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For Sellers: Is a short sale right for you?  Know your options.

Video » Real Insights: A Conversation with Real Estate Professionals
"The Short Sale Process for Sellers Explained" — 2 minutes, 22 seconds
PMZ Vice President / Broker Jon Zagaris explains the short sale process for sellers and why now may be a good time to weigh your options to avoid foreclosure.

Rather than face foreclosure, you may have the option of selling your home as a short sale. A short sale is an agreement between the seller and bank or mortgage lender to discount the balance due in order to avoid foreclosure due to financial hardship. A few examples of a hardship are:

• Unemployment or reduced income
• Divorce
• Bankruptcy		• Medical Emergency
• Job transfer out of the area
Possible benefits of short sale:
  1. You may be able to stay in the home until it has sold.
  2. Less of an impact on your credit score. Considered on credit history as "paid as agreed" in some cases.
  3. Sellers may be eligible to buy another home sooner than if they choose to foreclose. Foreclosure is considered abandonment on credit report.
How do I get Started?
Fill out the contact form below to get in touch with a PMZ short sale specialist who can walk you through the steps of the process.
Name:
Street Address:
City:
Phone:
Email:
The short sale process includes:
Step 1: Contacting a PMZ short sale specialist to get started. Fill out the form above and a specialist will contact you.
Step 2: Preparing a financial package for submission to the short sale bank. This includes a letter of authorization, allowing the agent to speak to the bank on your behalf. In addition, the short sale bank may require completed financial statements, tax returns and bank statements.
Step 3: Sending the offer to the short sale bank. This process has recently been streamlined in order to make the process easier for the seller.
Note: It is recommended you review the option of a short sale vs. foreclosure with a legal and tax professional before moving forward with any short sale transaction.
 
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