What is a Short Sale?
A Short Sale is basically when the sale of your property and the proceeds of it is not enough to satisfy the liens (The amount you owe) upon close. Here is a quick example:
Current market value of property : $200,000
Current first mortgage: $325,000
Current 2nd mortgage: $50,000
In this case obviously there isn’t enough from the sale to payoff or satisfy the first or second lien (bank) holders. So we would work along side the bank to try and negotiate a reduced amount or payoff in order to close the transaction. It is important to know that I try and keep your out of pocket expenses to a minimum or in most cases $0. When we submit a offer to your bank (along with any other required documents) we included fees such as-Back Payments & Penalties, Home Owners Insurance payments, Delinquent Taxes, Title Fees, Real Estate Commissions ect…as Bank Expenses! In some cases the bank will come back and counter our offer with the banks acceptable terms..at that point we can renegotiate until we hopefully come to mutual agreed upon terms.
It is important to know that every Short Sale is a different situation. Different hardships, loans, situations and bank requirements make the process very complicated. Please call me so we can talk and go over your options. If needed, we will come over at no cost so we can discuss it in detail.
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Steve & Christi Durflinger; 925-708-0006