Short Sale Pre-Foreclosure Options

Do you know your Pre-Foreclosure Options?

By working with loan servicers, some homeowners will be able to modify their loan terms and stay in their homes. But many won’t. In addition to loan modification, options for struggling homeowners may include foreclosure, deed-in-lieu of foreclosure, short sale and bankruptcy. Among these options, the one growing in popularity is the short sale, especially since foreclosures can be so pricey for the banks involved.

Before you make a final decision as to which option is best for you, however, please consult with your legal and tax advisors.

What is a short sale and what is the benefit?

Short sales are when the lender allows a distressed property to be sold at a price lower than the homeowner’s mortgage indebtedness. A short sale also typically allows the new purchaser to buy into the neighborhood at a substantial discount, much more in line with the property’s true, current market value. If you are currently a homeowner facing financial challenges with your mortgage, is a short sale your solution? Only you and your legal and tax advisors can determine the right course of action for you.

If you do decide to proceed with a short sale, let Coldwell Banker Residential Brokerage help you.

As a trusted real estate advisor for our clients since 1906, we at Coldwell Banker Residential Brokerage stand behind a century of experience, strength and expertise in the local housing market. To that end, we are committed to helping our clients with their real estate needs by continually evolving our resources, tools and strategies so that we may provide the best service possible in good times and bad. If you decide to proceed with a short sale after consulting your legal and tax advisors, we have the agent expertise, tools and resources to help facilitate your short sale transaction. We understand the complexities involved with handling short sale properties and would welcome the opportunity to be of assistance to you and explain how our resources may benefit you.

For more information, assistance or questions about our short sale resources, call me today - Jeff Callo at 510-792-9995.


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