A California short sale, or short sale in any other US state for that matter, has become a popular way to sell a property in recent times. This is primarily because of the dreadful foreclosure crisis the country has been experiencing. It is a form of loss mitigation, and prevents a foreclosure from occurring, but still has quite a dramatic effect on the home owner’s credit rating.
“The greatest discovery is that if you change your attitudes your change your outer aspects of life.”
There is a really good quote from a guy by the name of Ron Legrand (you may have seen his stuff in Nightingale Conant) that sounds silly, but is very true and applicable to our businesses. Ron says, “The less I do the more I make” and he really means many things here.
First he is talking about delegating as much of the non value things as possible to someone else and not being involved in minimum wage activities just money sucking activities.
For better or worse, short sales will be a common part of the real estate transactional landscape for the foreseeable future. It makes sense, then, to understand why they exist and how, exactly, they work. A short sale occurs when the value of a property is less than outstanding balance on the mortgage or mortgages affecting it and the mortgage holder(s) agree to accept less than the amount owed to them in order to facilitate the sale of the property.
If you’re having trouble paying your mortgage in need to understand what the differences between a foreclosure and a short sale. With a foreclosure the bank takes over possession of your house and they will sell it to the highest bidder. When you have a foreclosure it will be a negative mark on your credit score and can last for up to seven years. With a short sale you actually talk with your lender and agree to sell your house for less then what is owed. Doing this kind of cell will still show a negative mark on your credit score but it is better than having your house go into foreclosure.
How do relocation real estate buying programs work?
So we’re interested in buying this house. However, there’s an agreement by the seller with a relocation real estate company, to buy the house from them if they can’t sell it after a period of time. We found out we made an offer that is lower than the relocation company. So are we working with the seller or the relocation company? And is this not worth it? Seems the relocation company did not incorporate the expected decline in home prices. It needs a lot of upgrades and needs some repairs too — the reason our offer was also agressive. Any thoughts? Advice? thanks!