What Is Short Sale?
on a home has consequences for the family, the community, the housing market, and the economy. However, the option for a short sale provides a way for troubled homeowners to prevent foreclosure and many of the dire penalties involved. If you're a buyer interested in a South Bay Ca short sale, let us guide you through the whole short sale buying process.
A short sale is an agreement in which your mortgage lender agrees to accept a payoff on the loan for less than the balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount they would gain from selling the property following a foreclosure. This process also aides in maintaing home values in the community and helps the homeowner maintain a better level of credit compared to a foreclosure. In most instances, homeowners considering a short sale must meet specific criteria to qualify: you must be behind in your mortgage payments, provide evidence of economic hardship, and have little or no equity in the property.
A short sale is not a typical real estate transaction. There are many parties involved in a short sale. The short sale process can be difficult to complete without a qualified Realtor to guide you and act as a liason between all of the parties involved. Homeowerners agreeing to a short sale should also consult a tax expert and obtain the services of an attorney to help protect themselves from any future claims by the lender
We understand how difficult the situation you are going through may be for you and your family. Finding hope can be hard when you feel like you are facing a foreclosure situation. Remember that you can take action that may help you avoid the foreclosure route. There are many options available that can help you determine if a process like a short sale is your best solution other than the devastating process of foreclosure.
Call us at (310)918-5027 or fill out the short form below to set up a Free and confidential consultation. Rest assured any communication you have with our team will be kept in strict confidence