Over the last decade, the housing market has had its ups and downs. Unfortunately, many homeowners are continuing to feel the effects of the sudden drop in home values from years past. If you are having difficulty making your monthly mortgage payment, you need to address the problem quickly. The sooner you are able to seek help, the more options you will have to avoid a possible foreclosure. We can help you decide the best option given your circumstances. Some of the most common options are to refinance your loan, modify your loan or to perform a short sale. We specialize in short sale transactions and will negotiate with your mortgage holder on your behalf. Contact us today to find out more about what option is best for you.
A short sale is the sale of a property for less than what the owner owes on the mortgage. When a homeowner stops making mortgage payments, the home will likely go into foreclosure. A short sale gives the homeowner an opportunity to sell the home prior to foreclosure. The mortgage holder agrees to accept less than the amount owed to pay off the current loan balance. Mortgage holders agree to short sales because they believe it will net them more money than going forward with the foreclosure process.
In most instances, a short sale makes more sense than a foreclosure. The biggest difference between the two is the long term effects on your credit and future purchasing ability. If you do a short sale, more opportunities will be available to you when you are ready to purchase your future home. You may also have less tax liability through a short sale rather than a foreclosure. Additionally, with a short sale, you are in control of the sale, not the mortgage holder. You will feel more comfortable knowing who is buying your home, and you can spare yourself the social stigma of foreclosure.
There is no cost to you for The Fresno Market to process your short sale. The closing costs associated to the transaction are generally paid by your mortgage holder. You may even be able to get paid to short sale your home through government programs such as HAFA (Home Affordable Foreclosure Alternative).
No. A short sale is a very complex real estate transaction and one that has serious implications on your future. A short sale should be handled by a Realtor who has substantial experience with the process and a strong track-record of successful closings. The Fresno Market has been consistently servicing short sale clients for the past 5 years.
If you owe more on your mortgage than what your home is worth and can’t afford your mortgage payments, you may qualify for a short sale. Every situation is unique, but the following are the basic criteria for qualifying for a short sale:
There is no guarantee that a short sale will be completed prior to a foreclosure, but just starting the short sale process will greatly increase your chances of postponing or even stopping foreclosure proceedings.
Yes. Each mortgage can be negotiated individually. However, multiple mortgages make a short sale more complicated and time-consuming. Both mortgage holders must agree to the short sale in order for the transaction to close.
The Fresno Market is one of the leading real estate agencies in Central California. Todd and his team have helped hundreds of families achieve their real estate goals.