A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy have also improved the chances of getting a short sale approved.
But to be technical, here’s a more official definition:
A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value. A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of an experienced CDPE professional like myself.
This can be a hard and stressful time, so please reach out to me anytime for a confidential analysis of your situation so I can help answer any questions or help point you in the right direction.
If you are unable to pay your mortgage and you have equity, let's talk and see what options you have to avoid foreclosure. The bank will record an NOD (Notice of Default) after you miss several payments so it is imperative to come up with a game plan before this occurs. You have a little time after this is filed to catch up but if you know you will not be able to, you will need to explore your options so the bank does not take your home.
I have worked with many sellers in these situations and would be more than happy to share my knowledge and experience so you can make an informed decision before anything bad happens.
If you are a buyer and are looking for some great short sale properties, see below. As a buyer, you have to be patient as the bank can take awhile to approve the short sale and the terms, but in return, you can get a great deal. I have represented many buyers and sellers with short sales, so I have the expertise to get you the best deal and terms on your purchase.
This home is in need of repairs, 3 bedroom, 3 bath, attached garage, with water damage.
Short sale subject to lender approval. The property is sold "as is." The lender will not accept any offers below the list price.
A rare opportunity to own in an attractive market; certainly, a needle in the haystack. Be first. Purchase 919 W. Stockwell St. Maximize its potential. 2 bedroom, 1 bath....
2 bedroom 1 bath home in the Hooper and 53rd st area of Los Angeles...Needs TLC
Exciting modern chefs kitchen featuring granite counter tops, island, stainless steel Wolf Cook tops, 42' Wolf convection oven with grill. Enjoy built-in Subzero refriger...
Conveniently located near shopping, dining, entertainment, and the Americana, this inviting 1 bedroom 1 bath open floorplan condo will the perfect place to call home. Th...
Located in a highly desirable location in the heart of Alhambra. Closer to restaurants, shopping center and supermarket. Quiet community. This 2 beds 1.75 baths condomini...
This beautiful 3 bedroom 2 Bath home nestled in the City of Compton is being sold "AS IS". As You walk up the walkway, you can't help but notice the extended long dri...
Introducing 17521 Balfern Ave, this Bellflower home borders at the edge of Cerritos and Lakewood. Setting on a Cul-De-Sac, and close to the 91 & 605 Fwy. Homes offer a la...
Spanish Hillside Stunner with Fantastic Panoramic Views in Prestigious Linda Vista Neighborhood of Northwest Pasadena! Having undergone a recent full renovation from top ...
Enjoy the Spectacular city view in your splendid living room with the splendid extra high ceiling! The view from the master bedroom balcony is also breathtaking. The easy...
CASH ONLY purchase. FIXER! Subject to Lender Short Sale approval. This 4 bedroom, 3 bath home is in a great neighborhood located in Lake View Terrace! It offers 2,223 sq....
Fantastic Opportunity to Own a Highly-Upgraded Designer Loft in the Historic Broadway Hollywood Building! With a perfect mix of old-school character & modern amenities, t...
Perched within the highly coveted and sun-kissed Hollywood Hills, this eclectic 2-Bedroom, 2-bath single family offers sensational views of expansive mountains & sparklin...
Desirable area of North Hollywood. Property features 3 bedrooms, 1 full bathroom, laundry room inside. Property needs some TLC: floors, plaster bedroom walls, exterior st...
Short Sale! Must see. Needs Work. Needs landscaping and cosmetic improvements. Bring your contractors and investors.
Great contractor opportunity in a desirable neighborhood. Please see private remarks regarding the Notice of Substandard. The property has a lot of deferred maintenance, ...
A RARE FIND IN AGUA DULCE! MOUNTAIN AND VINEYARD VIEWS surround this beautiful home located in the Town of Agua Dulce, Spanish for "Sweet Water". This get-away retreat ...
A hidden gem in a very beautiful residential area of West Covina. Cul-de-sac, 5 bedrooms, 2 bathrooms, 2 car garage with a huge driveway. Spacious kitchen and great size ...
This property is subject to lender approval. This property is a Short Sale and is being sold As Is. Tucked away in the hills of Woodland Hills is where you will find this...
Vineland Commercial Plaza is an urban infill, newly constructed, mixed-use: retail+office, commercial building leased to a mix of local internet-resistant operators. The ...
Great opportunity to do the buyer looking for some cosmetic work. Spacious rear yard, open kitchen, one bedroom downstairs with full bath. Has 2 fireplaces - family room ...
House needs a lot of TLC. Serious structural and foundation damage. No showings at this time. Submit an offer subject to inspection.
Paradise Found at Malibu Lake's finest lake front street, Lakeshore Drive! Welcome to The Lighthouse Cottage! Enter through gates to this water front home with 180 degree...
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Diamond in the rough! Excellent value in good location. Ideal for first time buyers or investors to fix according to their likes. Property needs work & clean up. It featu...
Hudson Partners is pleased to present 1065 W 3rd Street, located in Azusa, CA. This property presents value to investors and Owner-Users through its zoning, private locat...
SHORT SALE!!! Great opportunity for anyone looking for a project. This property offers 2 bedrooms and 1 baths on a great sized lot. Close to freeways, Downtown and shops....
Exquisitely Renovated Modern Masterpiece! With top of the line designer finishes throughout, this open-concept home features a gated entry that welcomes you into breathta...
ATTENTION INVESTORS!!! This one is for you! FIXER FIXER! Property is in need of Repairs. THIS IS ALSO A SHORT SALE AND A PROBATE SUBJECT TO LENDER'S APPROVAL AND PROBABLY...
Rare opportunity to own a single level home, with an unusual large corner lot in a great residential neighborhood of Azusa. Partially updated with a newly installed kitch...
Large lot with a beautiful view. 3 bedroom 2 bathroom. Large master suite with a walk in closet. House does need some upgrading and has deferred maintenance. It has a 1 c...
**IMPORTANT** OFFERS WERE DUE SEVERAL WEEKS AGO. AN OFFER IS CURRENTLY UNDER REVIEW WITH THE LENDER PENDING APPROVAL. NO SHOWINGS AT THIS TIME. DO NOT DISTRUB OWNER. THIS...
South of blvd Large home on beautiful grounds 5112 sq ft,on a 18475 sq ft lot.6 bedrooms and 5 1/2 bath,home is in need of major repairs .Has tons of potential.Short sale...
short sale property needs a lot of updating and repairs
Villa Metro Terra model home in gated community. Two story 3 bedroom 3 bath home in excellent condition. 1 bedroom with 3/4 bath downstairs plus bonus room/den. 2nd level...
Single story 4 bedroom, 2 bath home. with a little over 1,700 sq. ft. Large living room, open concept kitchen that opens up to the family room with a fireplace. Sliding ...
Single story two bedroom one bath home. This is a short sale PLEASE DO NOT DISTURB OCCUPANTS UNDER ANY CIRCUMSTANCE! BUYERS TO PAY 1% admin fee to PPLP Services
Short sale subject to lender approval. Fixer - needs a lot of work. As is.
4 bedrooms 2 Baths. Needs work.
condominium for sale 2 bed 2 bad. Unit needs new plumbing, new flooring, new bathroom, new kitchen,
Great location of a front upper unit located at the front of the complex. Master bedroom with a walk in closet. Wood Laminate floors and recessed lights. Close to the poo...
View, View, View. This Prestigious location in Leona Valley, is off Leona Avenue. This home is a must have, and won't last long. This will be a great opportunity for a bu...
Beautiful Verano at Aliento Built by Pardee Homes in 2018. This lovely 2 bedroom, 2 bath, home features 1618 sq. ft. of open living space and many amenities that include ...
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Calling all contractors and investors! Check out this spacious 4 Bed 4 Bath Spanish style Hollywood Hills classic. House needs repairs but there is room for a pool and ...
Great Quartz Hill Home! This 5 bedroom, 2.5 bath home features 3560 square feet of open design living space and is located on a nearly 9500 square foot private lot. This ...
Based on information from CRISNet 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.