FAQ - California Short Sales

Short Sale Attorney Serving all of California

What is a short sale?

A short sale is a type of real estate transaction where a home is sold for less than a homeowner owes. In these cases, the lender agrees to accept a sale although the proceeds are not enough to fully pay off the current loan. Completed successfully, a short sale will satisfy the borrower's obligation to the lender.

Why would the bank agree to accept less than what I owe on my home?

Following through with a foreclosure is an expensive and often lengthy process. In some cases, a lender may find that it is worth it to agree to a short sale in order to avoid foreclosure. In addition to the costs of foreclosing on the property, the bank would also lose money while maintaining the property and attempting to sell it.

Will I need to handle all negotiations with the bank?

When you work with a California short sale attorney at our law firm, we will handle all communication with the lender. We will make sure your interests are properly presented as we work out an agreement that enables you to successfully complete your short sale.

Will a short sale ruin my credit?

Although a short sale may show up on your credit report, this will be significantly less harmful than having a foreclosure or bankruptcy on your credit report. For example, a foreclosure will remain on your credit for 7 years. With a short sale, you can expect to regain your footing fairly quickly and resume normal borrowing.

How do I know if a short sale is right for me?

Making the decision to go through with a short sale is personal. Every homeowner is different and may have different goals in regard to keeping their home. If you do not wish to keep your home and wish to sell it to avoid foreclosure, a short sale may be the right option for you. We recommend that you contact an attorney at our offices to learn more about your particular case.

Why should I involve a lawyer?

In addition to helping you make the initial decision of whether to go through with a short sale, a lawyer can represent your interests through this process. Legal liability and a complex real estate transaction are involved. With a professional experienced in this field, you can be sure that your interests are well protected.

Contact a Short Sale Lawyer Today!

For more answers to your questions and for a confidential consultation regarding your particular case, contact a California Short Sale Lawyer at the Law Offices of J. Arthur Roberts today.