If you're the type of home-owner who has avoided a "short sale" of your Pasadena home, you may want to reconsider your options.
Why A Pasadena Short Sale Could Be a â€œNo-Brainerâ€:
If you are a Pasadena home-owner, and you are looking to avoid a foreclosure through a short sale you should know that California law recently changed.
The change is as follows: If the bank approves your short sale on a first or a second loan, it prevents them from coming after you after the fact for a deficiency.Â
It also prohibits a lender from demanding a seller contribution as a condition of short sale approval.
Here is a quick recap of the new law from About.com: http://homebuying.about.com/b/2011/07/22/new-law-passed-prohibits-deficiencies-on-california-short-sales.htm
Here is the article from the Pasadena Short Sale Blog: http://pasadenashortsaleblog.com/2011/07/22/pasadena-short-sale-deficiencies-eliminated-in-ca/
This makes the decision to do a short sale a no-brainer for many people. However, you should still consult with a real estate agent about whether it is the best decision for you.
For more information on whether a short sale is right for your Pasadena home, contact the Parsons Real Estate Team by calling 626-204-3302 today.
PS - Please share thisÂ post with anybody you know that has questions about the new law, whether they are a home-owner or a REALTORÂ©.