What is a Short Sale?

Due to the economic and real estate condition of the Apple Valley, Adelanto, Hesperia and Victorville areas of The High Desert, you may find yourself in simply an undoable financial situation.  A Short Sales is a consideration for some sellers...not all.  Take a look at your options below.

A “Short Sale” is a sale that does not produce sufficient funds to pay off the existing monetary encumbrances against the property after the costs of sale have been subtracted.  Seller’s creditors are third parties who have an interest in the Property in the form of a deed of trust, some other security, or a lien (like a tax bill).

In a Short Sale, Seller will need to get the consent of Seller’s creditors in order for the sale to close. This is because Seller’s creditors will have to agree to accept less than the outstanding amount of Seller’s debt that is owed to the creditors.

Consideration of entering into a Short Sale presents one of the most complicated real estate transactions you can do in today's market.  Failure to look at and get professional advise before hand could result in even larger problems after the fact.  At the least you will need a Real Estate Short Sale Expert and a Real Estate Attorney or Accountant to explain your options...and YOU DO HAVE OPTIONS!

1. Do nothing (continue to pay the mortgage and wait for the market to improve)

2. Sell (sell the property in a conventional manner and if you are short cash to close pay for it out of your pocket)

3. Short Sale (sell the property under a lender approved hardship and let the lender absorb any deficiencies)

4. Deed in-Lieu of Foreclosure (in some cases a lender will agree to take the property back in lieu of foreclosing)

5. Foreclosure (walk away and let the lender foreclose)

All 5 of these options have complicated and impacting implications.  Due to the unique nature of every transaction and individual situation your case needs to be evaluated separately.

With the amount of foreclosure activity in the Apple Valley, Victorville, Hesperia and Adelanto areas of the High Desert you need a clear understanding of your options.

If you want a free 20-30 minute consultation regarding your options and what may work best for you, fill out this form today, and we will get in touch with you within 48 hours to set up a convenient time to talk.

Do Not Wait till the last minute or it will be too late.  A short sale process can easily take 90-120 days and if you have missed a payment you are already on a short time line.

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Please call or e-mail me to arrange for 20-30 minute Short Sale Option Consultation.  I understand that this is a free consultation and I am under no obligation.