Redding Real Estate

Short Sale/REO

A notice of default can be one of the most heartbreaking and stressful burdens that you, the homeowner, will ever carry.

As the third party mediator and being knowledgeable, experienced agents, we have a distinct advantage in negotiating with your mortgage company.

What is a Short Sale?

Basically put, a short sale is a process in which your mortgage company agrees to settle for less than what is owed.

This is an alternative to the expensive and time consuming process of a foreclosure.

Benefits of a Short Sale

• By short selling your property, you can avoid foreclosure
• With a short sale, you lose your ability to purchase a primary home through Fannie Mae for only 2 years. With a foreclosure you lose that ability for 5 years.
• A short Sale will linger on your credit report for only 2-3 years. A foreclosure can affect your credit report for 7-10 years.

Why Would the Banks Agree to This?

• A Short Sale allows a bank to liquidate a property and releases the money into their reserves. This makes their stock loook better for investors.
• The short sale process will save them money over a period of time. A foreclosure can cost them over $50,000 in fees along with the loss difference of the home foreclosure sale and the loan amount.

Contact us at 1-530-224-6700 if you need a resource for information about short sales or bank owned properties (foreclosures aka REO’s)…. or click here to email an inquiry.