By now, the term “short sale” is part of the common vocabulary, but if you’re not sure exactly what that means, please read the post: What buyers and sellers should know about Los Angeles short sales. If you have been asking ‘Can I sell my Silver Lake home as a short sale”, read on!
If you’re upside down, you’re not alone…
|Most homeowners who purchased in Silver Lake during the height of the market now owe more on their mortgage than the house will bring in today’s market. In many cases, the difference is dramatic. But simply owing more than your Silver Lake home is worth today doesn’t qualify you for a short sale.Each lender has its own standards for determining whether or not they’ll approve you for a short sale. Primarily, you must prove some kind of hardship. If you have the means to continue making your mortgage payments, your lender will expect you to do so.
Jenny Durling, Broker
LA Property Solutions
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