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Short Sale

If you are in Pre-Foreclosure and upside down with your mortgage, meaning that the value of your property is less than the amount due to your lender on the mortgage, then a short sale is a possibility if the lender is open for it, and most of them are these days.

The lender often accepts to take less than what is owed on a property because carrying a bad loan is expensive and a short sale offer is an immediate way out. Lenders are not in the business of owning and managing properties. Cutting their losses may save them money in the long run.

For a short sale to happen, the owner needs to authorize the release of personal information about the loan and the property to the buyer or escrow agency, which will discuss the short sale process of your lender. The buyer can formulate an offer to the lender based on the information received on the loan and property, which is then evaluated by the lender. The lender requires also a letter from the owner to explain his/her financial difficulties.

With this information, the lender then contacts his broker to evaluate the market and get a price opinion of what the house could sell for. Remember that the other option for the lender is to pursue with the foreclosure process. A successful short sale is one where all parties benefit from the process. If the foreclosure process allows the lender to recover more money from the sale of the property to repay the debt, the short sale offer will most likely be rejected. If approved, the lender needs to go through the purchase agreement and approve all fees, including the real estate commission paid to the agent. Working directly on a short sale with us will not require any real estate agent fee for the transaction.

As you can see, the short sale process can be take some time and is complicated. Make sure you work with a professional.

The benefit for you is clearly the avoidance of the foreclosure impact on your credit for 7 to 10 years.

If you are in a pre-foreclosure situation, and your mortgage is upside down, contact us at 1-888-304-2843, we can help you.




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We do buy short sale properties in California and Nevada. Receive a fast offer on your home! We will buy your distressed property in CA and NV.