We are Short Sale Specialists - CALL 408-741-9300 ✕
Call us at: 408-741-9300 - IF YOU NEED HELP NOW
If You Are Behind on Mortgage Payments, Understand Your Options Before Foreclosure!
If you are a homeowner facing the issue of missing payments and considering your alternatives, please do not hesitate to contact us for a private consultation.
NOTE: Always obtain legal and tax advice before making a decision between a short sale or a foreclosure.
"WE WILL ANSWER ALL YOUR SHORT SALE QUESTIONS"
A Real Estate Short Sale is a form of agreement between the seller of a home in the beginning stages of foreclosure and their lender, allowing the home to be sold for less than the existing loan balance outstanding. The mortgagee (AKA Bank/Lender) would accept less than the amount in order to avoid a foreclosure proceeding. Once a shortsale is approved for Escrow, the buyer and seller would then proceed with the sale of home much the same as a conventional real estate transaction.
"Would you like to view all Short Sale Homes for sale in Silicon Valley"
Number 10
(Q) I can't make my house payments but I do have the ability to pay back all or part of the negative equity. Also, I want to preserve my credit score…is a short sale right for me?
(A) Probably, not. In cases where the seller can pay back all or part of the negative equity (usually to the 2nd lien holder), it makes sense for them to work out a repayment plan. The lender will then release the lien and allow the home to close.
Number 9
(Q) If I pay mortgage insurance and default on my loan, why wouldn't that cover the deficiency amount?
(A) The mortgage insurance is not there for your protection, just the mortgage lenders.
Number 8
(Q) Do I have to have my home ‘Approved' by the lender prior to offering it for sale as a short sale?
No. Technically speaking, there is no such thing as being ‘Short Sale Approved. The actual approval only happens with an accepted offer.
Number 7
(Q) I just missed a payment and I know I will miss more….how long does the foreclosure process take and is there time to do a short sale?
(A) The foreclosure process takes differing times depending on your state. In the Midwest, a foreclosure can take over a year. In California, its takes 6+ months. Generally speaking, a well-priced short sale being processed by an educated short-sale listing agent will sell and close in less than 120 days.
Number 6
(Q) Will I still have to pay property taxes if I do a short sale?
(A) Property taxes will always have to be paid as part of any accepted short sale. Whether it's, you or the lender depends on their policies and the specific agreement you reach while negotiating the short sale.
Number 5
(Q) I owe more than my home is worth and I can't make the payment, do I have to somehow qualify for a short sale?
(A) The simple answer is NO. If someone can't make their payment and they are otherwise insolvent, they qualify for a short sale. Note: insolvent simply means their total debts are greater than their assets.
Number 4
(Q) Do I have to pay income taxes..I have heard that I will get a 1099. Will the loss the bank takes be treated as a taxable gain to me..the seller..is this true?
(A) Consult your Tax Attorney or Qualified CPA. The tax law was modified and now most people who do a short sale will have no taxes due on a personal residence, as long as the government continues to extend this exemption. (Again, As real estate agents, we are not licensed as lawyers nor CPA's and cannot advise on the consequences)
Number 3
(Q) How do you, my listing agent, get paid..who pays you commission?
(A) The bank will pay the commission along with all the other usual closing costs.
Number 2
(Q) Do I have to miss a payment to do a Short Sale?
(A) No. Late last year, most major lenders started accepting short-sale offers from sellers who have never missed a payment.
Number 1
(Q) I want to do a short sale and have a 2nd mortgage, does this make me ineligible?
(A) No. Both of your lenders will need to be satisfied in some way to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender. Most short sales do involve 1st and 2nd lien holder.
If you are considering doing a "short sale", there could be drawbacks. For your protection, we suggest that you:
* Obtain legal advice from a competent real estate lawyer
* Call an accountant to discuss short sale tax ramifications
As real estate agents, we are not licensed as lawyers nor CPA's and cannot advise on the consequences.
Discover this charming 2/1 condominium located in the serene Blossom Hill neighborhood. Recently updated, it features fresh paint and new flooring throughout. Spacious be...
The data relating to real estate for sale on this display comes in part from the Internet Data Exchange program of the MLSListingsTM MLS system. Real estate listings held by brokerage firms other than Real Estate Company are marked with the Internet Data Exchange and detailed information about them includes the names of the listing brokers and listing agents.
Based on information from MLSListings MLS as of . All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Copyright 2024 MLSListings Inc. All rights reserved
All measurements and all calculations of area (i.e., Sq Ft and Acreage) are approximate. Broker has represented to MetroList that Broker has a valid listing signed by seller authorizing placement in the MLS. Above information is provided by Seller and/or other sources and has not been verified by Broker. Copyright 2024 MetroList Services, Inc. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of MetroList® MLS. All information has been provided by seller/other sources and has not been verified by broker. All interested persons should independently verify the accuracy of all information. Last updated .
Almaden Valley Foreclosures
Alum Rock Foreclosures
Berryessa Foreclosures
Blossom Valley Foreclosures
Cambrian Foreclosures
Campbell Foreclosures
Central San Jose Foreclosures
Cupertino Foreclosures
Downtown San Jose
East San Jose Foreclosures
Evergreen Foreclosures
Gilroy Foreclosures
Los Altos Foreclosures
Los Altos Hills Foreclosures
Los Gatos Foreclosures
Milpitas Foreclosures
Morgan Hill Foreclosures
Mountain View Foreclosures
Palo Alto Foreclosures
San Jose Foreclosures
Santa Clara Foreclosures
Santa Teresa Foreclosures
Saratoga Foreclosures
Silicon Valley Foreclosures
Silver Creek Foreclosures
Sunnyvale Foreclosures
The Villages Foreclosures
Willow Glen Foreclosures
By continuing to use this site, you consent to our use of technologies that analyze and monitor activity on our website, may record your activity on this site, and sometimes provide you with tailored advertising. You also consent to our Privacy Policy and Terms & Conditions