Will I Have To Pay Anything To Short Sale My Home?

By
Real Estate Agent with The Homefinding Center CA BRE #01344132

Short Sale Answers

How can I be sure that I'm not obligating myself to a contract I cannot honor?

In Southern California, our short sale team specializes in protecting the interests of our clients during the short sale negotiation process.  Once we procure a buyer for your short sale listing, we insure that a SSA (or Short Sale Addendum for those of you not familiar with the abbreviation) is attached to the offer.  If the offer comes over without an SSA, we encourage our clients (the seller) to return a counter offer to the buyer requiring the Short Sale Addendum. 

The portion of the SSA that gives you peace of mind is this...

"This agreement is contingent upon Seller's receipt of written consent from all existing secured lenders and lienholders... to reduce their respective loan balances by an amount sufficient to permit the proceeds from the sale of the property to pay the existing balances on loans secured by the property, real property taxes, brokerage commissions, closing costs, and other monetary obligations the agreement requires the seller to pay at the close of escrow (including , but not limited to, escrow charges, title charges, documentary transfer taxes, prorations, retrofit costs, and repairs) without requiring seller to place any funds into escrow or have any continuing obligation to short sale lender."

What does this really mean? 

It means that unless the lenders agree to cover all costs (that you might normally be required to pay), you may cancel the contract for sale with the buyer.

It pays to have a short sale expert representing you.  If you have been wondering what the future holds or are facing difficulties or the threat of foreclosure, call the #1 Short Sale Team in Southern California for no cost assistance today.  We're ready to help.


Here are some of my previous articles:
Eastvale Short Sales and Seller Distress
Looking for a Corona Short Sale Agent?
Creative Marketing From Monkeylectric - Very Cool
If You Have Two Jobs, You Haven't Mastered Either Of Them
Corona, California Short Sales and YOU
What Is Title Insurance You Ask? Here's An Explanation.
Call The #1 Corona Short Sale Agent Team Today - It's FREE
How is my yearly Mello Roos special tax assessment calculated?
One Minute Coaching Session - Do this and you'll go far...
How much should I offer for the house I want to buy? Not to worry...
Zillow and why it's not your best friend


Cameron Novak, Corona Real Estate Agent
Cameron Novak

Corona Short Sale & Corona Real Estate Agents
The Homefinding Center
TM
Serving Corona, California and Surrounding Areas
951-212-7479

Homes for sale in Corona, California

© Copyright 2010 by Cameron Novak.


Here are some helpful Corona, California website links:

Our team specializes in Short Sale Negotiation and can assist you with a purchase or sale of any home in Corona (including neighborhoods of Eastvale, Sierra Del Oro, El Cerrito, Corona Hills, Corona Ranch, Dos Lagos, Wild Rose, Trilogy, Sycamore Creek, Horsethief Canyon, The Retreat, Mountain Gate), Chino Hills, Riverside (specializing in Orangecrest), Lake Elsinore, Mira Loma, Eastvale, Chino, Yorba Linda, and surrounding communities.

Comments (9)

John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

It's a common question that often comes up.  Thanks for the post! --JM

Jan 03, 2011 05:31 PM
Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

Thanks for stopping by John.

Jan 03, 2011 05:35 PM
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

It is good of you to provide this information up front to people.

Jan 03, 2011 05:42 PM
Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

Hi Michelle - I have aulterior motives  ;-)    thanks for stopping by.

Jan 03, 2011 05:54 PM
Bob & Leilani Souza
Souza Realty 916.408.5500 - Roseville, CA
Greater Sacramento Area Homes, Land & Investments

Cameron, it would be a great idea to e-mail this post to anyone asking this question...so you "never answer the same question twice"! :)

Leilani

Jan 03, 2011 06:50 PM
Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

;-)

Jan 03, 2011 10:45 PM
Tni LeBlanc, Realtor®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

Great blog Cameron.  This is a common question from people contemplating a short sale.  Short sales can be a new concept for people to wrap their heads around.  You've done a good job explaining this.

Jan 04, 2011 12:56 AM
Stacey Smith
Keller Williams Realty - Aliso Viejo, CA
Your Orange County Beach Cities Realtor

Cameron, Great blog and great job in explaining this topic.. Short sales are never easy on someone but it is definately the best option they have if the other choice involves a Sheriff knocking on their door...

Jan 04, 2011 05:59 AM
Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

this is great information. Definitely a question that I would ask.  Thanks for sharing.

Jan 04, 2011 12:02 PM