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Welcome To North Jersey Real Estate
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My name is Gail Vinnal and I am a Broker Salesperson with C21 Cedarcrest Realty in Caldwell NJ.
I welcome the opportunity to assist with your move. Savva Realty's proven home selling program can assist in the marketing of your home, finding the right buyer, and closing the sale with the lowest level of stress. My years of experience combined with my office's up to date technology, allows us to attract buyers within or outside the Northern New Jersey areas. Whether you are relocating from across town or across the country, C21 Cedarcrest Realty can provide the local knowledge and superior service needed to make your home buying move as smooth as possible
Let me start working for you today!
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Should I consider a Short Sale
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| Home sellers should consider a Short Sale when the value of their home is LESS than the amount of their outstanding loans. For example, if comparable properties in your neighbohood sell for $250,000 but you have a loan of $260,000 then a short sale is a consideration. Obviously, if you do not have to sell your home, you could wait out the market and hope for a turnaround in real estate values.
If you do have to sell your home you basically have three options. First, you can bring cash to the table. You sell your home for $250,000 and bring $10,000 cash to pay off the loan on your property. Second, you could let the home go into foreclosure. This is the worst case scenario, a foreclosure will effect you for 7 years and make it almost impossible to purchase another home. The lender will go through the foreclosure process, ultimetly, the bank will remove you from the poperty, take ownership and sell the poperty via a real estate agent or auction. The third option is to pursue a short sale.
A third option is a short-sale. This process is easier if there is only one loan on the property but is possible if you have more then one. In some cases the property has to be listed with a reputable agency at a price that will cover the mortgage for a period of time. When you can show that the loan amount is not selling the price is reduced and you are in a position where the offer will be less then the amount owed resulting in a short sale. The bank may accept this situation if the seller can prove that he cannot afford the current payment and that if the sale does not take place the home is in jeopardy of foreclosure. The bank will ask for pages of financial information, a letter of hardship and other information. Once the offer is signed and package is sent to the bank it is a waiting game. Eventually we will get a short sale closed.In the case above you may tell them you have a buyer for $250,000 and it's very unlikely there will be a buyer at a higher price.
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