A Short Sale will be time consuming and complex… Be prepared.

When a seller attempts to sell a home in the Victorville real estate market for less money than he owes the bank it is referred to as a Short Sale.  The name Short Sale has nothing to do with the amount of time it will take to complete the transaction, in fact, a short sale most often will take at least 90 to 120 days to complete.  A seller will attempt to facilitate a short sale in most circumstances to avoid a foreclosure on his credit record.  What complicates a Short Sale is that the Bank/s holding the real estate loan (in some cases a second loans may exist as well) will be involved in approving the final sales price, in essences: the sale price is not up to the seller, the lender has to approve the purchase price.  The seller isn’t getting any money at closing and the bank’s involvement is to reduce their loss as much as possible.

The fundamentals of a short sale are:

• Seller must be behind in the real estate loan payments
• Real Estate Broker will contact the lender to explore the possibility of a short sale
• Seller has to provide proof of financial hardship to lender
• Buyer will make an offer, knowing what is owed by the Seller of the property
• Lender reviews the seller’s loan and the buyer’s offer
• Lender and broker discuss value and condition of property and examine any offers
• Lender will make the final determination on price

The Short Sale fundamentals appear relatively simple when in fact they are quite time consuming and complicated.  To get more information about Short Sales in Victorville CA and to see what homes are for sale, visit our web site.

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