Short Sale

What is a Short Sale

A short sale is when a property is sold that is approved by the lender(s) and the asset is released for less than is owed.

Usually there are certain circumstances that a party must meet to short sell a home and even then it is not guaranteed.

The transaction must be a arms length transaction. You can not know the Buyer.

The owners of the property have a hardship and cannot repay the loan.

The owners do not have liquid assets exceeding around $5,000 depending on the value of the home.

Owners cannot sell the home them self. They must use a licensed Real Estate Broker.

The lenders may or may not approve a short sale as they have a financial interest. The lenders have the final say.

The rest of the sale is the same as any ordinary sale.

The home should be kept clean and ready to show.

You should disclose all known defects, repairs and material facts of the property to the buyers.

Not all Short sales are alike.

Not all short sales are approved.

On average around 2 out of 3 short sales are now being approved and getting sold.

When a Real Estate Broker Realtor Lists you home for sale, they do not get paid until the closing of the home, out of the proceeds of the home. This means for the most part, no out of pocket costs.

If your home is not upside down you can list your home for sale with a local licensed Real Estate Broker - Realtor.

If your home is upside down, owe more than it is worth, I suggest you go to the upside down page and review your options with a Real Estate Attorney and a CPA. There are future implications and knowing your options is a great start.

As a California Licensed Real Estate Broker, I can get your home sold as a "short sale" and in part, ask the lender to accept less than what is owed on the loan.

I am here to help. Call me at 951 821 8211 to get your home sold.

CALIFORNIA DEPARTMENT OF REAL ESTATE LICENSE 01312992