If you or someone you know is considering a short sale of your Long Beach area home, it’s important to get all the facts.
Many times when people fall behind their mortgage, they get bombarded with information and solicitations but aren’t sure where to turn. If you do nothing, the eventual result will probably be foreclosure, which could damage your credit and make it difficult to buy a home in the future.
Unfortunately, there are a number of companies out there who prey on struggling homeowners. There are foreclosure alternatives you can pursue for free. Obtaining a loan modification on your Long Beach home is one. Selling your Long Beach home via short sale is another.
What exactly is a short sale? It’s simply the sale of a home in which the amount owed to the lender(s) is more than the amount that the home can be sold for. But instead of having the homeowner bring in money to make up the shortfall, the sale is completed through negotiations with the lender, getting the lender to agree to accept less than the full amount.
In California, recently passed laws require lenders who approve short sales to forgive the remaining debt. This is a very positive development for upside-down homeowners. There are also laws in place that provide tax protection for homeowners who do short sales.
Unfortunately, many short sales in Long Beach and elsewhere don’t ever close. Reasons short sales don’t close can include the lender’s unwillingness to negotiate or poor communication or follow-up by the agent.
If you know someone who is considering a short sale, it’s very important that they hire someone who has extensive knowledge and experience with local short sales. I’ve gone through extensive training. I’m a Certified Distressed Property Expert (CDPE) and Pre-Foreclosure Specialist Certified (PSC). Our team has a 98% success rate in gaining approval for and closing Long Beach short sales.
If you have any questions about short sales or are looking for a Long Beach short sale expert, give us a call today at 562-896-2456 or email [email protected] and we’d be happy to send you a free e-book with more information.
Required Disclosure —
IMPORTANT NOTICE: Keller Williams is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.