Sacramento Short Sale Help
What is a Short Sale?
A short sale is typically an advantage to both the homeowner and the lender. On average, it costs a bank $58,000 to go through foreclosure proceedings, making it cheaper for the lender, in most cases, to perform a short sale. Short sales harm a homeowner's credit far less than a foreclosure, making it to the homeowner's advantage. A successfully completed short sale appears on your credit as "Settled In Full" or "Paid As Negotiated" just like any other paid off debt. Your home will be sold and the mortgage will be considered completely paid off, all while avoiding bankruptcy or foreclosure. Your credit can take a much smaller hit from a short sale and recovers much more quickly!
What are the Benefits of a Short Sale?
Once a short sale has been completed, foreclosure has been avoided. A Foreclosure can damage your credit for up to 7 years whereas a short sale has a much less negative effect. You can typically be eligible to purchase a home after two years.
You pay nothing! All sellers' closing costs are paid by your lender, including our fees. Through the HAFA program you can even get $3,000 back to complete a short sale.
Your home gets sold and you can move on with your life!
Can investment properties be short sold?
Yes! Any type of property can be sold through a short sale, though you may not qualify for some of the government programs such as HAFA and HAP.
What is a Hardship?
Death of a family member
Repairs needed with no money to do so
Loss of income
What Happens If I Don’t Do a Short Sale or my Short Sale is Unsuccessful?
Either way the end result would be foreclosure. Provided you are in a financial hardship and unable to pay, and you cooperate in the marketing and processing, the chances of your short sale closing and you receiving full forgiveness of the debt are extremely high. This is especially true if you choose an experienced agent to guide you through the process
Can my current agent in Sacramento work the short sale?
In many cases, no. Experience is everything when it comes to protecting your financial future. The average Realtor within our company has closed 50 short sales and we have closed thousands of them collectively. You deserve the best. Don't settle for an agent who has only closed a few short sales or an agent who is marketing themselves as a "distressed property expert" after taking a weekend training class.