Seeing Good and Bad in Short Sales

Short sales in Costa Mesa are a big part of the current real estate market. Lots of people still don’t understand how they work. Like anything, there are pros and cons.  On the bright side, sellers can get their distressed property off their hands. Even better, a short sale only affects a seller’s credit for 2 years, rather than the 3+ years of gloom that comes with a foreclosure.Of course short sales also have complications. For instance, the seller may still have some liability to the lender. This is not always the case and sellers should check with their lawyer.  However, if a short sale seller has refinanced or gotten a second loan since obtaining their original loan for the home, they need to check with their attorney regarding their liability.Short sales have a reputation of taking a long time.  However, recent government programs have been put in place to speed up the short sale process. Many lenders are also finding that by approving short sales faster they can save time and money, which in turn will help save you, the seller.  On the flip side, if the lender refuses to take a loss, a short sale may not be an option for that seller. How can a seller who is considering a short sale help move the short sale process along?  Here’s a seller checklist for paperwork to get in order:-pay stubs-tax returns-bank statements-a hardship letterTorelli Realty2845 Mesa Verde Dr. E, Suite 6 – Costa Mesa, CA 92626 (714) 540-7355BLOG: http://torellirealty.wordpress.com/ and http://costamesashortsales.wordpress.com/FACEBOOK: http://www.facebook.com/torellirealtyTWITTER: http://twitter.com/TorelliRealty