Short Sale Information Guide~ Aviara, Carlsbad California

Oct. 8, 2010 - PRLog -- Are you in a potential short sale situation in Carlsbad California~ Aviara?  Know your options. Don’t fall short!  

What is a short sale?
                                                                                                                                               
Short sales typically occur when a borrower’s home is worth less than what is owed to the property lender. In some cases, the lender may approve a short sale, allowing the property to sell for less than the amount owed.  In this case, the lender approves the short sale and takes less, and the borrower is no longer responsible to pay the loan. Sometimes, the lender requests the borrower to take back a loan to pay the deficient amount between what was owed and what the property sold for.  However, this scenario can often be avoided. The borrower can walk away and in return, the lender can sell the home and get their money out.    
If you are interested in purchasing short sales in Aviara or other cities, you can view all active short sale listings on our website at http://www.fourseasrealty.com/aviara-homes-for-sale.html

What happens?        
                                                                                                                         
Short sales take about 2 to 6 months. The bank will review the borrower’s circumstance, to see there has been some form of hardship. The lender will want the property to be listed on the market by a Real Estate agent, and will want to review offers. Once an offer is received for the property, the bank will usually order an appraisal. The lender reviews the appraisal, the offer, and the client's paperwork, and then either approves or denies the short sale. If the short sale is approved, the lender will usually issue a short sale approval letter, with an expiration date, and outline the price and terms the lender will accept. To learn more about short sales visit us at http://www.fourseasrealty.com/short-sale-process.html

Who qualifies?  
                                                                                                                 
Typically people who are experiencing financial hardship or have had some change in income/assets or can no longer afford to pay the loan. If this scenario rings a bell, give us a call. We can help.

Does this help or hurt me?      
                                                                                             
While performing a short sale may adversely affect your credit, the benefits outweigh your property going into foreclosure. You can usually recover from a short sale much faster than a foreclosure.  

What if I have been declined a loan modification?
                                                                             
Being declined a loan modification does not mean you won’t get approved for a short sale. It may be that your income has changed since you bought the home that they declined the loan modification.  However, this could be a positive sign for approving a short sale due to financial hardship.

What’s next?        
                                                                                                                                 
Contact us for a no-obligation consultation to see if a short sale may be right for you.  We are highly experienced in handling short sales and are ready to help so don't wait!   Or Visit our buyer resource center at http://www.fourseasrealty.com/home-buyers-resources.html

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Four Seasons Realty is a full fledged Real Estate firm in San Diego County. Our website offers full MLS search capabilities along with Foreclosure, REO, and Short Sale listings. We look forward to hearing from you!