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.
-
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.
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
This home is in need of repairs, 3 bedroom, 3 bath, attached garage, with water damage.
- 3 Beds
- 3 Baths
- SR21006765 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
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 Beds
- 1 Baths
- 21676132 MLS
2 bedroom 1 bath home in the Hooper and 53rd st area of Los Angeles...Needs TLC
- 2 Beds
- 1 Baths
- SB20264826 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
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...
- 1 Beds
- 1 Baths
- 20672200 MLS
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...
- 2 Beds
- 2 Baths
- CV20253629 MLS
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...
- 3 Beds
- 2 Baths
- IN20253689 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
Spanish Hillside Stunner with Fantastic Panoramic Views in Prestigious Linda Vista Neighborhood of Northwest Pasadena! Having undergone a recent full renovation from top ...
- 3 Beds
- 3 Baths
- 20662054 MLS
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...
- 5 Beds
- 3 Baths
- WS20240635 MLS
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....
- 4 Beds
- 3 Baths
- BB20239673 MLS
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...
- 1 Baths
- 20657530 MLS
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...
- 2 Beds
- 2 Baths
- PW20231202 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
Short Sale! Must see. Needs Work. Needs landscaping and cosmetic improvements. Bring your contractors and investors.
- 6 Beds
- 8 Baths
- SR20209414 MLS
Great contractor opportunity in a desirable neighborhood. Please see private remarks regarding the Notice of Substandard. The property has a lot of deferred maintenance, ...
- 3 Beds
- 3 Baths
- OC20209098 MLS
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 ...
- 3 Beds
- 2 Baths
- LG20206216 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
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...
- 4 Beds
- 3 Baths
- 20626524 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
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 ...
- 6 Beds
- 5 Baths
- V0-220004005 MLS
House needs a lot of TLC. Serious structural and foundation damage. No showings at this time. Submit an offer subject to inspection.
- 3 Beds
- 3 Baths
- 320002971 MLS
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...
- 4 Beds
- 3 Baths
- 220008230 MLS
None
- DW20113830 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
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...
- SR20145251 MLS
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....
- 2 Beds
- 1 Baths
- DW20015687 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
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...
- 10 Beds
- 7 Baths
- 20581778 MLS
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...
- 3 Beds
- 2 Baths
- SR20080256 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
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...
- 6 Beds
- 6 Baths
- SR20070778 MLS
short sale property needs a lot of updating and repairs
- 3 Beds
- 3 Baths
- LG19038149 MLS
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...
- 3 Beds
- 3 Baths
- MB20054359 MLS
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 ...
- 4 Beds
- 2 Baths
- SR20051349 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
condominium for sale 2 bed 2 bad. Unit needs new plumbing, new flooring, new bathroom, new kitchen,
- 2 Beds
- 2 Baths
- SR20031811 MLS
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...
- 2 Beds
- 1 Baths
- SR20028069 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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