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Who decides which offer to accept? The Homeowner. One major misconception about short sales that has been repeated so often that people have come to believe it is that all offers are presented to the bank – and the bank's asset manager makes the decision on which offer to accept. Generally speaking, this simply isn't the case. In a Los Angeles short sale, the property still "belongs' to the seller and it is the seller (with the help of … [Read more...]
If you're having financial difficulties and finding it impossible to keep up with the payments on your Los Angeles area home, choosing a short sale over waiting for foreclosure could be just as important for your health as it is for your finances. How can waiting for foreclosure damage your health? Waiting for foreclosure causes mental and emotional stress - and stress can have a devastating effect on your health. When you simply … [Read more...]
Can't afford your home? Letting the bank foreclose is not your best course of action! There is a tendency for people in financial straits to ignore their problem until it is too late. Don't sit back and do nothing when there are options out there that will do much less damage to your credit and might even allow you to keep your home. If you simply let the bank take your home without trying a workout alternative, you may not be eligible for a … [Read more...]
In spite of the fact that Los Angeles short sales have been around for the last 6 years or so, confusion about the process still abounds. So let's take it from the beginning… The first step in a short sale is completion of the short sale package. Briefly, a short sale package contains information from both the seller and the seller's agent.The seller supplies a hardship letter and documents to verify that hardship. This will include … [Read more...]
By now, the term "short sale" is part of the common vocabulary, but if you're not sure exactly what that means, please read the post: What buyers and sellers should know about Los Angeles short sales. If you have been asking 'Can I sell my Silver Lake home as a short sale", read on! If you're upside down, you're not alone... Most homeowners who purchased in Silver Lake during the height of the market now owe more on their mortgage than … [Read more...]