Short Sales, In Summary
Real estate is generally a wise investment. Say, for example, that you bought a home in 2006, just before the housing market crash. Your home likely lost some equity in the last decade, but home prices are on the rise again and you can expect to see your home value climb in the coming years. All you have to do is wait it out.
What if, though, you are not able to do that? If you have fallen behind on your mortgage payments and are underwater on your mortgage (meaning your home is worth less than your remaining mortgage balance), you may be thinking that your only option is foreclosure.
Fortunately, there is an alternative that—if handled properly—will allow you to get rid of your house and your mortgage without damaging your credit score as greatly as a foreclosure. A short sale is the sale of a property for less than the remaining amount of the mortgage. Of course, your mortgage lender needs to agree to a short sale, but because foreclosures are time consuming and costly for lenders, yours might be willing to consider this option.
Short sales are complicated, and will require you to get both your lender and a potential buyer on board. If, though, you can assemble the necessary parties and get everyone to agree on a price, a short sale can offer you a way out just when you thought your only escape was foreclosure.
In a short sale, staying on task and on schedule is crucial. So your escrow services can be quickly and flawlessly handled, contact Brighton Escrow. Conveniently located in Hermosa Beach, our dedicated team is here to partner with you so that your short sale can be a success. For all of your California escrow needs, call us today!