Short Sale Advantages

While lenders have been unfortunately slow to act in granting desperate homeowners principal reductions or loan modifications that are actually affordable they are warming up to short sales as a solution to less foreclosed properties in their shadow inventory.

Short sales through HAFA (Home Affordable Foreclosure Alternatives Program) enjoy an incentive payment to the homeowner of $3,000! In addition we have been able to secure for several of our clients incentive payments from their lender at the successful close of escrow in the tens of thousands of dollars (as high as $35,000 from Chase)! Short sales will be a part of our real estate terminology for many years to come in the future and it seems that lenders are finally waking up to the fact that a short sold home is better for them financially than a foreclosed home.

Having a short sale on your credit report is preferable to having a foreclosure on your credit report. In certain cases you may be able to secure an FHA minimum down payment loan immediately after a short sale.
If you sell your home through a short sale you are resolving yourself of the liability (with an appropriate approval), if however you choose to walk away and your home forecloses depending on the nature of your loan(s) and the route the lender took to foreclose you may be exposing yourself to years of collection calls, creditors, and possible lawsuits, legal money judgments, wage garnishments, bank levies and liens.

 

Jason Litchney is a licensed California Real Estate Broker / co-founder of StoneCrest Realty, General Contractor. StoneCrest Realty is a full service residential and commercial real estate brokerage.

Jason has a background in statistical analysis and data analytics with a bachelors and Masters degree in engineering from Cornell University. Jason focuses on assisting sellers, buyers, investors, and commercial clients to maximize their real estate goals. Jason aggressively negotiates and markets for each of his clients and has been recognized as one of the top agents in Sacramento, Placer, and El Dorado county.

Contact Jason Litchney by calling 916.757.6000. Managing Broker at StoneCrest Realty. DRE License # 01704911.

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