What Is A Short Sale, And Why Would A Bank Consider It?
Simply stated, a short sale occurs when the bank accepts an offer on your home that is less than what is owed on the mortgage. For example, lets say you owe $350,000 on your home in Murrieta, and the market value is $250,000. Our Murrieta short sale agent team lists the property for sale, and receives an offer of $250,000. Basically, we are “shorting” the bank $100,000. In doing so, your lender will “forgive” the debt and allow you to move on with your life.
Banks accept Murrieta short sales because they are better for their bottom line, when compared to foreclosure. A typical foreclosure will cost the bank anywhere from $15,000-$30,000 in legal fees, maintenance costs, utilities, etc. A short sale not only recoups more money for the lender/investor, but also keeps them from potentially having another home in their inventory. Remember, banks are not in the business of owning homes.
Though often complicated by lender changes and demands, the short sale process is just as difficult because of the stress of losing your home. This emotional stress may make the additional technical and financial hurdles all the more daunting to the seller but we are here to help. Together, we will strive to succeed in closing the sale of your home and allowing you to get on with an improved life without the constant stress of dealing with impossible financial circumstances.
Please call me or email with any questions you may have about the short sale process.
Odalys Simon, Realtor