SHORT SALES
Because of the current state of the real estate market, many people find themselves owing more on their mortgage than their property is worth. This is commonly referred to as being “underwater” or “upside down”. If you are underwater and having difficulty making your mortgage payments, a short sale may be the answer.
A short sale is an agreement between a homeowner and his lender whereby the lender agrees to accept as a full payoff of the mortgage loan less than what the homeowner actually owes. In a properly negotiated short sale, the homeowner is able to walk away from the home with no further obligation to the lender.
A short sale is a win-win for everyone involved. It allows homeowners to sell the property while avoiding the damage to their credit a foreclosure would cause; it enables lenders to avoid the expenses associated with foreclosing; and, it gives buyers a chance to purchase properties for below market prices, giving them with built-in equity.
Despite the benefits a short sale affords the seller, the lender, and the buyer, according to Attorney Stephen J. Beede in his book “Coping with an Upside Down Mortgage”, only about 4% to 12% of short sales in California are successful. That's why you need a real estate agent who is experienced in negotiating short sales working on your behalf. Don't trust an estate agent who has never successfully negotiated a short sale to successfully negotiate yours. There is a first time for everything, but you have much too much riding on the sale of your home to entrust your short sale to the wrong agent. Short sale negotiations are complex matters that require the experience of a seasoned professional.
And I have just the type of expertise required to successfully negotiate even the most complicated short sales. Whether you have a second or even a third mortgage, are in bankruptcy, have tax liens, or other issues that impact your property, Eddie Zubia Real Estate is ready and able to negotiate your short sale. |
