Rational Real Estate "Specialize in Short Sales"

John Chau | Real Estate Broker | 916-226-6377 | 408-839-7480

Short Sales FAQ

Short Sales FAQ
Here is a list of common questions that most sellers have question. If you have any specific question that is not on this page, please go send me an email, investorchau@gmail.com.  Thank you and I am looking forward to answer any question you may have. 

What is a Short Sale?
A Short Sale is what happens when a lender agrees to accept less than the amount owed against a home because there is not enough equity to sell the property and pay all they costs of the sale.

What is the benefit to the sellers?
The benefit for the borrower is that they get out from under a big problem and avoid foreclosure.

What is the benefit to the lender?
The benefit for the lender is that they avoid the costs associated with foreclosure and don't have to keep a property in their REO inventory.

Do I have to pay anything to sell my home in a Short Sale?
No, you won’t. All fees will be pay by the lender, subject to their final approval. You will not be responsible for any sales costs when you sell your house in a Short Sale. Commissions, title and escrow fees, and any repair expenses are paid by the lender as part of the Short Sale approval.

What do lenders consider a legitimate hardship?

  • Job relocation
  • Illness or injury
  • Job loss or significant income loss
  • Divorce or split of domestic partners
  • Family illness or injury, especially if it requires relocation
  • Mortgage payment adjustments or unforeseen increase in living expenses

 How will a Short Sale affect my credit?
As far as credit is concerned, a Short Sale will be less damage to your credit compare to foreclosure. A credit bureau is the only true source of information for determining how a short sale and a foreclosure is going to affect your credit.

When should I start my Short Sale?
It is best to begin a short sale when you realize you can no longer afford the mortgage, so that your property can be marketed properly and you can receive a high offer. The earlier you start, the higher our likelihood of success. Don't Wait, Call Me Today: 916-226-6377 or 408-839-7480.

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John Chau, Real Estate Broker, CDPE, SFR

Direct: 916-226-6377 | Cell: 408-839-7480 | Efax: 408-416-3272
Website: www.rationalre.com
| Email: investorchau@gmail.com | DRE: 01343787