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Lehigh Valley Real Estate Short Sales

What is a Short Sale?

A Short Sale is an attempt by a Lehigh Valley Home Owner to sell their property for less money then they owe on it. This typically happens when the house must be sold in a down-market or Buyer's market.

For example, the home seller paid $200,000 for the house a year ago. Now, due to a financial hardship, they must sell it.

$190,000 is owed on the house but the real estate market value in the neighborhood has dropped to $185,000.

If the home seller does not have the money to make up the difference in what they owe versus what they can get selling the house, they must negotiate a Short Sale with the bank or mortgage company. In other words, the institution will accept less for the house then what is owed on it.

What are the Positives and Negatives for a Lehigh Valley Home Seller to do a Short Sale?

  • Avoid the possible embarassment of a Foreclosure
  • A Short Sale has Less of an Impact on your Credit Score then a Foreclosure or Sheriff's Sale
  • After two years, you can purchase another house using FHA.
  • Tax Implications - The Difference in what is owed and what the bank accepts may be counted as income on your yearly taxes
  • You must list the house and try to maintain it. This is where most Short Sales have problems. If you are having problems paying the mortgage, you may not be able to do required maintainance and the house will show poorly when you need the highest price.

What are the Positive and Negatives as a Lehigh Valley Home Buyer of a Short Sale Property?

  • Possibly get a nice house for a great price
  • The Short Sale needs the bank's approval. In some cases, this can take 2-3 months. During this time the house may be marketed and a better offer received. You may lose the house after waiting a long time!

Are you a Lehigh Valley Home Seller looking at your options? Contact us to schedule a meeting to discuss your unique situation!

Joe Finnerty- or -Joe Kaminski
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BHHS Fox & Roach REALTORS, Lehigh Valley PA
3101 Emrick Boulevard, Suite 101
Bethlehem, PA 18020
Main Office: 610-865-0033
FAX: 610-974-9430

Information is deemed reliable but not guaranteed. We are REALTORS® in the Commonwealth of Pennsylvania and affiliated with BHHS Fox & Roach REALTORS. We are not financial planners, tax advisors, or attorneys.

Lehigh Valley Investment Properties serves the following areas Bethlehem, Allentown, Easton, Forks Township, College Hill, Plainfield Township, Washington Township, Bethlehm Township, Bangor, Bushkill Township, Nazareth, Tatamy, Stockertown, Hellertown, Lower Saucon, Freemansburg, Pen Argyl, Williams Township, Palmer Township, Hanover Township, Walnutport, Lehigh Township, Wilson, Wind Gap, Mt. Bethel, Portland, Roseto, Allen Township, Northampton, Bath, Moore Township, Catasauqua, Whitehall, Macungie, Lynn Township, Slatington, Milford, Emmaus, Coopersburg, Center Valley, Springfield Township, Weisenberg, Orefield, Trexlertown, Breiningsville, Upper Saucon, and Saucon Valley. Lehigh Valley Foreclosures, Sheriff Sales, HUD Homes, Short Sales, and Auctions.