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.
-
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
Nice home needs TLC it need a new roof,call Broker for more information. *PLEASE DO NOT DISTURB OCCUPANTS*
- 3 Beds
- 1 Baths
- IN20198745 MLS
Littlerock 5 bedrooms home, bring your tools and make this spacious home your own. Needs some TLC All bedrooms down, one level. Master bedroom access to the back yard, ...
- 5 Beds
- 4 Baths
- SR20198027 MLS
Home is a 4 Bedroom, 3 Full Bathrooms with Pool. Home has wood floors down stairs & newer A/C unit. Kitchen Has Granite Counters and Home boasts wood Shutters throughout ...
- 4 Beds
- 3 Baths
- IV20195968 MLS
Great opportunity to be a homeowner in the beautiful city of Montebello, CA!! This property needs some work but its ready to become a home for the perfect family. Feature...
- 3 Beds
- 1 Baths
- IV20173959 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
GATED COMMUNITY | END UNIT TOWNHOME | 4 BDRMS & 2.5 BTHS | ATTACHED 2 CAR GARAGE | PRIVATE FENCED PATIO | COMMUNITY HAS POOL, SPA & GRASSY YARDS | TOO MUCH TO LIST! THIS...
- 4 Beds
- 3 Baths
- SR20180707 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 roo...
- 6 Beds
- 5 Baths
- V0-220004005 MLS
This 1,227 square foot house sits on a 6,303 square foot lot and features 4 bedrooms and 2 bathrooms. This property was built in 1957. Property has deferred maintenance. ...
- 4 Beds
- 2 Baths
- SB20172885 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
Shortsale approved at $575,000. Buyer to pay city liens in addition to approved amount. **subject to bank approval** Showings by appointment only Home is not in livable ...
- 4 Beds
- 2 Baths
- TR20171278 MLS
Elegantly remodeled home adjacent to desirable Midwick Tract. Spacious interior has been completely renovated in recent years. Formal reception entry with decorative col...
- 3 Beds
- 2 Baths
- MB20166537 MLS
This is a Short sale. Fixer property has good bones. Open 1 Story Contemporary home with greenbelt views opens to grassy yards with room to build a pool. Property is eith...
- 3 Beds
- 2 Baths
- 20617968 MLS
Short Sale Townhouse. In the heart of City of Arcadia with: Westfield Santa Anita Mall, Santa Anita Park, and many many more public amenities surrounding the area. The to...
- 3 Beds
- 3 Baths
- TR19197088 MLS
Listing on HOLD until August 23rd while property is prepared for showing. But, we are accepting offers subject to inspection! We will begin showing this lovely well-main...
- 3 Beds
- 1 Baths
- PW20160739 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
this is a must see home, recently remodel 3 bedroom and 1 bath.
- 3 Beds
- 1 Baths
- DW20155385 MLS
None
- DW20113830 MLS
This great property is a diamond in the rough! Has two master bedrooms with their own balcony,and the kitchen has been remodeled.
- 2 Beds
- 3 Baths
- CV20134052 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
Great opportunity to own a pool home in Palmdale. Situated in a corner lot, this property is located in a great neighborhood close to schools and easy freeway access. T...
- 6 Beds
- 3 Baths
- OC20147296 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
this unit is going under constructions from kitchen flooring due to water damage, carpet and need new bathroom , investor or cash buyer only .
- 2 Beds
- 2 Baths
- SR20140471 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
Great 2 bedroom/ 2 bath unit located in a desirable area of Whittier with great school district. HOA covers water, trash, maintenance of common grounds that includes the...
- 2 Beds
- 2 Baths
- PW20135275 MLS
INVESTORS WELCOME.... FIXER OPPORTUNITY ...Cozy Single story home with 2 bedrooms , 1 full baths Perfect for a small family with great size backyard conveniently located ...
- 2 Beds
- 1 Baths
- IV20132971 MLS
TRUSTEE SALE - MUST SELL! Single story 4 bedroom, 2 bath with attached 2 car garage. Vaulted Ceilings, open concept lounge area, can walk through and around the living ro...
- 4 Beds
- 2 Baths
- DW20132652 MLS
Unique live/work space in the prestigious Broadway offers one of the largest floorpans available with two dedicated parking spots. Ideal for your L.A. office, studio or c...
- 1 Beds
- 2 Baths
- 20598780 MLS
Fixer duplex in the city of Commerce. Each unit has 2 bedrooms and 1 bath. Great contractor opportunity in a desirable neighborhood. The property has a lot of deferred ma...
- 4 Beds
- 2 Baths
- OC20118353 MLS
Property shows as a Three bedrooms and two bathrooms. The third bedroom does not show this room to be permitted. Buyer should verify all permits. PROPERTY IS IN NEED OF T...
- 2 Beds
- 2 Baths
- RS20099885 MLS
This Beautiful Spanish Style Estate set within the heart of Quartz Hill, is just waiting for an Another Amazing Family to simply call it "Home Sweet Home!" This Three Th...
- 4 Beds
- 3 Baths
- SR20106475 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
SHORT SALE IN A NICE RESIDENTIAL COMMUNITY. INSPECTION SUBJECT TO OFFER APPROVAL. PLEASE, SEE PRIVATE REMARKS.
- 5 Beds
- 3 Baths
- CV19281075 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
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
A lovely house in the Charter Oaks neighborhood. This charming well maintained home is near the Via Verde Country Club with easy access to the 10,57 and 210 freeways. Thi...
- 4 Beds
- 2 Baths
- IV19286322 MLS
Short sale subject to lenders approval DO NOT DISTURB TENANT
- 2 Beds
- 2 Baths
- MB18200351 MLS
This 2162 square foot single family home has 5 bedrooms and 2.0 bathrooms. It is located at 11284 Thorson Ave Lynwood, California.
- 5 Beds
- 2 Baths
- PW20059626 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
Welcomes you to this cute & lovely home. Short sale approved. A walking distance to Diamond plaza,nearby schools, grocery stores, offices, access to freeways. This home h...
- 2 Beds
- 1 Baths
- DW19235979 MLS
Subject to Short Sale Lender's approval. Property is being sold "AS IS".
- 2 Beds
- 2 Baths
- AR20038968 MLS
Short sale subject to lender approval. Fixer - needs a lot of work. As is.
- 3 Beds
- 3 Baths
- 20554578 MLS
Home needs TLC
- 2 Beds
- 1 Baths
- CV20037451 MLS
4 bedrooms 2 Baths. Needs work.
- 4 Beds
- 2 Baths
- RS20034949 MLS
Welcome to 46 W Pleasant Ave. in North Long Beach. This 3 bedroom 2 bath home sits on a large lot perfect for entertaining or adding extra space with an Accessory Dwellin...
- 3 Beds
- 2 Baths
- PW19131473 MLS
This spacious 3 bedroom, 2 bath home is located in a tranquil, well maintained complex in Long Beach's coveted Eastside neighborhood close proximity shopping, restaurants...
- 3 Beds
- 2 Baths
- 20554104 MLS
Short Sale!!!Investor opportunity !!!! One level Duplex!!! Front unit features 3 bedroom one full bath. second unit features 2 bedroom, livingroom converted into a third...
- 4 Beds
- 2 Baths
- EV20032395 MLS
condominium for sale 2 bed 2 bad. Unit needs new plumbing, new flooring, new bathroom, new kitchen,
- 2 Beds
- 2 Baths
- SR20031811 MLS
The home is in foreclosure and also going through probate. Please expect at least 60 days before we are able to close escrow.
- 2 Beds
- 2 Baths
- CV20030052 MLS
Located secluded at the top of the hill in Stevenson Ranch. 4 Bedrooms and 4 bathrooms. 2 car garage. Has deferred maintenance and needs TLC.
- 4 Beds
- 4 Baths
- SR20028488 MLS
Big Beautiful Palmdale Home! Features 5 bedrooms, 3 baths, over 3,100 square feet of living space located on over 8,700 square foot private lot with RV access, 3 car gara...
- 5 Beds
- 3 Baths
- SR20018438 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
Gorgeous Home Nestled into one of Laurel Canyon's Most serene neighborhoods. Modern contemporary 4 Bed and 3.5 Bath Home was built in 2013,A truly entertainer's home.This...
- 4 Beds
- 4 Baths
- 20546592 MLS
This is a 55+ community, one story with 1 bedroom and 1 bathroom. Nice inviting patio entry. Washer and dryer in unit for easy access. Very comfortable open floor plan. P...
- 1 Beds
- 1 Baths
- V0-219013916 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
Short Sale! Must see. Needs Work. Needs landscaping and cosmetic improvements. Bring your contractors and investors.
- 6 Beds
- 8 Baths
- SR19079263 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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