What Is A Redlands Short
Sale, And Why Would A Bank Consider It?
Simply stated, a Redlands short sale occurs when the bank
accepts an offer on your home that is less than what is owed on the mortgage.
For example, letâ€™s say you owe $300,000 on your home in Redlands, and the market
value is $150,000. Our Redlands short sale agent team lists the property for sale,
and receives an offer of $150,000. Basically, we are â€œshortingâ€ the bank $150,000.
In doing so, your lender will â€œforgiveâ€ the debt and allow you to move on with
Banks accept Redlands short sales because they are better
for their bottom line, when compared to foreclosure. A typical foreclosure will
cost the bank anywhere from $15,000-$50,000 in legal fees, maintenance costs,
utilities, etc. A Redlands short sale not only recoups more money for the
lender/investor, but also keeps them from potentially having another home in
their inventory. Remember, banks are not in the business of owning homes.
A Redlands short sale may be your only option and you may
qualify for the Temeclua Short Sale. We have set up a Real Estate Short Sale
Formula to help you determine if you are eligible for this option.
After years of completing short sales for our clients, we
have assembled a collection of short sale approval letters to get an idea of
what we are looking for when handling Redlands short sales.Â As you will see, our main priority is to make
sure that our sellers avoid any potential deficiency issues when completing a
short sale and avoid any out of pocket expenses.
We can answer these
and any other questions you may have:
â€¢What are the benefits of a short sale versus a foreclosure?
â€¢Is a Redlands short sale right for me?Â Do I qualify for a Redlands short sale?
â€¢What is the Redlands short sale process, and how long does
â€¢Why wonâ€™t my lender modify my loan?
â€¢Can my lender come after me for a deficiency?Â Will there be tax consequences for my Redlands
â€¢Why should I hire Garrigus Real Restate for my Redlands short
Lastly, if you provide us with your contact information and
the name of your lender, we will send you any updates that may pertain to your
specific situation. Some lenders may have guidelines or incentives that are
unique, and these tend to change regularly. As we are notified of any such
changes, we may touch base with you, so that you know where you stand. We will
never send you unsolicited mail or in any way harass you or pass on your
information to anyone.Â Everything you
share with us will be kept in the strictest of confidence.
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