A short sale is when a homeowner sells their house for less money than they owe on the mortgage or mortgages.
Short selling is an alternative to foreclosure for homeowners/borrowers who can no longer afford to keep mortgage payments current. Sometimes, to avoid going through the costs of foreclosure, a lender will
authorize a short sale by allowing a homeowner to sell the home for less than the mortgage owed.
Simplified Steps of a Short Sale:
- Homeowner signs a listing agreement with a real estate agent. This short sale listing agreement is subject to third-party/lender approval.
- The home is marketed to buyers.
- Seller accepts a buyer's purchase offer subject to the lender's approval.
- Seller's lender accepts the buyer's purchase offer, which is less than owed on seller's mortgage(s).
- Transaction closes at the end of escrow and when the buyer delivers the funds, the lender releases the seller's mortgage lien and the property to buyer.
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