WHAT IS A SHORT SALE? - Short Sale Your Home in Banning California
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.
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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 Sales in Banning CA
SHORT SALE YOUR HOME IN BANNING CALIFORNIA
CALL US NOW: 1 (888) 9-LIST-IT
GARRIGUS REAL ESTATE
Foreclosure Agent/REALTOR & Short Sale Specialists
SERVING RIVERSIDE & SAN BERNARDINO COUNTIES
Coldwell Banker Kivett-Teeters Associates
GarrigusRealEstate@yahoo.com
www.GarrigusRealEstate.com <--- Check out our website for useful info and tools!
Devona Garrigus / DRE License # 01844441IMPORTANT DISCLOSURE in compliance with the FEDERAL TRADE COMMISSION ("FTC") MORTGAGE ASSISTANCE RELIEF SERVICE ("MARS"): Before using this service, consider the following information - Coldwell Banker Kivett-Teeters Associates are not associated with the government and our services are not approved by the government. Seller acknowledges that the Broker/Agent is not qualified to provide financial, legal or tax advice regarding short sale transactions. Therefore, the seller is advised to obtain professional tax advice and consult independent legal counsel immediately regarding the tax implications and advisability of entering into a short sale agreement with their lender/servicer. If you stop paying your mortgage, you could lose your home and damage your credit rating.
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