A short sale is when a lender accepts less than the total amount of the loan as payoff for the loan. This can occur when you owe more on your loan than your home is currently worth.

A short sale is not an easy transaction and requires a professional that is trained and knowledgeable. Not every Realtor knows how to process a short sale. Negotiation skills are particularly important, as the agent will be negotiating with the bank on your behalf.

If you'd like more information about short sales and the short sale process, contact us. We can walk you through the process so you know exactly what to expect and what the bank will expect from you. We're here to help.

Many agents will offer to help you with your short sale, but you should make sure you hire one that is SFR Certified. That way you can be assured that they know what they're doing. These are difficult transactions and any small mistake can cost you your home and foreclosure.

• The loan balance on my property is much greater than the value of my home
• A short sale will get me out from under a debt I can't afford
• The effect on my credit will be much less than a foreclosure
• A new payment from a loan modification is still more than I can afford
• A short sale allows me to stay in my home longer, and I get to choose the move out date
• Liens, judgments or deficiency amounts can be negotiated while in escrow, including IRS and franchise tax liens

Simply because there are some advantages of doing a short sale versus a foreclosure:

• Negotiated settlement
• Seller's credit is bruised
• No attorney fee
• Peace of mind and control over the process
• Typically can buy again in 2 years
• Liens negotiated and don't always follow you
• If you are current in your payments and you do a short sale, FHA allows you to buy another home again within a year with only 3.5% down

• Court settlement
• Seller's credit is ruined
• Big attorney fee which you end up paying for
• No peace of mind
• Typically can't buy again for 7-10 years
• All liens extinguished from the property and transferred to you
• Recourse loans/lenders can come after you for your debt

Call us today for a zero-cost short sale. Absolutely no fees or cost to you, even if your home is worth less than you owe. If you already received a Notice of Default or Notice of Trust Deed Sale there is no time to lose. Contact us and we'll explain your options to you.