Welcome to Sunken Meadow Properties, LLC

Phone: 631 757 1417

Fax: 631 757 1419

E-mail: info@SunkenMeadowProps.com

        A short sale is a real estate transaction in which a lender will agree to take less money than what is owed on a property in order to avoid the high costs and long time it takes to pursue a foreclosure proceeding against a homeowner.

        Home sellers should consider a Short Sale when the value of their home is LESS than the amount of their outstanding loans. For example, if your home is worth $320,000 but you have a loan of $345,000 then a short sale is a consideration. Obviously, if you do not have to sell your home, you could wait out the market and hope for a turnaround in real estate values.

        However, if you do have to sell your home you basically have three options:

• First, you can bring cash to the table. In the example above you would sell your home for $320,000 and pay another $25,000 to the lender out of your pocket to pay off the loan on your property.

• Second, you could let the home go into foreclosure. The lender will go through the foreclosure process, force you out of your home and then auction it off to the highest bidder at a foreclosure or Trustee’s auction.

• Third option is to pursue a short sale. You, or someone authorized by you, contact the lender, explain the circumstances and convince them to take less than full value of their loan.

       Click here to find out more about the Short Sale Process.