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What is a short sale?

When the proceeds from selling the property will fall short of the balance of debts (loans) secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts. The lien holders can be requested to agree to release the lien’ and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements (in the State of California) release borrowers from their obligations to repay any deficiencies of the loans. The same is true of lenders on first loans and lenders on second loans — once the short sale is approved, no deficiencies are permitted after the short sale. (SB 931, SB 458 - Calif. Code of Civil Procedure §580e).

 
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Questions

Does it matter what kind of loan I currently have?

No, if you are experiencing a hardship that is causing you to fall behind in your payments any lien holder can be requested to allow you to short sale your home.

What about loan Modifications?

Our certified specialist can help you get started on applying for a loan modification at no cost to you. If you are denied the modification we can further assist you in the request to short sale, again at no cost to you. The lien holder pays the fees.

How much will it cost me to short sale my home?

There are no fees involved to short sale your home. The lien holder (bank) pays the Realtor and closing fees on your behalf.

How long is the Short Sale process?

Time is of the essence when the Seller has defaulted on their mortgage payments. The actual length of time for the Short Sale process varies, depending upon the lender(s) and the issues involved. Typically, the process will take anywhere from 60 to 120 days

Can I stay in my home while I’m trying to short sale?

 

Yes, the lien holders actually prefer you to stay in the home. The value of the home is better maintained while occupied. You as the seller are still required to keep utilities current and home in operating condition.

April McNicholas is SFR NAR and Equator Certified in Short Sales and Foreclosures.

 

Please feel free to email any short sale or modification question big or small to april@fhare.org or call 916) 542-1544 for further detailed information. We have the experience to help make your modification or short sale request as easy as possible.

 

 

How do I know if I qualify for a short sale?

Lien holders require a financial or economic hardship in order to consider your request to short sale your home. If you are experiencing a loss of employment, reduction in pay, a divorce or separation, death in the family, job relocation, upcoming rate increase on current adjustable loan, medical expenses or major illness, increased bills due to higher living expenses or other hardships affecting your ability to keep your home mortgage current, you may be eligible for a short sale.

Will there be any tax consequences for the Seller as a result of a Short sale?

Please consult with a tax advisor or licensed Real Estate Attorney as to whether or not a Short Sale will result in any tax implications. There may be tax ramifications associated with saving a property from Foreclosure, including but not limited to the issuance of an IRS tax form 1099C for any shortfall of the mortgage debt.The Mortgage Forgiveness Debt Relief Act was given a one year extension through 2013.

What does a short sale do to my credit?

Short selling your home will result in a credit score decline. The exact amount is determined by how many months of payments have been missed and if a Bankruptcy is also involved. Many Mortgage companies are now able to provide home loans within two years of rebuilding your credit after a short sale.

Will I receive any proceeds from the short sale?

 

The only proceeds allowed for a seller to receive would be relocation assistance and or other short sale incentive programs your specific lender may participate in. This can range from $0 up to $35,000.00. The average homeowner occupied seller incentive is $3,000.00 for relocation assistance.  Please note many lien holders require the home to stay occupied by the seller until close of escrow in order to qualify for any assistance monies at close.

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uture Homes & Real Estate

Short Sale Testimonials

 

Thank you! You have been so amazing to work with. You have a true professionalism that I wish many other agents would follow.  SW/Coldwell Banker

 

You are DA BOMB!!! Thanks for all your hard work April.  I will be sure to tell our buyers how instrumental you were in helping them purchase their first home…You are like Disneyland making people’s dreams come true. LV/Coldwell Banker

 

I think you are very talented. Thank you! CW/Hughes Real Estate

 

You’re the best. Thanks so much. I seriously did not think we would see this through. Thank you again.  GF/REMAX Gold

 

 

 

You did a fantastic job managing this short sale....thank you very much!! SH/Hilton Properties 

 

 

 

April....YOU ARE AMAZING! SA/Realty World Platinum  

April you are the best! Thank you for helping this short sale close so smoothly. JA/Allison James

Thank you on a great job!  This was a challenge!  I appreciate all you do. MM/Melville Group

Thank you thank you thank you!!!  It takes a city to close a short sale … and one REALLY GOOD negotiator … YOU! JC/Cavaliere Properties

You are amazing! I will recommend you always to anyone! DH/Swansboro Land and Homes

Thank you April.  This would not have happened without your negotiations. JP/First American Title.

 

Thank you April for your diligence.  April, you have done an amazing job, something I have not seen in my 8 years in the real estate business. CR/Sacramento Income Property

Thank you for getting me through my first short sale as the listing agent. MF/Coldwell Banker

You made the transaction go so smoothly. I really appreciate that. Definitely you will be the first choice for any SS transactions in future. VA/Real Estate Source

Sale Testimonials