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A short sale is a real estate transaction in which the net earnings from selling the property falls short of the debts secured by liens. In other words, it is when a bank or mortgage lender agrees to give a discount on the loan balance due from the homeowner. The lender gives the homeowner the approval to sell the property, contingent on their terms. Once the home is sold, the proceeds are paid to the lender in satisfaction of the homeowners debts to the bank. Many people use short sales because it is better for their credit score than a foreclosure. Banks prefer short sales when the loss of a foreclosure is greater than the short sale. John Onal & Associates counsels their clients on their options to expedite the process, which can take months and be frustrating to the seller and the buyer. Furthermore, John Onal & Associates works with all parties to maximize the chances of success.

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