Short Sales
In some cases, the need to sell a home in a divorce is complicated by the value of the property being less than the mortgage balance. If there are insufficient assets to cover the shortfall, the seller may qualify for a what is known as a short sale.
In a well negotiated short sale, the lender accepts less than the full mortgage balance as payment in full. The concept is simple but the process is long and has potential obstacles which require a very thorough negotiation with the lender. We have brokered hundreds of short sales worth tens of millions and have a number of Certified Distress Property Expert (CDPE) designations on our team, which is considered the industry standard for short sale competence.
Not everyone who owes more than their house is worth qualifies for a short sale. However, if you face an equity issue in the sale of your home, we can help you determine if a short sale is right for you. For more information contact us, and log onto the New York Short Sale Blog.