The one question we get asked about doing a Short Sale is about owing money after the deal in done. The short answer in California is not right now. The general rules governing deficiencies in California:
• “One Action Rule”: “There can be but one form of action for recovery of any debt or the enforcement of any right secured by a mortgage upon real property.” (California Code Civil of Procedure (“CCP”) § 726(a)).
• No deficiency judgment is allowed by the foreclosing lender following a non-judicial foreclosure (i.e., trustee's sale), regardless of the type of property foreclosed. (CCP § 580d).
• No deficiency judgment is allowed when the type of loan is either (a) purchase money for an owner-occupied residential one-to-four unit dwelling (“owner-occupied purchase money”) or (b) seller financing (“seller carry-back”). (CCP § 580b).
• No deficiency shall be owed nor a deficiency judgment rendered following a short sale on a residential one-to-four unit property. (CCP § 580e(a)).
• A lender may not require the borrower as a condition to agreeing to a short sale to pay money other than from the proceeds of sale. (CCP § 580e(b)).
Here is the take-a-way if you are reviewing your options regarding the sale of your home or just walking away. Talk to a qualified Short Sale Specialists in your area, your situation is unique let us help.
Janet O'Brian is a Certified Short Sales Specialist in California is ready to help you with your Situation… Short Sale
What Should You Do If You Learn that a Forged and/or Fraudulent Deed Has Been Recorded Against Your Real Property? CONSUMER ALERT
A short sale is an effective alternative to foreclosures when keeping you home is no longer an option. The bank wins something too, the homes remains occupied and helps to maintain stable communities, according to the Federal Housing Finance Agency (FHFA). And with the new Short Sales Timeline Requirements put out by Freddie & Fannie should be your first choice.
Monthend Numbers | |||||||||||||
Apr | Mar | Feb | Jan '12 | Dec | Nov | Oct | Sep | Aug | July | June | May | Apr | |
Listed | 614 | 520 | 561 | 601 | 599 | 732 | 797 | 813 | 679 | 631 | 646 | 620 | 561 |
Pending | 634 | 535 | 495 | 581 | 522 | 572 | 568 | 585 | 542 | 468 | 502 | 518 | 487 |
Sold | 462 | 388 | 308 | 416 | 476 | 467 | 557 | 545 | 413 | 369 | 392 | 374 | 384 |
% CHG Month over Month | |||||||||||||
Listed | 15.3% | -7.9% | -7.1% | 0.3% | -22.2% | -8.9% | -2.0% | 16.5% | 7.1% | -2.4% | 4.0% | 9.5% | |
Pending | 15.6% | 7.5% | -17.4% | 10.2% | -9.6% | 0.7% | -3.0% | 7.4% | 13.7% | -7.3% | -3.2% | 6.0% | |
Sold | 16.0% | 20.6% | -35.1% | -14.4% | 1.9% | -19.3% | 2.2% | 24.2% | 10.7% | -6.2% | 4.6% | -2.7% | |
% CHG Current Month over Same Month Last Year | |||||||||||||
Listed | 8.6% | -32.7% | 21.0% | 8.5% | 7.3% | 20.9% | 32.1% | 21.0% | -1.9% | -7.0% | -2.0% | -0.6% | -27.6% |
Pending | 23.2% | 5.8% | 16.4% | 32.5% | 23.0% | 27.3% | 32.7% | 9.4% | 8.3% | -1.5% | -15.3% | 5.4% | -43.3% |
Sold | 16.9% | -0.3% | 2.9% | 28.6% | 11.3% | 25.5% | 38.8% | 10.8% | 9.0% | -11.7% | -19.6% | -11.5% | 14.8% |
Current Statistics tracking the Real Estate Market in the Antelope Valley, Palmdale & Lancaster Core areas. Homes For Sale
Sold MTD | 159 | Per of Total |
At List | 39 | 24.53% |
Under List | 61 | 38.36% |
Over List | 59 | 37.11% |
Month to Date and Projected Opened Escrows* | |||
Total Active | 978 | ||
Total Active Core Area | 645 | ||
Total Active REO's | 91 | ||
Total Short Sale | 196 | ||
Pending MTD/Projected | 224 | 463 | |
Sold MTD/Projected | 159 | 329 | |
Percent Sold Over List Price | 37.11% | ||
Sold Last Month / % of Difference | 462 | -28.87% | |
Last Year Month / % of Difference | 374 | -12.14% | |
Active Listing Mix (Core) | |||
REO % of TTL | 14.11% | ||
Short Sale % of TTL | 30.39% | ||
REO+SS % of TTL | 44.50% | ||
Traditional Sale % of TTL | 55.50% |
Absorption Rate*
Current Month 2.1 Months
At Last Months Rate 2.4 Months
Historical High Active Listing - 5300+ Mid 2007 - Within the last 3 years our Low Active Listing were under 700 in Nov '09
Richard & Janet O'Brian Real Estate Agents in California work with buyers of all types, from first time, to investors, please let us work for you! Call us today. If you are looking for an aggressive Team to find and fight for the best deal call us or visit out website http://www.homesbyjr.com/. Or Keller Williams Realty AV
Janet O'Brian is a Certified Short Sales Specialist by the National Association of Realtors® (SFR) and is ready to help you with your situation Short sale Help. She can Stop Foreclosures Now!
(Quick Mapping Links for Core Areas)
Palmdale
Lancaster
Ana
Verde
Ritter
Ranch
Quartz
Hill
Leona
Valley
Lake
Hughes
Lake
Elizabeth
*The Core Nunbers do not include outlying segments of the Antelope Valley or out-of-area properties. Lancaster, Palmdale, Quartz Hills, Leona Valley, Antelope Acres, Lake Elizabeth, Lake Hughes, Littlerock, Lake Los Angeles, Green Valley and Juniper Hills are included in the core grouping. All figures are Single Family Residential only.
Keller Williams Realty AV Ranked #1 in the Antelope Valley 661.733.0508 to list your home.
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