Short Sales

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I am presently involved in two short sales.  I am changing the name to Long Sales.  From the time you put it on the market to closing could be 4-6 months, sometimes longer.

 

What is a short sale/long sale?  This event occurs when an owner of a property is unable to continue with their mortgage payments due to a financial hardship.  They have exhausted other avenues such as a loan modification with their existing lender or lenders, and the property is worth less than the mortgage amount.  Owners can contact HUD for assistance-800-569-4287; contact their lender and their Realtor®. After all avenues have been exhausted, the owner can place their home on the market with their Realtor®.  It is always best to work with an agent that has experience with short sales.  Realtors® do not charge any upfront fees to the seller, we are only paid once the transaction finalizes.

 

Typically, a seller would be responsible for paying all fees associated with the sale of their home.  With short sales the lender will pay the expenses.   A short sale can prevent foreclosure of the property, and can have less of a detrimental effect on your credit report.  Some lenders may require that the owner sign an unsecured loan to pay back some of the fees.  This can be triggered when there is a second mortgage on the property. 

 

Owners are advised to begin the process as early. 

 

                                  Donna Benton

                                  RE/MAX Westside Properties        cid_image6

310-398-2332

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One Response to “Short Sales”

  1. Wnedy Says:

    Your Blogs are very imformational!! I have really enjoyed reading them. I especially enjoyed the “Short-Pay” information!!! sooooooo True!!

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