Short Sales

As you investigate the sale or purchase of property, you have likely heard the term “short sale,” and may not fully understand how these transactions work. At Asking Price Realty, we want you to approach us with your questions about short sales. We will clear the confusion and help you decide if a short sale is a smart move in your situation.

Short Sale Characteristics

Understanding short sales can be complicated for those who are not familiar with the process. A short sale is defined by the following characteristics:

• The process is used as a means to avoid the hassles of foreclosure.
• The list price of a short sale property is less than the current amount owed on the mortgage.
• The current owner must demonstrate that they are having trouble keeping up with their mortgage payments.

Benefits of a Short Sale Purchase

For patient and flexible buyers, a short sale can be a savvy purchase. The benefits of purchasing a short sale property include:

• A lower sale price.
• Although the process may be extended, the seller is often motivated to move quickly to avoid foreclosure.
• A short sale is less likely to need costly repairs than a foreclosed property.

Asking Price Realty Can Help

Entering the realm of short sales is overwhelming for buyers and sellers alike. At Asking Price Realty, we are the local experts in navigating this tricky aspect of real estate in Queens. Whether you are looking to buy a property for a reduced price or you need to get out of your current mortgage, you can trust our knowledgeable agents to provide you with inside information on short sales in the borough. Bring your questions to Asking Price Realty today!