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The definition of short sale or short
payoff is when a mortgage lender agrees to accept less
than the outstanding loan amount to satisfy the
seller's loan. Mortgage short sales have become a
common method to assist owners in selling real estate
which is appraising much lower than when they
purchased the property. Some lenders may accept as
much as 25% less than the outstanding loan amount,
rather than pay attorney fees and wait for the
foreclosure process to be completed. |
"Short sales are a win-win solution for sellers in
distress and savvy buyers in this real estate mortgage
market," who works with buyers, sellers, and lenders to negotiate short sale closings.
Every situation is different, and each
lender has specific requirements for borrowers to qualify
for a short sale or short payoff. Borrowers typically must
demonstrate financial distress warranting the short sale of
a home, and are not allowed to receive any equity out of the
property at sale. The short sale of a property requires a
buyer, creating opportunities for short sale investors to
purchase properties at very reasonable prices.
The staff of my team are experts on
short sales and the requirements to qualify, as well as the
short sale process. Our Southern California office will assist sellers in completing their
short sale applications, document submissions, and draft
their sales contracts, which are contingent on the
acceptance of the short sale, as well as help them to market their property.
Our real estate office will provide a free consultation
on foreclosure avoidance and short sale potential. Our
real estate attorney and title company staff will work with
you to provide the valuation documentation required in
the lender's mortgage short sale application.
Short sales in real estate take more time than standard
real estate transactions with the typical short sale
application and negotiation lasting from three to eight
weeks. When coordinating and overseeing a short sale
transaction, my staff communicate with all the parties each step of the
way to make sure that the closing occurs smoothly and within
both the buyer's and seller's time-lines.
For a free consultation please fill out the form below or
contact us at:
800.508.2048
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