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In recent years, the market value of some New York homes has dropped to a price level that is lower than the loan balance owed by the owners. Attempting to sell a property that is worth less than the outstanding mortgage balance is a challenging proposition. Lending institutions have responded to the situation and provided potential relief for some prospective home sellers. A short sale can be the ideal selling solution for some properties in Kings County. A short sale requires the approval of the lender, who agrees to reduce the amount of the mortgage balance. The motivation for the lender is that a short sale is likely to be less expensive than a foreclosure on the property. The lender forgives a small portion of the debt, and the seller is able to price the home closer to current market value. If there is a second mortgage on the property, the additional lender will also need to agree to the arrangement. The potential home seller must negotiate with both the primary mortgage holder and any second mortgage holders. Since the claim of a first mortgage is paid first in the event of a foreclosure, second mortgage holders are more likely to reach an agreement on loan modification. Once all parties have agreed to the short sale arranged by a New York real estate agent, the home can be listed at a price closer to true market value. One of the experienced real estate agents in Kings County is the ideal professional suited for bringing together all necessary parties to make a short sale work. Arranging a short sale agreement requires knowledge of local price trends and current market conditions. Knowing the local market is an advantage in putting together a proposal that lenders will accept and that will result in a realistic listing price.
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