Seven Gables Real Estate is there for consumers needing to do a short sale Yorba Linda, California

Are you ready to short sell your home?

What is a short sale? A short sale happens when you owe more than what the house will possibly sell for in the open market. This can be attributed to many factors, but commonly it is a result of a rapidly declining housing market.

For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to write off the difference.

What is the difference between a short sale and foreclosure?:

Short Sale

Foreclosure

Credit Score Impact

50 to 130 points

200 to 400 points

Timetable for your next home

2 years

5 to 7 years

Credit History

Loan is typically reported, "Paid in Full, Settled"

Public record for 10 or more years

Where do I live?

Live in your home throughout the short sale process (Usually 3 to 12 months)

Live in your home during Foreclosure process. Approximately 3 to 5 months.

The process of a short sale:

First, determine the true market value of your house. Since hiring a licensed appraiser may not work with your already tight budget, a knowledgeable local REALTOR^® that knows the current conditions of your real estate market is the best way to get an accurate estimate of what your home could sell for.


	Homeowners who are upside down on their home loan and need results fast can rely on the expertise of Gilda Johnson to guide them through the short sale process. Contact her today for a free consultation.

Will I owe my lender the difference between my loan balance and the sale price?:

Governor Jerry Brown signed into Law Senate Bill 458, prohibiting a deficiency after a short sale of one to four residential units, regardless of whether the lender is a junior or senior lien holder. Effective immediately, lenders can not require a borrower to owe or pay for a deficiency in a short sale. Any purported waiver of this rule should be void and against public policy. To view the full law, go to www.leginfo.ca.gov and look up Senate Bill 458.