Simply put – a short sale is when a bank agrees to a sale that is “short” of the amount owed.
If you sell a home for a price where the net proceeds of the sale are less than obligations on any notes like the mortgage and any second mortgage that creates a deficiency. The “short sale” that you hear so much about is the sale where a lender agrees to waive the deficiency.
Example: A typical home purchased in Hemet, CA between 2004 and 2006
would cost around $450,000. In today’s market, the same home may sell
for around $250,000, leaving a “short” of $200,000. The lender(s) will
need to agree to this “short” and then your property will sell and close
escrow. The lender/bank will take a $200,000 loss. READ MORE
If you sell a home for a price where the net proceeds of the sale are less than obligations on any notes like the mortgage and any second mortgage that creates a deficiency. The “short sale” that you hear so much about is the sale where a lender agrees to waive the deficiency.
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| Odalys is trained and certified by Chase Bank as a preferred agent for Hemet Short Sales |
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