25+ Years Real Estate Experience | Short Sale Real Estate Specialist |
Greater Philadelphia & Southeastern PA | Local Vendor & Professional Network
Before assuming that you do, let's look at the numbers.
Your first step should be determining:
● What your home is realistically worth in today's market
● Approximately how much is owed against the property
● Whether there are additional liens
● Estimated selling and closing expenses
● Whether a traditional sale could potentially satisfy those obligations
Real estate values change.
A homeowner who believed there was no equity in the property several years ago may be in a very different position today.
If a traditional sale is possible, that may be a considerably simpler route.
In a traditional sale, the homeowner generally has the authority to accept an offer and proceed with the transaction.
With a short sale, accepting an offer is only part of the process.
Because the lender or lienholder may be receiving less than the amount owed, the transaction typically requires its review and approval before the sale can be completed.
The lender may request financial documents, information about the property, the purchase contract, market data and other documentation before making its decision.
The process can take time, and lender approval is not guaranteed.
Homeowners sometimes believe that because their lender may be taking a loss, there is no reason to worry about achieving the best possible sale price.
The opposite is true.
Obtaining strong market exposure and demonstrating the property's market value can be particularly important in a short sale.
Our team approaches these homes with the same core objective we bring to every listing:
Present the property well, expose it to the market and negotiate intelligently.
Your financial circumstances don't make your home less deserving of professional representation.
These are not the same thing.
A short sale is a voluntary sale that requires approval from the applicable lienholder or lienholders when the proceeds will not fully satisfy what is owed.
Foreclosure is a legal process through which a lender seeks to enforce its rights after a borrower defaults.
There may also be alternatives to either option depending upon your circumstances.
Because each can have significant legal, financial, tax and credit implications, we strongly encourage homeowners to obtain advice from appropriately qualified professionals in addition to speaking with their mortgage servicer.
Our expertise is helping you understand and execute the real estate transaction when selling the property is part of your chosen solution.
People find themselves considering a short sale for many reasons.
Income changes. Divorce. Medical expenses. Job relocation. Adjustable payments. Unexpected repairs. A previous purchase made at the height of a market. Life simply changing faster than anticipated.
You don't need a lecture, and we aren’t here to give you one.
You need someone who understands complicated real estate transactions, communicates clearly and will help you determine the next step, which is exactly why we are here.
Even if you aren't sure whether you qualify for, or even need, a short sale, we can begin by helping you understand your property's current market value.
From there, you can make better-informed decisions with your lender and professional advisors.
Contact The Andrea Szlavik Team for a confidential consultation about your property and your real estate options.