If you want to buy or sell a Short Sale, Contact Us.

There are several alternatives to a Short Sale. While it may be the best option for some people, every situation is different. We strongly advise you speak with a tax advisor and a lawyer before deciding if a Short Sale is right for you.

CLICK HERE for the California Association (CAR) Report on Credit after Foreclosure and Bankruptcy.

HUD Tips for Avoiding Foreclosure

Joan Weisman is certified with the National Association of Realtors as a Short Sales & Foreclosure Resource. Find More Useful Short Sale Links below the videos at the Bottom of this Page.

Short Sale FAQ's

• What is a Short Sale? A short sale is the sale of a home where the sales price plus the cost of selling the home are more than the loan amount. Instead of the existing homeowner taking money out of pocket to complete the sale, the sale of the home is completed through negotiations with the existing lender(s). The lender(s) agree to accept less than the full amount owed and allowed it to be "paid off" short.

• Why would a Lender agree to a Short Sale? Lenders sometimes agree to a short sale to avoid a lengthy and expensive foreclosure process. The most common answer is selling a property short now will cost the bank less than other alternatives.

• How would I know if a Short Sale is right for me? Mortgage holders are increasingly willing to work with Sellers facing real hardship. If you are facing hardship that will makes it likely you will be unable to meet your mortgage obligation, your lender may prefer to settle the matter with you through a short sale instead of taking the property through foreclosure. Lenders are not in the business of owning or selling property, except where they have to be.

• What is the Short Selling Process? It is easy. Call us or Email through our website. We will do an easy prequalification to see if you might be a candidate for a short sale. If you do not choose to do a short sale after the consultation, that is okay too.

• What sort of hardship will my Lender consider legitimate? Generally, as long as the hardship is real and the mortgage is likely to become delinquent as a result the lender will agree to a short sale. Common and frequently accepted hardships include: Family illness or injury, Job loss, Job relocation when the property value is deficient, Divorce, Adjustment in mortgage payment or unforeseen increase in living expenses.

• How will a Short Sale affect my credit? They key for most people is to avoid foreclosure. Although a short sale and any delinquent payments will show up on your credit report, Fannie Mae and other lenders will let you borrow money more quickly after a short sale than after a foreclosure.

• My income problem was temporary. Do I need to sell my home? If your hardship was temporary, you may be able to keep your home. A Forbearance Agreement is a written agreement with your mortgage company that usually includes two elements: 1. The borrower's promise to keep current on the on the mortgage going forward and 2. Some plan for making up the delinquent amount, even if it is added to the loan to be paid over time.

Useful Links

CLICK HERE for HUD Website: Avoiding Foreclosure
Resources, Free Counseling and Information.

MAKING HOME AFFORDABLE.GOV
Discover refinancing and other aid available for homeowners.

California Association of Realtors on:
TAXATION OF FORECLOSURES AND SHORT SALES
We strongly recommend you speak with a lawyer and a tax accountant before deciding if a short sale is right for you.