What Is A Moreno Valley Short Sale, And Why Would A Bank Consider It?
Simply stated, a Moreno Valley short sale occurs when the bank accepts an offer on your home that is less than what is owed on the mortgage. For example, let’s say you owe $300,000 on your home in Moreno Valley, and the market value is $150,000. Our Moreno Valley short sale agent team lists the property for sale, and receives an offer of $150,000. Basically, we are “shorting” the bank $150,000. In doing so, your lender will “forgive” the debt and allow you to move on with your life.
Banks accept Moreno Valley short sales because they are better for their bottom line, when compared to foreclosure. A typical foreclosure will cost the bank anywhere from $15,000-$50,000 in legal fees, maintenance costs, utilities, etc. A Moreno Valley short sale not only recoups more money for the lender/investor, but also keeps them from potentially having another home in their inventory. Remember, banks are not in the business of owning homes.
A Moreno Valley short sale may be your only option and you may qualify for the Temeclua Short Sale. We have set up a Real Estate Short Sale Formula to help you determine if you are eligible for this option.
After years of completing short sales for our clients, we have assembled a collection of short sale approval letters to get an idea of what we are looking for when handling Moreno Valley short sales. As you will see, our main priority is to make sure that our sellers avoid any potential deficiency issues when completing a short sale and avoid any out of pocket expenses.
We can answer these and any other questions you may have:
•What are the benefits of a short sale versus a foreclosure?
•Is a Moreno Valley short sale right for me? Do I qualify for a Moreno Valley short sale?
•What is the Moreno Valley short sale process, and how long does it take?
•Why won’t my lender modify my loan?
•Can my lender come after me for a deficiency? Will there be tax consequences for my Moreno Valley short sale?
•Why should I hire Garrigus Real Restate for my Moreno Valley short sale?
Lastly, if you provide us with your contact information and the name of your lender, we will send you any updates that may pertain to your specific situation. Some lenders may have guidelines or incentives that are unique, and these tend to change regularly. As we are notified of any such changes, we may touch base with you, so that you know where you stand. We will never send you unsolicited mail or in any way harass you or pass on your information to anyone. Everything you share with us will be kept in the strictest of confidence.
Consumer Resources for Moreno Valley homeowners:
Call Now (888) 9-List-It.
That’s (888) 954-7848.