What is a Short Sale?
 
Short Sale Documents
 
Loan Modification
 
CA Foreclosure Law
 
Testimonials/About Us
 

Sue Kabalin

Cheri Stephens

What is a Short Sale?

A short sale in real estate is not always a pleasant or easy transaction in fact many REALTORS refer to it as a “Long Sale.”  There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."

More than half of our business over the past few years have been short sales and with that we have gained a lot of knowledge and expertise to assist homeowners who wish to short sale.

When lenders agree to sell a house short, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for a short sale.

As licensed REALTORS in the State of California, we are not licensed CPA’s or attorneys and cannot advise on those legalities. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the IRS could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not  pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as debt forgiveness or a deficiency. Please consult an attorney or CPA for further information.

To Contact Us

Sue Kabalin, REALTOR®
(925)487-4555
Cheri Stephens, REALTOR®
(925)292-2700
Windermere Welcome Home Real Estate
1790 First Street
Livermore, CA 94550
sue@suekabalin.com
cheristephens@comcast.net