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.
SHORT SALE YOUR HOME IN RIVERSIDE CALIFORNIA
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