What is a Short-Sale?

What is a Short-Sale?

Today you hear a lot about short sale properties. So just exactly what is a short sale property? A short sale property is when the owner owes more on the mortgage, than the property is worth. These properties are not generally as affected by poor appearance and condition as distressed and foreclosure properties, but are affected by the owner’s financial situation. Short sale properties liked distressed properties may have to be sold in order to pay arrears on a mortgage or the owner may be relocating to another area due to a job change and needs to sell quickly. Because of market conditions, the owner is unable to get any equity out of the property and the alternative to foreclosure is to negotiate with the bank to get them to accept the short sale.
 
Benefits of a Short Sale
 
The benefits of a short sale to the owner is that it has a much lesser negative effect on the owner’s credit than a foreclosure. A benefit to all parties especially the lender is that there is no formal foreclosure procedure which saves time and money for everyone. The buyer/investor benefits by purchasing the property at a discount, which is usually at or below market value.
 
  • Avoids the lengthy legal process involved in foreclosure
  • Avoids future employers from seeing foreclosure on credit
  • Avoids eviction on record that occurs with foreclosure
  • Generally less damaging to your credit rating than foreclosure
  • Seller potentially eligible for seller incentives for moving expenses

 

 

Avoid Foreclosure & Short Sale Information:

Contact Information

Blue & Gold Realty Team
Carrington Real Estate Services
505 Merchant Street
Vacaville CA 95668
(707) 447-5000
(800) 459-4813
Fax: (707) 471-6591
Listing by City | Vacaville Real Estate | Fairfield Real Estate | Suisun City Real Estate | Benicia Real Estate | Vallejo Real Estate | American Canyon Real Estate | Napa Real Estate | Rio Vista Real Estate | Dixon Real Estate | Winters Real Estate | Davis Real Estate | Solano County | Napa County
Carrington Home Loans | Listings by Email | Free Home Valuation | Property Management | Sitemap
Licensed by the California Bureau of Real Estate: BRE License # 1397744 & 01845712.
Carrington Mortgage Services, LLC (CMS) headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS Unique Identifier #2600.

 

.