What is a Short Sale: a Sellers perspective?
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.
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.
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.
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 firstname.lastname@example.org 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.