Riverside California Short Sales
What is a Short Sale?
A Short Sale takes place when a home owners is in financial hardship and their lender agrees to receive a discounted payback on a loan in order to avoid a foreclosure of the property.
Why would a lender agree to accept less than what they are owed?
A short sale is typically a win-win solution for the homeowner as well as the lender. The cost to a lender to go through foreclosure proceedings is $58,000 on average, 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 California, if a homeowner has never refinanced their home and they successfully complete a short sale, their lender has no right to pursue a deficiency judgment for the debt remaining after the sale n most cases. Lenders still legally hold the right to pursue judgment on homeowners who have refinanced the home that was sold short. However, our agents work hard with lenders to get a full release from the remaining amount owed after the short sale is completed.
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
Loss of job
Divorce or separation
Death of a family member
Repairs needed with no resources to do so
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 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. We have closed thousands of short sales.
Give my team a call to discuss the short sale process in detail, and how we may be of service to you.