Poconos Short Sales

Short Sales In The Poconos

Wilkins & Associates Real Estate, In. is a leader in the Poconos for Short Sales in Northeast Pennsylvania

When it comes to Short Sales, Wilkins & Associates Real Estate Inc. should be your first call! Since 1986, we have been a leader and specialize in Short Sales through Bradford, Monroe, Pike, and Wayne Counties. There are many terms when it comes to the sale of a home in which the homeowner is experiencing financial difficulties. Short Sales and Foreclosures are 2 popular terms. So what exactly is a Short Sale? A Short Sale occurs when a property is sold for less than the total amount owed on the mortgage and other liens. For example, if a home is worth $350,000 but the homeowner owes $425,000, then a traditional sale may not be possible because the sale proceeds would not be enough to pay off the remaining amount owed. In a short sale, the lender may agree to accept less than the total amount owed to allow the property to be sold. It is important to know that a Short Sale is NOT the same as a Foreclosure. In a Short Sale, the homeowner is involved in the sale process and placed on the MLS or market to be sold to a prospective buyer. Due to the home being sold for less than what it is owed, the lender that the homeowner is using must review and approve the proposed sale before any closing. When the lienholder or lender approves the sale can then move forward. Here in Pennsylvania, a short sale is defined as a sale where the seller’s proceeds are less than the amount required to satisfy the liens secured by the property.

How To Sell A Short Sale

Selling a short sale requires much more than simply putting a property on the market. The process typically involves evaluating the seller’s financial situation, determining the property’s market value, gathering extensive financial documentation, marketing the property, securing an acceptable offer, and submitting a complete short-sale package to the lender for review and approval. The lender may order a valuation, negotiate the offer, request additional documentation, or issue a counteroffer. Because every lender and situation is different, short sales commonly take 60–180 days, and some can take considerably longer. This is where having an experienced real estate team can help.

Poconos Short Sale Experts

Short sales require experience, patience, strong negotiation skills, and a complete & thorough understanding of the process. We are the experts in the Poconos when it comes to short sales. We help homeowners navigate this complicated process from the initial consultation through lender negotiations and closing. The process can involve extensive financial documentation, property valuations, negotiations, and communication between the homeowner, real estate agent, buyer, and lender. This is where having a professional team to help guide you through the process is extremely important. Short sales require experience, patience, strong negotiation skills, and a thorough understanding of the process. When you need experienced guidance and a broker who understands how to get a short sale across the finish line, we’re here to help.