A Short Sale is also known as a pre-foreclosure sale. When a home sells for less, the balance remaining is your mortgage. If your mortgage company agrees to a Short Sale, you can sell your home and pay it all off or any portion of a mortgage balance.
The process occurs, when a lender agrees to accept less than the full balance, of the amount owned in order to release their lien on the property. Short Sales, have become a popular solution for homeowners who wish to sell their property, but owe their lender(s) more than their property’s value.
When a buyer purchases Real Estate Property for less than the outstanding Mortgage Loan balance; the buyer enjoys the benefits of excellent selling prices, often, willing lenders who have already agreed with sellers to accept a short sale in lieu of foreclosure.
It can take anything from 2-4 months. The process from submission to Short Sale approval is usually as follows:
- Submission offers.
- Complete Short Sale package from the seller.
- Bank acknowledges in receipt: 10-30 business days.
A Short Sale is an agreement that can be arranged, prior to a Foreclosure. At a time where both the lender and the borrower agrees, it is handled like a sale (property that generates proceeds that are less, than what is owed on the property) that is preferable to a default (Foreclosure) on the mortgage.
The answer is yes! You could be eligible to receive up to $30,000. Check with us to see if you qualify for any Lender incentives. Contact Us or call us at 213-427-7799 or Email Us.
Short Sale fraud occurs when an agent hides legitimate offers from the property owner. Instead, they use an investor to purchase the property who then instantly sells your property by using the previous Short Sale Agent and cuts off any buyers who have submitted any previous offers on the home. The agent makes double commission; plus, he or she takes a cut of the profit made by the investor. It is unethical to keep you uninformed of the offers that has been submitted. Also, make sure that the Realty Company disallows this type of activity. Investors should only be consulted by a Short Sale Agent to find out the condition of the property, or if the home has an upcoming Foreclosure date.
