What is a Short Sale?

California Short SaleIf you’ve been paying attention to real estate news you’ve surely heard the term “Short Sale.” You are not alone if you are confused about what one is. Everyone uses the term, but many people don’t have the slightest clue what a short sale is.

A Short Sale is NOT a foreclosure.

A Short Sale is NOT an REO.

A Short Sale is an alternative to a foreclosure or REO.

A Short Sale is a process that owners and lenders can use to avoid foreclosure. Short selling your home is a complicated process and cannot be done alone. Contact us to work with an experienced broker to short sale your home if you are at risk of default.

Here is a basic overview of the short sale process:

When a homeowner is in default (behind on their mortgage payments), either the lender or the owner can contact the other and try to initiate a short sale. It is important to understand that the lender, or in some cases multiple lenders, must agree to a short sale. Once the lender agrees, the property is listed for sale.

The lender will typically require that they use one of their approved listing brokers to sell the property. The lender must approve every aspect of the sale as they need to understand how much they will get out of the property once it’s sold. The lender often times has to coordinate with junior lenders and investors to get the sale approved because they stand to lose $50,000 – $100,000 or more on the sale.

There are benefits to both the lender and the borrower for a short sale. The borrower avoids foreclosure, which will destroy their credit for many years, and the lender does not have to step into the chain of title (which adds significant liability) nor do they have to incur foreclosure or eviction costs.

How do I short sale my home?

Contact us at 1-800-287-1808 today to get some help on short selling your home or if you have any other questions.

SEARCH SOUTHERN CALIFORNIA SHORT SALES BY CITY

  • Agoura Short Sales
  • Agoura Hills Short Sales
  • Alhambra Short Sales
  • Aliso Viejo Short Sales
  • Altadena Short Sales
  • Anaheim Short Sales
  • Arcadia Short Sales
  • Arleta Short Sales
  • Azusa Short Sales
  • Bakersfield Short Sales
  • Bel Air Short Sales
  • Beverly Hills Short Sales
  • Big Bear Short Sales
  • Bradbury Short Sales
  • Brentwood Short Sales
  • Burbank Short Sales
  • Calabasas Short Sales
  • Camarillo Short Sales
  • Canoga Park Short Sales
  • Canyon Country Short Sales
  • Castaic Short Sales
  • Cerritos Short Sales
  • Chatsworth Short Sales
  • Chino Short Sales
  • City Of Industry Short Sales
  • Compton Short Sales
  • Corona Short Sales
  • Costa Mesa Short Sales
  • Coto de Caza Short Sales
  • Covina Short Sales
  • Culver City Short Sales
  • Dana Point Short Sales
  • Desert Hot Springs Short Sales
  • Downey Short Sales
  • Duarte Short Sales
  • East Los Angeles Short Sales
  • Echo Park Short Sales
  • El Segundo Short Sales
  • Encino Short Sales
  • Fillmore Short Sales
  • Fullerton Short Sales
  • Garden Grove Short Sales
  • Gardena Short Sales
  • Glendale Short Sales
  • Glendora Short Sales
  • Granada Hills Short Sales
  • Hacienda Heights Short Sales
  • Hancock Park Short Sales
  • Hermosa Beach Short Sales
  • Hidden Hills Short Sales
  • Hollywood Short Sales
  • Hollywood Hills Short Sales
  • Huntington Beach Short Sales
  • Huntington Park Short Sales
  • Inglewood Short Sales
  • Irvine Short Sales
  • Irwindale Short Sales
  • La Canada Flintridge Short Sales
  • La Crescenta-Montrose Short Sales
  • Laguna Beach Short Sales
  • Laguna Hills Short Sales
  • Laguna Niguel Short Sales
  • Lancaster Short Sales
  • Llano Short Sales
  • Long Beach Short Sales
  • Los Alamitos Short Sales
  • Los Angeles Short Sales
  • Los Feliz Short Sales
  • Malibu Short Sales
  • Manhattan Beach Short Sales
  • Marina Del Rey Short Sales
  • Mission Viejo Short Sales
  • Monrovia Short Sales
  • Moorpark Short Sales
  • Moreno Valley Short Sales
  • Mount Baldy Short Sales
  • Murrieta Short Sales
  • Newbury Park Short Sales
  • Newhall Short Sales
  • Newport Beach Short Sales
  • Newport Coast Short Sales
  • North Hills Short Sales
  • North Hollywood Short Sales
  • Northridge Short Sales
  • Norwalk Short Sales
  • Ontario Short Sales
  • Orange Short Sales
  • Oxnard Short Sales
  • Pacific Palisades Short Sales
  • Pacoima Short Sales
  • Palm Desert Short Sales
  • Palm Springs Short Sales
  • Palmdale Short Sales
  • Palos Verdes Peninsula Short Sales
  • Pasadena Short Sales
  • Perris Short Sales
  • Pomona Short Sales
  • Porter Ranch Short Sales
  • Rancho Cucamonga Short Sales
  • Rancho Mirage Short Sales
  • Rancho Palos Verdes Short Sales
  • Redondo Beach Short Sales
  • Reseda Short Sales
  • Riverside Short Sales
  • San Bernardino Short Sales
  • San Clemente Short Sales
  • San Fernando Short Sales
  • San Gabriel Short Sales
  • San Jacinto Short Sales
  • San Juan Capistrano Short Sales
  • San Marino Short Sales
  • Santa Ana Short Sales
  • Santa Clarita Short Sales
  • Santa Monica Short Sales
  • Seal Beach Short Sales
  • Sherman Oaks Short Sales
  • Sierra Madre Short Sales
  • Silver Lake Short Sales
  • Simi Valley Short Sales
  • South Pasadena Short Sales
  • Stevenson Ranch Short Sales
  • Studio City Short Sales
  • Tarzana Short Sales
  • Temecula Short Sales
  • Thousand Oaks Short Sales
  • Toluca Lake Short Sales
  • Topanga Short Sales
  • Torrance Short Sales
  • Tujunga Short Sales
  • Universal City Short Sales
  • Upland Short Sales
  • Valencia Short Sales
  • Valley Village Short Sales
  • Van Nuys Short Sales
  • Venice Short Sales
  • Ventura Short Sales
  • Victorville Short Sales
  • Villa Park Short Sales
  • West Covina Short Sales
  • West Hills Short Sales
  • West Hollywood Short Sales
  • West Los Angeles Short Sales
  • Westchester Short Sales
  • Westlake Village Short Sales
  • Westwood-Century City Short Sales
  • Whittier Short Sales
  • Wilmington Short Sales
  • Winnetka Short Sales
  • Woodland Hills Short Sales
  • Yorba Linda Short Sales
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