Short Sales
There's much to see here. So, take your time, look around, and learn all there is to know about short sales.
What is a Short Sale
A short sale is the sale of a home for net proceeds less than the balance of the outstanding mortgage. A short sale must be approved by the mortgage lender because the lender will lose money, and be “short” the difference between the net proceeds of the sale and the mortgage loan amount.
Home Sellers
How it Works
How it Works
How it Works
We will take care of collecting the short sale package, preparing and submitting it to the lender, and handling all of the busy work so you can get back to your lives—and focus on your families! This can avoid our clients the stress and hassle of going back and forth with the lender on endless phone calls in order to complete the short sale package. You will not have the stain of a foreclosure or a bankruptcy on your credit. And, instead of having to wait up to 7 years to buy another home, you may be able to buy again within the next 24 months (or even less).
The Benefits
How it Works
How it Works
- Sell your home for less than what you owe your lender
- Avoid foreclosure and bankruptcy
- Save your credit
- Possibly walk away with no debt or return after-tax consequences.
- You will pay absolutely nothing in agent commissions, and you will possibly owe nothing to your lender.
Short Sale vs. Foreclosure
A short sale is likely the better short-term and long-term option for both you and your lender. While a short sale would be initiated by you with permission from your lender, a foreclosure is a legal action the lender takes to repossess your home if you’re not making payments on it. California has laws that prohibit deficiency judgments following a short sale under certain circumstances.
A short sale is preferable because it’s:
Cheaper.
Not as hard to get another mortgage.
Similar to a regular sale.
Both you and the lender would likely save money in a short sale versus a foreclosure. The costs for legal representation are likely absorbed more easily by the lender, of course, but a convincing case for a short sale will make a lender consider whether it’s worth pursuing a costly foreclosure case.
Similar to a regular sale.
Not as hard to get another mortgage.
Similar to a regular sale.
Even though your control over a short sale is limited since your lender has to approve any offers, you will have some involvement in the process. With a foreclosure, you’re in an adversarial relationship with the lender. However, the foreclosure process usually includes a “pre-foreclosure” period of 30 to 120 days, during which you could possibly negotiate a payment plan or short sale with the lender.
Not as hard to get another mortgage.
Not as hard to get another mortgage.
Not as hard to get another mortgage.
You’ll have to wait at least two years before you can qualify for another mortgage with a short sale unless you have an FHA loan–which does not require a waiting period as long as you’re not in default–and at least three years for a foreclosure.
Short Sale Listings
$555,000
1423 Raven Ct, Santa Maria, CA 93454
3 bds - 3 ba - 1,605 sqft
$975,000
5046 Nortonville Way, Antioch, CA 94531
3 bds - 3 ba - 1,605 sqft
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