This post was contributed by a community member. The views expressed here are the author's own.

Schools

FREE Short Sale Seminar

MEDIA ADVISORY

 

FREE SHORT SALE SEMINAR WILL PROVIDE HOMEOWNERS WITH
OPTIONS TO AVOID FORECLOSURE

Find out what's happening in Cranfordwith free, real-time updates from Patch.

 

Westfield, NJ – March 4, 2011 – Homeowners significantly behind on mortgage payments and/or unable to sell their homes for what they owe will learn about their options for a graceful exit at a free Short Sale Seminar Tuesday, March 22, 7:30 at the Downtown Westfield Corporation at 105 Elm Street. 

Find out what's happening in Cranfordwith free, real-time updates from Patch.

 

What:               Free Short Sale Seminar

When:              Tuesday, March 22

Where:             Downtown Westfield Corporation – 105 Elm Street, Westfield, NJ 07090

Who:                Margaret Blanco – Real estate attorney and veteran of more than 70 short sales
                        Scott Gleason – Real estate professional with more than 17 years experience
                        Blanco and Gleason are successful short-sale collaborators serving the Union County area

How:                Free

Open to the public – Reservations for the 62 available seats are not required but encouraged

Visit www.valuemyhomenj.com or call 908-233-9292 x5456 to reserve

 

Short sales offer homeowners who can’t make their payments and owe their lender more than the home is worth an option many do not realize is available.  In a short sale a real estate agent and attorney work for the homeowner to help them sell their home, clear their debt and avoid foreclosure. The agent-attorney team will:

  • Find a buyer for the home
  • Negotiate with the lender(s) to reach an agreement where that lender agrees to accept less than what is actually owed
  • Work with the appraisers of both the buyer and lender to support the final sale price
  • Handle the closing
  • Strive to allow the homeowner to walk away with a zero balance and a chance to start anew

 

The seminar is being taught by attorney Margaret Blanco, a veteran of more than 70 short sales who enjoys a very high success rate in short sale transactions, and Scott Gleason, a real estate professional with RE/MAX Properties in Westfield who has worked in real estate since 1994 and who has a thorough understanding of the local market and current property values.

 

“Many homeowners who are facing a horrible situation through no fault of their own do not realize there is a graceful exit,” Gleason said.  “They can’t make their payments and they can’t sell the house for as much as they owe.  Foreclosure is the last thing they want but they don’t see any way out. 

 

“Short sales offer that way out.  This is a non-judgmental solution.  Homeowners can avoid foreclosure and the damage that will do to their credit for seven to 11 years, perhaps even buying again within two years or less.  Equally important, they can retain their dignity.  For reasons beyond their control, such as the recession, life shorted them.  This free seminar will teach them how to restart their lives.”

 

Lenders do not want to take ownership of property, which then entails upkeep and sale, according to Blanco.  In addition, homes moved in a short sale generally sell at approximately 15 percent below market value, while homes resold after foreclosure generally sell at a far lower percent of the value, she added.

 

“Yet at the same time lenders are not anxious to take less than they are owed,” she said.  “That’s why having a seasoned short sale team working for homeowners is essential to their finding a solution to their problems.”

 

Gleason offered these facts: 

  • There were 363 foreclosures in Union County in January 2011 (Realtytrac.com)
  • The number of homes sold in Union County was down 30.2 percent in the fourth quarter of 2010 versus the same period the previous year. (New Jersey Association of Realtors)
  • Buyers can qualify to purchase a new home following a short sale in as little as two years versus seven or more years following a foreclosure. (Fannie Mae)

 

 

 

Event Contact:                                                                         

Scott Gleason                                                                          

RE/MAX Properties Unlimited                                                   

Tel: 908.233.9292                                                                     

Scott@LuxuryHomesNJ.com                                                    

 

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?