What is a short sale in a real estate transaction?

A short sale is an alternative to a foreclosure. In the California Bay Area, a large percentage of homes sold are short sales or foreclosures. A Real Estate short sale is when lenders agree to accept less than the total amount due on a loan. 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 short sale. If you would like to know if your home sale qualifys for a short sale and are located in the California Bay Area, Contact Sandi Ohms at info@bayarea-homes.com . or call 510-793-1700. In addition, anyone considering selling as a short sale should

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Obtain legal advice from a competent real estate lawyer

Obtain advice from a CPA for tax ramifications

YOUR REAL ESTATE BROKER CAN NOT GIVE YOU TAX OR LEGAL ADVICE

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With the help of you’re Real Estate broker, be prepared to supply you’re lender with broker authorization letter, bank statements, pay stubs, hardship letter, tax returns, net sheets from a title company, comparable market analysis and most likely much more. Short sales a very difficult transactions and not right for all home sellers. For more information about real estate in the California Bay Area, visit http://www.BayArea-Homes.Com and email any questions you may have.

to view short sales in the California Bay Area visit http://www.BayArea-Homes.com