Short Sales

Short Sale Definition: A short sale occurs when a home is sold at a value less than the amount of the loan taken out against it. With the original lender's permission and release from deficiency the short selling homeowner is released from debt. This is an opportune method for homeowners to protect their credit and save their home from foreclosure.

List Your Home: Have the homes in your area dropped dramatically in price? Are you unable to pay your mortgage payments due to job loss, medical bills, or some other hardship? At Otay Ranch Real Estate we have professionals that can help you! Submit an inquiry to our team and we will send you relevant information on your specific situation. We have contacts in almost every major lender's loan mitigation department.

Some of the key benefits of a short sale:

1. A short sale allows your home to be sold for less than you owe, avoiding the stigma of foreclosure
2. A short sale has a smaller effect on your credit than a foreclosure
3. A successful short sale satisfies the debt you owe to your lender(s)
4. No up front fees or money paid by you (the seller) in the transaction - all commissions and fees paid by bank
5. Ability to purchase another home immediately if there were no late payments made. If there were late payments you must wait up to two years -- much less than the seven year waiting period after foreclosure.