W
hat is a short sale? Short sale is a term used to describe the sale of a home in which the homeowner owes the bank more than the home is worth. The bank agrees to allow the home to be sold for less than what is owed on the loan.
“Do I qualify for a Short Sale?”
Yes most people do. The qualifications are not that complex for a Short Sale. A good Short Sale candidate does not have any equity in their home (or investment property). They are not able to sell their home and pay off all of the outstanding loans/debt that are secured against their property.
If you owe more against your home than it is currently worth and want or need to sell it but can’t pay the “short” amount to make up the difference between what you owe and what your home is worth, then you are a prime candidate.
Here are a couple of important signs that can help you determine if doing a short sale is right for you:
- You are behind on your mortgage payment and are unable to keep up with all of your monthly obligations. Some of the reasons for falling behind on your mortgage payment may include sudden change in monthly household income, loss of job, divorce, and more.
- You are NOT behind on your monthly mortgage payment but know that you will soon be unable to keep up with all of your monthly obligations and therefore in the near future will not be able to afford to keep your home.
- You are NOT behind on your monthly mortgage payment but need or want to move. Reasons could include a job transfer, a health reason, retirement, and more.
- You are NOT behind on your monthly mortgage payment and have come to the decision that staying in your home is not a good “business decision” or “financial decision.”
If you match any of these scenarios then doing a short sale could be the perfect solution.
“How much do you charge?”
In short, FREE! On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. Thus, California law now prohibits any person, including real estate licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or loan forbearance services affecting 1 – 4 unit residential dwellings.
In a short sale, we get our commissions from the bank NOT you!
“What do I do next?”
Fill out this short form and we will contact you to answer any questions you may have and to tell you how to start the process.