What is a short sale?
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In November 2007. I appeared on a KPBS news show about the housing crisis in San Diego. The reporter's first question was simply -- What is a short sale?
"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 his or her 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 approach the lenders from a position 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 ... you should release the deficiency in writing.
On the other hand a California homeowner 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. Lenders in second or junior position are frequently holding out for large seller cash contributions. We suggest you consider all your options prior to signing any paperwork with anyone.
If your property is located in San Diego, Riverside or Orange County - you have an opportunity to leverage our team of Realtors and Attorneys and have your property listed by McConnin & Company Realty.
Short Sale Steps
Short Sale Law is combination of short sale and anti deficiency statutes and CA short sale case law and foreclosure case law.
Now the law and your options
The most imporant short sale statutes would be
1. Become familiar with CA short sale Law
For extra background read CA foreclosure and anti deficiency cases.
2. Determine if you would be qualifed for a typical short sale or need to make special efforts.
Lenders typical short sale requirements.
3 Contact us or an experienced agent who has closed dozens of short sales.
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