Orange County Short Sales
What options do I have to avoid foreclosure? What is a Shortsale? How do I do a Shortsale?
When facing foreclosure and financial hardships that prevent you from staying on top of your mortgage payments, you have options. Many homeowners go through the grueling process of foreclosure without knowing other options available. Below we have compiled general information about short sales that can help inform your decision and provide some hope for your current financial situation.
What is a Short Sale?
A short sale is when a house is listed for sale for less than the actual amount owed on the current mortgage. This is possible when the lender agrees to discount the total amount owed on the home rather than going through the foreclosure process with the homeowner.
More and more lenders are opting for short sales over foreclosures yielding great opportunities for homeowners to rise out of the burden of their mortgages – and usually at a faster rate than regular sales and foreclosures.
This is because short sales are popular among buyers in the marketplace looking for a good deal. All types of properties are currently in short sale – from Oceanside estates to inland condos. We have helped hundreds of struggling homeowners short sale their properties after being given a significant reduction by lenders. We are here to help you do the same.
Short Sale vs. Foreclosure
A short sale occurs before a house goes into foreclosure. Most lenders opt for a short sale over a foreclosure because they are more cost effective and efficient. In other words, mortgage lenders are often wiling to negotiate down or discount the amount owed on a home to facilitate a short sale rather than take the potential loss from a foreclosure.
For buyers, while a short sale can still be time consuming - unlike what the name would indicate - they are still often a better deal and faster than buying a foreclosed or auctioned home.
The Short Sale Process and Timeline
We facilitate the short sale process for you to make it as efficient as possible. The average short sale takes 90 days with a 30 day escrow and we close 16 short sales on average per month.
The process begins with us listing your property in the same fashion that we would any other property.
Then we negotiate with the bank(s) involved to get the home discounted. This is where you need a qualified and experienced short sale specialist in Orange County who is well versed in short sale negotiations. Our experienced agents and past clients can attest to securing the financial future of your family by successful negotiation with lenders.
The end of the short sale process is just like the regular selling process with an escrow, inspections and closing.
As an authority in Orange County short sales, we can help you get started right away.
We encourage you to take a look at our successful short sales and how much was forgiven on loans. A proven track record in negotiation and getting lenders to accept debt forgiveness like ours is the most important consideration when choosing an agent.
Our dedicated and successful agents would like to help out of your current financial situation or before your home goes into foreclosure. Please contact us today.