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What is a short sale?

Simply put, a short sale occurs when a lender agrees to take less than the amount that is owed on a piece of property. The benefit of a short sale occurs when your net proceeds from a short sale are insufficient to cover your loan balance, but the lender agrees to take a lesser amount. A successful short sale includes the lender forgiving any remaining loan balance, clearing you from any future contractual obligations to the lender. California Short Sale Solutions provides short sale counseling and services to any homeowner in the state of California at no cost.

   
Short Sale Example    

Short Sale Example

Total Loan Balance:  $400,000
Your Home is Worth:  $220,000
   
You are Upside Down:  $180,000
Premiere California Realty negotiates with your lender and successfully sells your home for $218,000.
Loan Balance After Successful Short Sale: $0

Related Questions

Other Common Questions

California Association of Realtors

Important Notice

The Mortgage Forgiveness Debt Relief Act expires at the end of this year. Don’t get caught paying tax penalties by waiting to short sell. Click here to learn more.


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