You’ve probably heard the term “short sale” in connection with real estate buying, especially in light of the many foreclosure deals plaguing the real estate industry. You’ve also probably seen a few “short sale” signs on a few homes and wondered what that was all about.
In a nutshell, the “short sale” term refers to a transaction made between a homeowner and a lender (either a bank or a lending institution) that usually involves the following conditions: (1) the homeowner is in default of his mortgage payments, probably close to being foreclosed and has not yet filed for bankruptcy, as a result of financial hardships; and (2) the lender is willing to accept taking a small financial loss and forgives the debt owed.
Some consequences of a short sale leads to the seller/homeowner walking away without getting any money from the sale, which could mean they may have trouble finding a new place to live. The transaction may also affect a person’s credit rating but not so much as it would in a foreclosure. However, participating in a short sale transaction is less painful for the homeowner because he doesn’t need to get evicted and he leaves his home with his dignity and financial status relatively intact.
If you’re considering a short sale transaction, you need to approach professionals in this field. We are the leading real estate short sale experts in San Diego, Riverside & Imperial County. You may visit one of our offices for a better discussion of your options and for more personalized attention to your needs. If you simply want to learn additional information, feel free to call or email us. Though we welcome all clients who currently have loans with any and all banks, we have had great success with clients of GMAC and Homecomings Financial. Every bank is going to be fairly difficult to deal with in this market.
If you would like to have us give you a call please go HERE and complete the simple form on the right side of the page to request information on a short sale.