Short Sale- Benefits of a Short Sale

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Short Sales Give You Leverage to Negotiate a Deficiency Waiver

In states like New York without non-recourse statutes, your bank can repossess your home and then pursue for the remainder of the debt – known as the deficiency judgment– by going after your personal assets. A foreclosure allows the homeowner little to no leverage in negotiations. If the bank believes it can make money by pursuing your personal assets after the foreclosure, it will definitely do so. 
But because a short sale actually saves the bank money in terms of administrative and legal costs, and it also presents the bank with a qualified buyer ready to purchase the home at a price well above what the bank could hope to get at a foreclosure auction, banks are often ready to negotiate a full deficiency waiver in a short sale. Instead of waiting for the bank to repossess your home, and then the rest of your remaining personal assets, a short sale gives the homeowner a chance to avoid foreclosure, and receive a fresh start financially and mentally. Queens County Estates will make sure that you will get all the attention you deserve as a client to avoid foreclosure and achieve proper mortgage settlement with your lender.

Short Sales Let You Start Over Quickly

While it can be difficult for homeowners to part ways with beloved house, in order to avoid the psychological and mental toll that foreclosure can create, it’s important to be able to get a fresh start again fast. While the average foreclosure is a lengthy drawn-out process that averages 15 months, short sales can be wrapped up in as fast as 2-6 months, depending on your lender. Queens County Estates has a proven portfolio in closing deals from 2-3 months depending on the case.
 Homeowners who elect to do a short sale realize that after a short sale frees them from their cumbersome monthly mortgage payments, they’re actually able to rent a similar house in the same neighborhood after they previously lived in. Relieved of a huge financial burden, living comfortably under a roof in the same neighborhood, and having avoided the majority of the financial consequences of foreclosure, homeowners are now capable to start rebuilding their financial future. We here at Queens County Estates will guide you on making the right decision your second time around; plus we can assist you in financial planning for the future at no charge!

Short Sales Avoid the Public Humiliation of Foreclosure

Perhaps one of the greatest fears of homeowner’s facing foreclosure is the humiliation of public foreclosure proceedings. For a hardworking, honest person, the mere thought of being evicted from YOUR own house and having your house sold through a foreclosure auction can be a stressful, anxiety inducing life experience. When your home is sold through a short sale, the listing many times looks essentially like any other regular listing. There are no foreclosure proceedings and no public auction. Short Sales will allow You to Salvage Your Credit Score. A Foreclosure Vs. Short Sale differ much more than just the humility because a foreclosure can be a huge blow to your credit score, which can seriously affect your ability to obtain loans in the future, and will greatly raise interest rates for those loans you do obtain. With a short sale, you may still suffer some credit damage from your delinquent payments, but your credit score will take significantly less damage than it would with a foreclosure on your record in any case. Your lender will report that your loan was “paid in full for less than the full balance”. This is highly desirable compared to the alternative.

Short Sales Allow You to Buy a Home Again Soon

After a foreclosure, you’ll be “burned-out” of obtaining home loans for a period of 5-7 years. With a short sale, this period is only 2 years! While buying another home may be the last thing on your mind as you face foreclosure, it is definitely something you will be considering a year or 2 down the road once you’re back on your feet. You’ll definitely want to possess the ability to purchase a home again.

Short Sales Offer Cash Back Incentives

While it may not be the most important short sale benefit, short sales performed through the U.S. Treasury Department’s Home Affordable Foreclosure Alternatives program actually get the homeowner $3,000 cash back toward location expenses, as part of the government’s attempt to promote short sales as an alternative to foreclosure. This money is in addition to any lender specific incentives which can be up to $30,000 in some cases! Contact us today to qualify for a short sale and discuss potential incentives. Queens County Estates is the premier short sale/mortgage settlement company in Queens.