Santa Clarita Real Estate Short Sales
You may have been hearing the term "Short Sale" or "Short Pays" quite a bit lately. As a result of the recent sub prime mortgage fallout, and the resulting declining home prices, some sellers have found themselves in a situation where they owe more than what they can realistically sell their property for.
A Short Sale occurs when the lender on a parcel of real property agrees to accept less than the total amount owed on its debt and agrees to release its lien on the property.
To be eligible for short sale treatment, the property must first qualify. And usually, the loan is in default. However, it doesn't have to be in default!
This means that there is a short window of opportunity for both the seller and the buyer before the property goes back to the bank at a Trustee Sale:
- For the seller - the opportunity to sell the property through a Short Sale process, and prevent a foreclosure by the lender.
- For the buyer - the opportunity to purchase a good deal while the lender is willing to negotiate.
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