Jeff Green, Realtor - PMZ Real Estate

 

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Short Sale Homes Buyer's Specialists

 

Our Mission:  Getting YOU, the BUYER, the best home for the best price with the best loan in the shortest time possible, exercising the utmost in care and professional service.

 

Short Sale Homes for Sale:  100s more available!

 

If you are an investor looking for a deal that gives you instant equity, or a home buyer just looking for a good deal, buying a Short Sale may be your answer. The risks that go along with foreclosing on a property have mortgage companies looking for ways to avoid foreclosure and reduce the losses incurred when a loan goes delinquent.

A Short Sale allows the mortgage holder to limit losses on a delinquent loan and take the loan off their books. The discount a lender is usually willing to approve means the buyer gets  good deal.
 

It isn't often in real estate transactions that virtually all parties with a financial interest can be winners in the same transaction. A successful Short Sale is one of those rare situations where everyone wins.

 

The Buyer Wins by acquiring a property at below market price.

The Seller Wins by avoiding foreclosure. The property gets sold, all the loans get paid off.

The Mortgage Holder Wins by reducing the loss they absorb to get the delinquent loan off their books.

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If you know someone facing foreclosure or who is in default, we may be able to help avoid foreclosure through a short sale.   Visit our Central Valley Short Sale site for further information.

 

What is a “Short Sale”?
A “short sale” is a term that is commonly used when a property is sold for an amount which is insufficient to pay the existing liens, encumbrances and costs associated with the sale of the property. The seller is often said to be “upside down” in the property.

 

The Scenario:
The current market value for the property is $400,000.00. Closing costs are estimated to be $40,000.00 and the current balance on the loan secured by the property is $390,000.00. The sale proceeds will be insufficient to meet the seller’s obligations at closing by $30,000.00.

 

Possible Solutions: Seller can deposit the additional $30,000.00 required into escrow at closing or the seller can contact the existing lender to determine if the lender is willing to reduce the amount required to release their lien from the property.
 

Contacting the Lender:
Seller should contact the existing lender to determine the documentation required to start the “short sale” approval process and the amount of time necessary for the lender to provide a preliminary determination, once the seller has provided the required documents.
 

The Purchase Agreement: The lender usually not provide final approval for the short sale until the seller has entered into a purchase agreement with a prospective buyer and seller’s acceptance of this  agreement should be contingent upon the successful negotiations with seller’s existing lender to reduce the amount required to release the lien of record.
 

The Escrow:
If the short sale is approved, the lender will provide the escrow holder, upon request, with a written statement reflecting the amounts required to release the lien of record and any final conditions which must be met before the lender will authorize the escrow to close.