Short Sales

Short sales can benefit many homeowners who are unable to pay off the remaining amount of their property's value and opt to sell it for less than its original purchase price.

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There are various reasons why a homeowner might choose a short sale, including the current market value of the real estate being significantly lower than its purchase price.

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Whatever the reason, there are always pros and cons for the seller of the home that should be carefully considered. It is for these reasons that people should seek the advice of professional legal advisors, such as Mitchell Reed Sussman & Associates, who specialize in this matter.

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One of the disadvantages associated with short sales is that under certain circumstances, the lender retains the right to sue the borrower for the price difference.

Those eligible for short sale protection are individuals whose circumstances align with the conditions outlined in the law. This protection applies specifically to families and private residences; it does not extend to corporations seeking to benefit from the law.

Senate Bill 931 (SB 931) protection applies only when the deed is processed by a first trust deed and is limited to single-family homes defined as "a dwelling of not more than four units." These are critical factors to consider when opting for a short sale.

In some cases, a short sale is a prudent option, while in others, it may not be. To determine the best course of action, sellers are encouraged to contact a reputable attorney's office like Mitchell Reed Sussman & Associates. Here, they can receive expert information and advice regarding available services.

Additional Resources: California Code of Civil Procedure 580e

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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For more information regarding foreclosure and the laws that govern them you can check the website of Sussman & Associates or call us at 800-233-8521.