Real Estate in Somers

Buy and Sell with Peter Persaud

Real Estate Agent

THE MOST KNOWLEDGEABLE FORECLOSURE REAL ESTATE AGENT IN NEW YORK

It’s important that you pick a Realtor with a wealth of experience in short sales to negotiate your short sale agreement. As you are now aware, short sale deficiency forgiveness is not guaranteed in most states, but a Realtor with a wealth of experience and expertise in short sales may be capable to negotiate deficiency forgiveness in many circumstances.
For owners who can no longer afford to keep
mortgage payments current, an alternative to
bankruptcy or foreclosure proceedings includes
the short sale. A short sale in real estate occurs
when the outstanding obligations (loans) against
a property are greater than what the property can
be sold for. The lender agrees to accept a
discounted payoff (less than the total amount
due), meaning the lender will release the lien that
is secured to the property upon receipt of less
money than is actually owed in hopes of avoiding
or mitigating an impending loss.

When the short sale enters escrow, it is likely to
include restrictions from the lender on closing
costs and the payoff amounts to the lenders and
creditors. Throughout the escrow process, the
seller and real estate agent should be proactive
about the numbers that the lender will see. Take
care to include every possible expense in the
seller’s net sheet, and be aware of the bottom
line as the process unfolds.


If you are in a short sale situation, don’t feel alone or trapped. You do have options. However, short sales are very complicated and should only be handled by an experienced professional.