What is a short sale?

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Answer -

"1. In a well negotiated short sale the owner sells the property for less than what he or she owes;

2. The lender accepts the proceeds property in full satisfaction (make sure you have this in writing or make sure you do not sign something contrary at the closing)  of the loan:

3. The lender avoids the expense of foreclosure; and 

4. The homeowner avoids having a foreclosure on their credit.  (But will most likely see some damage)."

Later in the interview I was asked if a short sale was for everyone -

I explained that for some upside down homeowners, a short sale may be beneficial and should be pursued... but for other California homeowners a short sale is possibly the owners worst option.

Short sales are just one part of a pre-foreclosure workout.

A homeowner with non recourse loans may appoach the lenders from a postion of the strength.  The focus of the whole workout should be  Mr. Lender  I could  live here for free for the next year.  My lawyer can make this a very difficult foreclosure for you.  My lawyer can just about guarantee you will not get a deficiency judgment.  So, I suggest  we work together in good faith.  Therefore ....

An owner with a recourse second really needs to be smart.  Do not just put your house up for a short sale and wait for a buyer to show up.  Seconds seem to be getting smarter.  If your second is going to be a sold out junior why should they agree to a short sale.  Please speak with an attorney before you agree to put your house up for sale.  

Fill out the form below and we will be happy contact you.

Short Sale Program *Email Address *First Name *Last Name Best Phone Number Has this property been your residence  yes since purchase   Never   Part of the time Zip Code where property located Are you Current on your Loans  Yes   No   Yes on 1st but not 2nd   Not on 1st but yes on 2nd Type of Property -- Please select --Single Family Residential Condo I own a building with more than one Residence At time of Purchase - you took out  1 Loan   2 Loans   3 Loans Now you have -- Please select --1 Loan 2 Loans 3 Loans Which loans have been refinanced? Have you Taken Cash Out -- Please select --Yes Yes but it all went into improvements No Indentify Home Equity Lines of Credit  1st   2nd   3rd Total Owed Approx Value of House Please contact me -- Please select --ASAP Within 48 hours ASAP 24 hours 48 hours Goals  No deficiency   Minimize credit damage   Short Sale   Deed in lieu   Short Payoff   Soften up Lender with Lender Liability Letter Do you have a Realtor -- Please select --yes no How long has the property been listed Do you have an offer in to the lender -- Please select --yes no Which loans are late 1st, 2nd, Both Has a Notice of Default been filed Date of NOD if any Comments Enter the code: