Short Sale
What is a Short Sale?
A Short Sale is a lender's voluntary acceptance of less money than is owed to allow a property to be sold as an alternative to foreclosure.
The proceeds to the lender will be "short" of the amount necessary to pay off the original obligation under the note in full.
Why would lenders accept short sales?
The lender will do what is in the best interest of the lender. period.
If the lender forecloses on the property, then it will be bear the costs of the foreclosure, taxes, insurance, cleaning up title, marketing and sales, utilities, repairs and real estate comissions. If you add up all the costs to the lender and can make an offer to the lender where thier net proceeds will be greater then what they would get if they took the property back at foreclosure then it is in the best interest of the lender to accept a short sale.
If the lender concludes that it will do better by taking the property back at foreclosure and selling it themselves as real estate owned (REO) property, then they will not accept a short sale
WE CAN HELP YOU STOP THE FORECLOSURE AND SAVE YOUR CREDIT.
If the bank accepts our offer for a short sale, we will buy the house from you/find you a buyer and release you from the debt.
You will not have to pay commissions or closing costs and your credit will be saved from foreclosure.
SELA Development LLC * 1640 Anderson Ave. Fort Lee, NJ 07024 * Phone (201) 338-5160 * Fax (201) 353-2342 * www.sela-properties.com
