What Is A Short Sale

What Is A Short Sale

What is a Short Sale?

What is a short sale? A short sale refers to the sale of real property for an amount less than the amount owed on the property. The lender (FHA, VA, or CONV Lender) agrees to accept less than the full balance due on the debt, and usually “forgives” all or a large portion of the difference.

 

Please bear in mind the following facts when making an offer:

 

Closing Date: Short sales usually take 30–120 days to close. They can take longer, and the final closing date is contingent upon the lender.

 

If the buyer must be in the home SOONER than this time frame, OR cannot tolerate delays beyond 120 days, they should NOT make an offer. This time frame is dependent on where the file is in the short sale process. For example, if final Short sale approval has been granted, then the process can take as little as twenty days. Please check with us prior to making the offer for a more accurate idea of closing time on this property.

What Is A Short Sale? | Will Short Sale Hurt My Credit? | Tax Implications Of Short Sale | Will Bank Approve Short Sale?

If you accept our offer to help you on a short sale, your lender may not agree to a short sale or modification. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Avoiding foreclosure is important. We recommend that you speak with the appropriate licensed legal or tax advisor before making any decision. 

Contact Information

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The Aguilera Real Estate Team
Aspire Hometown Realty
24 West 10th Street
Tracy CA 95376
Office: 209-597-8256
Cell: 209-814-8256
Fax: 209-370-8255