| In addition to bank foreclosures, short sales may often | | | | * Homeowners must offer evidence of economic |
| be bought for a discounted amount. Because short | | | | adversity |
| sales can lead to complicated transaction, it would be | | | | * Homeowners must have little equity or no in the |
| advisable to seek help from an Orange County short | | | | property |
| sale specialist (provided you are a resident of Orange | | | | A short sale isn’t a typical real estate transaction. In |
| County). A short sale is defined as an agreement in | | | | the case of a short sale, all parties, together with the |
| which the mortgage owner agrees to accept a payoff | | | | loan servicer of the seller, a housing counselor, |
| on the loan less than the loan balance if a suitable | | | | mortgage investors, junior lien holders, as well as |
| buyer for the home is found. Most lenders agree to | | | | insurers, may be engaged. |
| adhere to a short sale simply because they get a | | | | Short sales are often considered to be a hassle in the |
| higher portion of the loan balance when compared to | | | | recent market. Homeowners may not be informed |
| the amount that they would have received from selling | | | | the time of the sale, and the bank often takes time to |
| a property after foreclosure. In almost all cases, | | | | make a decision to accept the homeowners offer. |
| homeowners interested in a short sale need to meet | | | | Despite this fact, is believed to be a cost saving and |
| several criteria to qualify. They are as follows: | | | | practical approach for all parties engaged with the |
| * Homeowners must be behind in their mortgage | | | | proper guidance of an Orange County short sale |
| payments | | | | specialist. |