Stop Foreclosure.....What Is A Short Sale?

Unless you are in a position to buy a home, or are experiencing a hardship that is causing you to default on your mortgage, you might not know what a short sale is. In the San Joaquin Valley approximately 75% of all the homes on the market are short sales. I often get asked "how does someone qualify?" and "what are the benefits?" I have noted below a basic outline that will help you understand the short sale world. This outline applies to both residential and commercial properties.

What is a short sale? - It's in lieu of foreclosure where the bank will except less (market value) that what the home is worth.

Who qualifies for a short sale? - Anyone who's expenses surpass their income (individual evaluations are assessed) and have experienced some kind of hardship (health, pay reduction, job loss, divorce, etc.)

How long does a short sale take? - Months, it various by bank, loan amounts, etc.

Do I pay taxes? - No, currently in California both federal and state taxes will be cancelled with a 1099C.

Do I pay for the real estate service? No, your bank will take care of it.

What documents do I provide? - 2 years of taxes, 2 months of pay stubs, 2 months of bank statements, hardship letter, expense form.

Who negotiates the short sale? My expert team and I will do all the work for you and achieve a short sale approval letter for your records.

When can I buy a home again? - 2-3 years is the average waiting period.

I provide private consultations where I can evaluate your situation and see if a short sale is recommended. With foreclosure it is a 7 year credit hit and many creditors have the right (normally a 5 year window) to come after assets. Be informed and protected and do not wait until the last minute to see what options are available with regards to a short sale. For a free comprehensive brochure please contact me (661) 869-5425cell.