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
Property was burned down during the Tick Canyon fires and is being sold as is for land value only.
- 320005700 MLS
Spacious 3 bed 2 bath home. Has den with fireplace and a laundry room. ADU may not have permits. Lots of potential for sweat equity. Close to local high school. In need o...
- 3 Beds
- 2 Baths
- PW21074273 MLS
OPPORTUNITY, OPPORTUNITY, OPPORTUNITY! With the right vision this could be the investment of your dreams. Boasting a 2 Bedroom 1 bath on a LARGE R2 Lot, you will only b...
- 2 Beds
- 1 Baths
- 21703484 MLS
Beautiful colonial estate located in Glendora. This home has 4 bedrooms, 3.5 baths, 3,511 sqft of living space, and comes complete with a pool and spa and a lovely mounta...
- 4 Beds
- 3 Baths
- 21701200 MLS
Calling all cash buyers and investors!!! This large West Hills home needs some TLC and a buyer who can close quickly. This a short sale in foreclosure subject to lender...
- 6 Beds
- 8 Baths
- 21692904 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
Nestled in a quaint cul-de-sac in beautiful Valencia is a charming 2,077-sqft home simply waiting to become yours! With a lovely tall tree welcoming you, this two-story h...
- 4 Beds
- 3 Baths
- SR21029329 MLS
Friendly Hills opportunity! Selling in as-is condition, Ideal for Cash or hard money buyer. Over 100k was recently put in for work done to the new electrical system and r...
- 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
Short sale subject to lender approval. The property is sold "as is." The lender will not accept any offers below the list price.
- 3 Beds
- 2 Baths
- CV21002711 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
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
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...
- 3 Beds
- 1 Baths
- DW20217810 MLS
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 ...
- 5 Beds
- 2 Baths
- CV20200469 MLS
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 ...
- DW20179881 MLS
Currently in escrow. Waiting for short sale approval from existing lenders. Great opportunity to do the buyer looking for some cosmetic work. Spacious rear yard, open kit...
- 6 Beds
- 5 Baths
- V0-220004005 MLS
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...
- 3 Beds
- 2 Baths
- RS20146629 MLS
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...
- 3 Beds
- 4 Baths
- 20595216 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
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
- 2 Beds
- 1 Baths
- MB20041284 MLS
Short sale subject to lender approval. Fixer - needs a lot of work. As is.
- 3 Beds
- 3 Baths
- 20554578 MLS
4 bedrooms 2 Baths. Needs work.
- 4 Beds
- 2 Baths
- RS20034949 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
None
- 20547358 MLS
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 ...
- 4 Beds
- 4 Baths
- 19518116 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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