Short sales refer to a real estate transaction whereby the current lender(s) agree to allow the owner to sell the property for an amount less than the current mortgage. In other words, Either the homeowner purchased the home when it was worth more or not enough equity has been accumulated with the current loan to pay the expenses involved in a sale.

In the high desert, short sales are very common because of military relocation, loss of income, and the purchase of homes with 100 percent VA loan financing (the 100 percent financing does not allow equity to accumulate as quickly as the need to see the home).

When you contact the 29 Palms office of Midas Realty Group, a short sale Realtor® familiar with high desert short sales will want to hear about your unique situation, and options will be presented based upon the circumstances. If your bank has asked you contact our company as a short sale Realtor, we will expedite your appointment to accommodate your urgency.  Likewise, if there is a pending foreclosure sale, we will react with the urgency you need. We provide all services to homeowners at NO COST to the homeowner. Our consultations are straight forward, informative and FREE. There is no obligation and never a cost to 29 Palms homeowners exploring their current mortgage options.  You will work with a Certified HAFA Specialists (CHS) and Certified Distressed property Expert (CDPE), and if you qualify for the HAFA program we will advise you of your options. If you decide you want us to work on your behalf, there are still no costs to you. All of our fees are paid by your lender.

How Are Short Sales Different than Traditional Equity Sales?

29 Palms short sales are different than equity sales.  Firstly, short sales are more complicated and time consuming than an average real estate sale, making it important to retain an experienced real estate professional to oversee and negotiate the complexities of the transaction.  Secondly, short sales are negotiated as a win-win situation since the bank gets something, and the homeowner avoids foreclosure.  The process is not necessarily complicated but they do require some work on your part and the part of your agent. Lastly, short sales are one of the best ways of stopping foreclosure of your home, and they are advantageous to all parties in involved.

The theory behind short sales is that banks would be better off to accept a loss now, versus going through the legal expense of a foreclosure, just to end up selling it for less later. The benefit to both parties are that the homeowner doesn’t suffer the credit impacts/stigma of foreclosure and the lender can clear a non-performing loan without the associated costs of foreclosure, eviction and property rehabilitation. A short sale is a viable alternative to foreclosure when foreclosure is imminent and unavoidable, property values do not support a price sufficient to pay the loan in full and the borrower will not receive compensation from the sale.

Benefits of a short sale

The theory behind short sales is that banks would be better off to accept a loss now, versus going through the legal expense of a foreclosure, just to end up selling it for less later.  The benefit to both parties are that the homeowner doesn’t suffer the credit impacts/stigma of foreclosure and the lender can clear a non-performing loan without the associated costs of foreclosure, eviction and property rehabilitation.  A short sale is a viable alternative to foreclosure when foreclosure is imminent and unavoidable, property values do not support a price sufficient to pay the loan in full and the borrower will not receive compensation from the sale.

Now that you know a little about short sales, contact Midas Realty Group today to discuss how we can help YOU achieve your short sale real estate goals. Call us now at 800-546-2289. We will be happy to answer your questions right over the phone. If you are browsing after hours, you may also fill out your information on one of our online forms.

* WARNING ALL professional negotiation assistance for short sales or loan modifications should not cost the homeowner any out of pocket money.  If you have contacted a company and there is a charge for the services provided, please look carefully into the company’s background.  No results can be guaranteed, as the final approval of a short sale is completely up to your lender. 

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