Short Sale Specialist Help in Fresno CA
What is a short sale?
A short sale sale in real estate is a type of transaction where a home owner, typically in financial hardship, owes more than the value of their home and in a position where they must sell. Their lenders agree to accept a reduced payoff amount in order to avoid a costly foreclosure proceeding. .
What are qualifications for a short sale?
The most important qualification for a short sale is being in some form of a financial hardship.A home owner does not usually have to be in default on their mortgage loans, but they must be in a position where the eventual default is immenent. Some hardships can include:
- Loss of employment or decrease in pay
- Death or illness in the family
- Relocation or job transfer
- Divorce or separation
- increased living expenses
- Home repairs that you cannot afford.
Where does the money that is forgiven by my lender go?
In more cases than not, a lender will write off the deficiency losses on a loan and issue a 1099 for the amount of losses. You should consult an accountant or attorney to discuss potential tax ramifications prior to starting the short sale process.
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Can I live in my home until the short sale is completed?
Absolutely. You will not have to relocate until the closing. If you are in the process of a short sale and all communication between the bank and our agents is solid, the foreclosure procedure can be delayed and you will be able to stay in your home typically free from a payment.
What are the benefits of a short sale on my Fresno home?
The repercussions of a foreclosure are for more critical than a short sale. For Example: Some banks may report a short sale, whereas some may not. When a short sale is closed it will usually read "Settled in full" or "Paid as negotiated" on your credit. When you do a foreclosure you run the risk of five to seven years of not being able to qualify for another loan. However, a short sale will only take two years. Also with a foreclosure, your lender may come after you for a judgment in the amount owed. Through all of this, there are also financial incentives paid by lenders, sometimes as much as $10,000-$20,000. Our agents will work to get you relocation money from your lender at minimum.
Can any Realtor work on my short sale?
Realistically, no. Most Real Estate agents do not have the knowledge or experience it takes to complete a short sale. A short sale takes a special skill and a lot of dedication. Do not be fooled by agents out there who call themselves "Distressed Property Experts", for they only took a weekend class which does not make them an experienced short sale agent. There is no substitute for experience! Contact us now and let one of our highly educated and experienced short sale agents help make the transaction go as smoothly as possible.
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Our Fresno CA short sale specialist real estate agents specialize in helping homeowners stop foreclosure. Buy or sell Fresno CA short sale homes and real estate with a specialist! Call today and ask us "How do I short sale my Fresno home?" Short sale your Fresno California home for FREE while saving your credit and stop foreclosure! Look no further for short sale services in Fresno CA, we can guide you through the short sale process.
Need a Fresno CA Distressed Property Expert Certified in short sales to offer free mortgage short sale services? Fresno area Distressed Property Expert Certified real estate agents are here to help, and are Certified or trained in the California Home Affordable Foreclosure Alternatives, or HAFA short sale program.
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