Welcome to your complete short sale resource center. This site includes everything you need to know about short sales including the benefits of a short sale versus a foreclosure, tips on how buy a short sale, learn about taxation of short sales, understand the foreclosure timeline, and read about the brand new short sale law removing all short sale lien holders’ deficiency rights. If you need short sale assistance selling or buying a short sale, contact our Century 21 office for an agent that can assist you at 916-933-4500.
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the government have also improved the chances of getting a short sale approved.
A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value. A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage. For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
This seems simple enough; however, the short sale is a complicated process that takes the expertise of experienced professionals. Contact our Century 21 office to find an agent that can assist you with your short sale. 916-933-4500
There are many advantages to completing a successful short sale versus allowing a property to foreclose. These advantages range from qualifying sooner to purchase a new home, repairing credit sooner, job opportunities not lost, avoiding the loss of security clearance if your line of work includes a position with such privileges, and more. Here are some excellent comparisons straight from the CDPE “Short Sale vs. Foreclosure” guide:
These are many of the main reasons why a short sale is much more advantageous to a homeowner than foreclosure. In addition to the above, closing a successful short sale also has a better sense of “pride” to a home owner and family. Short Sales are a proactive stance, and any family can hold their head high for attempting a short sale, no matter the outcome.
Homeowners should consult with their own professional adviser for legal, tax, credit and personal advise with regards to the above information on Foreclosure Vs Short Sale. This information is strictly informational and not to be used as legal advise. Real estate brokers will not provide such advise.
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