Attention buyers, sellers & Realtors,
A Short Sale occurs when a home owner is unable to sell their home, pay the closing costs and have enough money at the close of escrow to pay off their mortgage. Thus the meaning of "short" as they are short of the money needed to sell the home in a traditonal manner. Under specific circumstances the Mortgage Company or Lender will allow the seller to sell the home and obsorb the difference between the net from the sale and allow the seller out of their loan. One of the primary conditions is that the seller must show a hardship. This could be loss of job, loss of income, relocation, or other real changes from when the loan was acquired. The last thing a person wants to tell the bank is they want to short sell their home because the value has dropped.
The benefit of a Short Sale are unique to all parties involved;
- The benefit to the seller is they can come out from under their loan without having a foreclosure on their record. A foreclosure is a permanent stain and should be avoided if possible.
- The benefit to the buyer is that a property is available that under normal circumstances would not be. This is now a major advantage as there are way more buyers than available homes. It is wise to pursue a short sale since, if done right, the buyer that wins the home from the seller will be the only offer presented to the bank.
- The benefit to the Bank, Mortgagor, Lender or Investor is that they have a streamlined process that will allow them to unload a property quickly and reinvest the money into a positive cash flow investment. It is quite costly to foreclose and pay the mounting property taxes, HOA fees, Insurance, gas, electric, water, landscaper along with the mounting loss of revenue.
- The benefit to the Realtor is they are now able to show both buyers, sellers and Lenders just how valuable their profession services are in a transaction. This market seperates the ticket takers from the true professional.
I am Tony Lewis with RE/MAX of Valencia located in Valencia, Ca. 91355. We are just 32 miles north of downtown Los Angeles, Ca.
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Buyers, Sellers, Realtors & Lenders call or write Tony for any help you need!
Your Friend & Realtor,