Homes in Stockton, Homes in Lodi: Why Avoid Foreclosure and Choose Short Sale?
A real estate short sale is sometimes a complex transaction and an emotional one for both buyer and seller and requires a real estate team that is experienced and pays attention to detail. There are many ways to lose a home but signing away ownership in a manner that destroys credit, creates undo stress and embarrasses the family is one of the hardest pills to swallow. For homeowners who can no longer make their monthly mortgage payments, there are alternatives to bankruptcy or foreclosure.proceedings. One of those options is called a short sale. More than three quarters of home sales in Stockton, Lodi and San Joaquin Country are distressed homes: short sales and foreclosures Most of our real estate practice deals with short sales and we have assembled a team to guide our clients to success. The real Estate Team of Hugh Lilly and Maria Estrada at PMZ Real Estate specialize and are certified as short sale and alternatives to foreclosure consultants. That's how prominent short sales have become.
When mortgage lenders authorize a short sale, the short sale lender is agreeing to accept less than the balance of the mortgage. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose. Many lenders such as Wells Fargo, Chase, and Bank of America are seeing the upside in authorizing short sales. A short sale can often mean less expense to a lender than foreclosure because of legal costs, holding costs and damage to properties often as the result of properties being abandoned and vandalized. In short it is often much better for the homeowner, the bank and the community.
If you are considering a short sale do your home work and discuss with you real estate team, tax advisors and legal consultants the merits and consequences of a short sale. It is important to consider the IRS Debt Forgiveness Act of 2007 and the California Debt Forgiveness Act. These acts can make all the difference in the world.
While many lenders have differing levels of documentation needed from the homeowner lenders have varying requirements and may demand that a borrower submit a wide array of documentation your real estate agents can provide you with a short sale package and walk you through the steps to a successful short sale
The Maria Estrada and Hugh Lilly Team at PMZ Real Estate specialize using the latest technology and expertise in short sales and are certified Managing the foreclosure process is stressful and complicated, FACS and CHS designated Realtors have undergone specialized training essential to evaluate all potential foreclosure alternatives. FACS and CHS designated Realtors are trained in foreclosure avoidance and how to negotiate the short sale process competently and ethically. The FACS and CHS designations mean you are working with the most up to date Realtors and information available. Ask for our special 5 Steps to Avoid Foreclosure Report Visit www.homes-in-stockton-forsale.com or e-mail us at hometeam@homes-in-stockton-forsale.com . Call us at 209-479-9222 or 209-406-0667 for you short sale package.