What is a a Short Sale?
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:
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Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
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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.
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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.
Pre-Foreclosure
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.
Sean Seckar, Realtor, CDPE
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.
Newest Short Sale Properties
Great location of Huntington Park. This Property is in Walnut Park. Walking distance to shopping, Hospitals, schools. Property does need some TLC
- 3 Beds
- 2 Baths
- DW21119600 MLS
This is a small property ideal for investors and first time buyers, 2 bedrooms 1 bathroom.
- 2 Beds
- 1 Baths
- PW21112173 MLS
This Single Family Residence Home has a 2 bedroom and 1 bathroom located in the Southeast Los Angeles neighborhood.
- 2 Beds
- 1 Baths
- PW21111688 MLS
Investors delight, Welcome to the spacious 3 bedrooms 2 bathrooms townhouse in the up and coming city of Arleta, The property offers a trilevel set up with 2 car attached...
- 3 Beds
- 2 Baths
- SR21104644 MLS
WELCOME HOME!! Beautiful home located in the most desired neighborhood of La Mirada, right across the street from shopping center and minutes away from La Mirada regional...
- 4 Beds
- 2 Baths
- RS21098037 MLS
*Subject to Short-sale Approval * Magical NY Loft-style Live/Work Space on Sacred Tongva Land/in Bel Air. Late Modernist Architecture. Described as an exceptional example...
- 4 Beds
- 4 Baths
- 21729306 MLS
Property was burned down during the Tick Canyon fires and is being sold as is for land value only.
- 320005700 MLS
Captivating views from this exquisite location....Mountain Ridge Estates is a unique homebuilder opportunity to develop a single residence complete with horse facility or...
- 221001077 MLS
Vast Ocean View Home with sandy beaches as far as the eye can see. One of the lowest priced properties within a one mile radius on the ocean side. Contemporary 3 bdrm, ...
- 3 Beds
- 3 Baths
- 21695638 MLS
Friendly Hills opportunity! Subject to court confirmation, offer has been accepted and the seller is looking for overbids. Selling in as-is condition, Ideal for Cash or h...
- 6 Beds
- 6 Baths
- DW21025676 MLS
4 Bedrooms 2 bathrooms home located in a desirable part of La Puente. Roof is one year old.
- 4 Beds
- 2 Baths
- CV21023089 MLS
THIS IS A SHORT SALE. PROPERTY IS TO BE SOLD AS IS. This property is occupied by section 8 tenants. DO NOT DISTURB TENANTS! This property is a beautiful two-story 4 bed a...
- 4 Beds
- 3 Baths
- 21683428 MLS
Welcome home to this three bedroom, two bath modular home securely inside the gated Canyon View Estates. The open floor plan and vaulted ceilings visually expands the hom...
- 3 Beds
- 2 Baths
- SR21009014 MLS
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...
- 4 Beds
- 5 Baths
- 20673796 MLS
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...
- 4 Beds
- 3 Baths
- PW20243224 MLS
SHORT SALE - SHORT SALE - SHORT SALE OPPORTUNITY!! To purchase THE HILLS Condominium located in a hilly part of Signal Hill, just 2 miles from the Pacific Ocean. The mas...
- 2 Beds
- 2 Baths
- SB20224147 MLS
Fixer-upper short sale property sold as-is. Situated in a corner lot, this property is located in a great neighborhood close to schools and easy freeway access. This 28...
- 6 Beds
- 3 Baths
- OC20147296 MLS
This is a great opportunity to own a piece of Encino. This home features 5 bedrooms with 4 baths with over a 2900 square feet of living space along with over 13000 sq.ft....
- 5 Beds
- 4 Baths
- DW20140036 MLS
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...
- 3 Beds
- 2 Baths
- DW20105044 MLS
Popular Tri-Level floor plan in Walnut close to all shopping and major transportation. It's a major rehab project but would be a great home for a growing family. Double-w...
- 4 Beds
- 3 Baths
- CV20095751 MLS
**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...
- 2 Beds
- 2 Baths
- 20571994 MLS
Short sale subject to lender approval. Fixer - needs a lot of work. As is.
- 3 Beds
- 3 Baths
- 20554578 MLS
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...
- 4 Beds
- 3 Baths
- 20549160 MLS
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 ...
- 2 Beds
- 2 Baths
- SR20018399 MLS
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 ...
- 5 Beds
- 3 Baths
- SR19223228 MLS
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.
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