What is a Short Sale: a Sellers perspective?

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708
http://actvra.in/GWv

What is a Short Sale: a Sellers perspective?

short sale in Los Angeles, CA endre barath

I just received a call today: I need to sell my home, please help. This made me think, how many sellers do not understand what a short sale entails.

Endre Barath, Short Sale realtor in Los Angeles

Well to put it simply: Every Short Sale depends on the seller’s lender consenting to the transaction and agreeing to release the lenders’ financial interest in exchange for less than what is owed. Keep in mind in some cases the lender’s approval of a short sale does not mean that the lender relives the seller of liability for repayment of the entire debt.

short sale in Los Angeles, CA endre barath

Keep in mind that the seller can sell his home and still owe the unpaid balance, plus interest and penalties to the lender. Furthermore the Lender may then seek a deficiency judgment against the seller for the difference.

A short sale is a very complex transaction that involves numerous issues, legal and financial. It is imperative that a seller get good advice from friends, family, realtors, attorneys and accountants. If not it could be a legal and financial disaster that could be in effect for up to 20 years after the transaction.

Hence I cannot emphasize how important it is to have the right Realtor, Attorney and Accountant for getting the right advice.

short sale in Los Angeles, CA endre barath

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or emails me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

 

close

Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Joy Daniels 09/08/2012 08:01 PM
  2. Charles Stallions 01/04/2013 05:54 PM
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Home Selling
Location:
California Los Angeles County Los Angeles Burbank
Groups:
Active Rain Wall Of Honor
Condo Benefits
Everything California
ActiveRain MasterMinds
Condo Specialists
Tags:
los angeles real estate
need help in a short sale
short sale sellers perspective
endre barath
short sale

Comments 16 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
961,071
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

Eileen, how true I had a situation when I represented the buyer and the seller had a  Real Estate Attorney with a lack of Short Sale knowledge....sadly they foreclosed on the sellers and we missed out on a purchase!

Wayne it is an emotional roller coaster ride at best!

August 28, 2012 05:53 PM
Ambassador
586,823
Janna Scharf
Coeur d'Alene Real Estate Pro
Keller Williams Realty Coeur d'Alene

Great explanation, I can't stress enough how important it is for folks to hire a SAVVY agent like you to handle their short sale.  All agents are NOT created equal. 

August 28, 2012 07:44 PM
Rainmaker
961,071
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

Silvia, Short Sales are difficult and one needs good support and good advice!

Janna, I agree not all agents are created equal!

August 28, 2012 10:39 PM
Rainmaker
692,869
Juli Vosmik
Scottsdale/Cave Creek, AZ real estate 480-710-0739
Dominion Real Estate Partners, LLC, Scottsdale, AZ

Endre, you're SO RIGHT - there are SO MANY things involved in a short sale - it's not a "get out of jail free" card.  An experienced real estate agent like Endre Barath will help explain the short sale process in Beverly Hills CA.  

August 28, 2012 10:40 PM
Rainmaker
961,071
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

Juli sadly everyone thinks they are "short sale experts"......

September 02, 2012 05:48 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pants to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
961,071

Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the scissors to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: