What is a short sale? A Short Sale in real estate is when a home is sold for market value that is lower than the amount of the debt owed.
The Short Sale Process is actually two transactions running side by side, more or less simultaneously.
The first transaction is just “real estate 101”. This is the transaction between you, the Folsom Short Sale Seller and the short sale buyer. This transaction contains all the traditional real estate time-lines, disclosures and contingencies but also additional addendum’s and disclosures letting all parties know that, among other things, it is contingent upon third party approval.
The other transaction is the actual short sale transaction that must be negotiated by your Folsom short sale agent and the bank-
This is the part of the short sale negotiation that as your short sale specialist in Folsom, I conduct on your behalf so that the bank will allow you to pass the short sale property to the buyer with a “Short Pay” to the bank.
Questions on you particular situation? Contact us Today At Forth Hoyt’s Sacramento Short Sale Center.
I get calls all the time from people with questions. People just looking for options and for different ideas.
Had a call yesterday from a Folsom Short Sale Prospect that wanted to talk about her particular situating and her particular bank-
The questions she had were very similar to questions that nearly everyone who is thinking about a short sale in Folsom have-
How long will a short sale take? What Documents Are Required For A Short Sale? Do I need to be behind in payments? Does the bank have the right to come after me for the difference? Will I owe taxes? How bad will a short sale affect my credit and how long will it take to rebuild my credit? How long until I can get a FHA loan? What about conventional financing? Is there a way to speed that up?
How do you do a short sale?
Can I short sell my home?
Will the bank come after me if I short sell?
What are the newest short sale laws in California?
Answers to these questions and more: Contact us Today At Forth Hoyt’s Sacramento Short Sale Center.
Short Sale Process and Transaction explained by Folsom Short Sale Specialist, Multi-Certified Short Sale Expert and many times Successful Short Sale Agent Forth