Santa Cruz Short Sale Agents
If you owe more on your home than it is worth, you may be considering a short sale. Here is an example of a short sale:
You bought your home in 2006 for $600,000 - In today's market you can only sell it for $400,000 and you still owe $600k on your loan plus real estate closing costs to sell your home. Instead of doing a foreclosure and walking away, you decide to do a short sale. You list your home on the market at current day value with a Santa Cruz short sale agent for $400,000. Your short sale agent procures an offer at $400,000. We then present that offer to the bank along with your short sale hardship letter and all pertinent financial information.
It may take your short sale lender many months to process this and decide if they are going to grant a short sale approval letter and accept the loss, and hopefully agree to not hold you liable for the deficiency amount. Once the short sale letter approval letter is obtained and you have run it by your attorney and decide to complete the short sale, the regular escrow process can begin. The buyer can secure financing and do any and all inspections.
A Santa Cruz County - short sale can take many months to complete. Patience is required from all parties involved, it can by a trying process but can be worth it in the end for both seller and buyer. For more information about the short sale process visit my website just for short sales: Santa Cruz Short Sale Agents
If you are considering a short sale, contact me here or call me at (831) 419-9345 for a confidential conversation.
Authored by Jessica Wallace - Santa Cruz Short Sale Agent