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Short Sale Information and Help
When you get to the desired information on these links, please remember to use the "Back" button
in the upper left corner in order to navigate back to this page.
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This page recently told you about new federal government regulations requiring a mandatory statement that had to be read to a prospective client in person, or presented before a Realtor can even begin to discuss a short sale with a prospective client. In addition, there was another statement that must be presented for a seller's signature before entering into a listing agreement. THIS LAW HAS BEEN RESCINDED AND IS NO LONGER IN EFFECT.
There is one provision that is still in effect:
The Federal Trade Commission prohibits the collection of advance fees for services to assist consumers in obtaining modifications of their mortgage loans or other help in avoiding foreclosure (i.e., prior to the completion of the provider’s services and the consumer’s acceptance of the results).
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OK, with that out of the way, the first question most people ask me is "What is a short sale?" The answer is easy - if you were to sell your home and the money you receive for the sale is not enough to pay your mortgage(s), and equity line of credit (if you have one), you have a short sale. Simply stated, you are short of cash to pay what you owe. The explanation is simple, the process is extremely confusing and no two banks process a short sale the same way. In fact, many banks don't process short sales consistently within their own organization.
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Here are some resources that will help you get started
understanding the process and hopefully answer some of your questions:
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This is FREDDIE MAC's Distressed Consumer Oriented site: http://www.freddiemac.com/service/msp/ |
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Click here for a Coldwell Banker flyer sourced from Fannie Mae |
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Click here for California Association of Realtors - Red Flags and Scams |
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Click here for a Glossary from Coldwell Banker |
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Here is HUD Approved Housing Counseling Agencies
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?SEARCHSTATE=CA&WEBLISTACTION
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These are Short Sales Buyer Tips and Q & A from Coldwell Banker |
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Contact me for any questions that have not been answered. I am designated a Short Sale and Foreclosure Resource accredited by the National Association of Realtors. That designation allows me to put a few nice looking initials after my name. Representing many buyers and sellers throughout the years, and negotiating with banks is the "real world" education I bring to the process for you or anyone you know who may need assistance in this area.
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