Los Angeles Short Sale Help
What is a Short Sale?
A Short Sale is typically a win-win solution for the homeowner as well as the lender. On average, it costs a lender on average $58,000 to go through foreclosure proceedings. Therefore making a short sale to the homeowner's advantage as well as the lender's. The homeowner's credit takes a smaller hit than had a foreclosure been done.
In a short sale, the homeowner sells their property for less than what is owed on the property. The lender must accept the a discounted payoff and cut their losses. In a case where the homeowner has never refinanced their home, they are completely forgiven of the debt once a short sale is completed. This means the lender has no right to pursue a deficiency judgment at a later date. However, lenders still legally have the right to pursue judgment on homeowners who have refinanced. With that being said, not all do. Also, our agents work very hard with lenders to get lendees forgiven of the debt completely.
A successfully completed short sale appears on your credit as "Settled In Full" or "Paid As Negotiated." Your home will be sold and the mortgage will be considered completely paid off, all while avoiding bankruptcy or foreclosure. Your credit takes a much smaller hit from a short sale and recovers much more quickly!
What is a Hardship?
Loss of Income
Death in the Family
Job Transfer/ Relocation
Your Lenders may accept less than you owe in order to avoid a costly foreclosure legal proceeding. In a short sale, ALL traditional closing costs are paid for by your lender, including the real estate brokerage fees!
Our services are at no cost to you!
When it comes to short sales, experience can mean the difference between your short sale getting approved, or being becoming another foreclosure statistic. Our agents are some of the most experienced short sale Realtors in California, and work to make short sales happen when other agents make foreclosure happen.
Give my team a call to discuss the short sale process in detail, and how we may be able to be of service.