Short Sale Homes Temecula - Murrieta California

To search for Shortl Sale Homes click here.What is a short sale? A Short Sale is a term used to describe a transaction where the seller’s mortgage lender (or lenders) does (do) not get paid all the money back owed on the property.

Why would a seller want to do a Short Sale?

This type of transaction becomes necessary when home values are declining. The seller has a need to sell for a variety of possible reasons but the home’s value is less than what is owed after the selling expenses are paid. The seller may have been transferred to a different part of the country with his/her employer. Perhaps the seller has suffered a decrease in income and cannot make the payment anymore. Finally, it is very possible, that the seller took out a loan against the property that had an initial low monthly payment that is now adjusting to a payment the seller cannot make.

Why would the mortgage lender (bank) want to agree to this?

The bank understands that the market is declining. Their options are to try to get the most possible out of the transaction you present them or foreclose on the property and then sell it themselves. They will take into consideration that foreclosing will cost them time and money. If the market is in decline, the time may be the biggest cost. When large numbers of properties started being foreclosed on in late 2007, Banks were not well prepared to negotiate short sales but by the latter part of 2008, most lenders have become quite proficient with the process.

Who can put all this together?

An agent experienced in short sales is worth his/her weight in gold. You need to be careful who you select to market the property and present the short sale to the bank. Your agent needs to be very organized and understand the process. Patience and knowledge are required. Unfortunately, there are quite a few agents out there trying to get paid on anything in a tough market. They may say they can do it but you need to interview the agent to get a strong feeling that they will be proficient with the process.

What will this cost me?

At this point it is very possible that you (the seller) have fallen behind on your payments. Obviously you are not in a position to be taking money out of your pocket. When the Short Sale scenario is presented to the bank all of the costs will be netted out of the lender’s proposed net proceeds. The lender will ask you to fill out an application. It is kind of like filling out a loan application but instead of proving you can make the payment, you will demonstrate that you can’t and that you do not have any cash resources available to kick in to the transaction.

Why Select Bob Bodemer and Rochelle Wren to complete a Short Sale?

Bob Bodemer and Rochelle Wren can navigate you through this process with their experience, knowledge, patience, and organizational skills. Bob Bodemer and Rochelle Wren have a combined 24 years experience buying and selling homes in the Temecula Area. Bob Bodemer and Rochelle Wren understand all situations and will handle your needs with understanding and discretion. Contact us to learn more about purchasing short sale homes in Temecula and Murrieta, California.

 

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