Short Sales in California If you are a seller and you live in the state of California and you currently owe more than your home is worth, then you may need to participate in a short sale.
What does this mean? It means that if you are going to list your home for sale now, then you are going to have to sell it for the current market value. You will then need to ask your mortgage holder to forgive the difference. For example, if you owe $350,000, but your home's value has declined to $275,000, then you will need to ask the bank to forgive the difference between what your home sells for and what you owe the bank.
Is this possible? The good news is that yes this is possible. Most lending institutions do participate in short sales and will relieve you of the outstanding debt. However, these are time consuming and tricky transactions, so you will need to hire a real estate agent who has experience working short sales or a reputable short sale negotiation company who can work with your agent to get the job done right.
How can I find someone who is reputable? Well, if you live in California, the best way to check whether the agent you want to use has a good reputation is to go to http://dre.ca.gov and click on license lookup. There you can look up the agent you have in mind and see if there have been any complaints against him/her or any disciplinary action. Also, ask for a list of 5 references from the agent you want to use. Call these individuals and interview them. Ask questions to determine the quality of the agent's work.
At Broadpoint Properties, home of the Short Sale Expeditor, all of our agents believe in the fine art of representing you. We believe that professionalism and experience in real estate is vital to a successful transaction. Our entire team is made up of individuals who are highly trained with years of experience behind them. Our Short Sale Expeditor program helps agents and homeowners throughout the nation by providing full-time short sale negotiators who have established relationships with the major lending institutions. Thus, the short sale negotiations are done right the very first time.
So, if you are thinking about selling your home in a short sale, tread carefully. Call our experienced staff for additional support or for a FREE consultation.
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