Due to the economic and real estate
condition of the Apple Valley, Adelanto, Hesperia and
Victorville areas of The High Desert, you may find yourself in
simply an undoable financial situation. A Short Sales is a
consideration for some sellers...not all. Take a look at
your options below.
A “Short Sale”
is a sale that does not produce sufficient funds to pay off the
existing monetary encumbrances against the property after the
costs of sale have been subtracted. Seller’s creditors are
third parties who have an interest in the Property in the form
of a deed of trust, some other security, or a lien (like a tax
bill).
In a Short
Sale, Seller will need to get the consent of Seller’s creditors
in order for the sale to close. This is because Seller’s
creditors will have to agree to accept less than the outstanding
amount of Seller’s debt that is owed to the creditors.
Consideration
of entering into a Short Sale presents one of the most
complicated real estate transactions you can do in today's
market. Failure to look at and get professional advise
before hand could result in even larger problems after the fact.
At the least you will need a Real Estate Short Sale Expert and a
Real Estate Attorney or Accountant to explain your options...and
YOU DO HAVE OPTIONS!
-
Do nothing
(continue to pay the mortgage and wait for the market to
improve)
-
Sell (sell
the property in a conventional manner and if you are short
cash to close pay for it out of your pocket)
-
Short Sale
(sell the property under a lender approved hardship and let
the lender absorb any deficiencies)
-
Deed
in-Lieu of Foreclosure (in some cases a lender will agree to
take the property back in lieu of foreclosing)
-
Foreclosure (walk away and let the lender foreclose)
All 5 of these options have
complicated and impacting implications. Due to the unique
nature of every transaction and individual situation your case
needs to be evaluated separately.
With the amount of foreclosure
activity in the Apple Valley, Victorville, Hesperia and Adelanto
areas of the High Desert you need a clear understanding of your
options.
If you want a free 20-30 minute
consultation regarding your options and what may work best for
you, fill out this form today, and we will get in touch with you
within 48 hours to set up a convenient time to talk.
Do Not Wait till the last minute or
it will be too late. A short sale process can easily take
90-120 days and if you have missed a payment you are already on
a short time line.
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