broker/ Owner
I specialize in helping buyers and sellers through the process of homeownership & Short Sales in all Central New Jersey including Bernardsville, Basking Ridge, Bridgewater, Bedminster, Peapack Gladstone, Far Hills, Madison, Summit, Chatham, Short Hills, Tewksbury Township, Mendham, Chester, Long Valley, Stilling, Gillette, Warren and the surrounding areas (908)-303-0478