Huntington Beach CA – Many people don’t think they are eligible for a short sale because they have unpaid homeowner’s association dues. Don’t worry about paying them yourself. When you short sale your home the association dues will be paid by your lender.
Things like homeowner’s association dues and property taxes are typically a very small percentage of the overall short sale value. Lenders know very well that a short sale will almost always net them substantially more money than a foreclosure.
I had an example in the post below. Consider a house that received a $119,900 short sale offer. After the lender rejected that offer, the home was foreclosed on and sold for $96,400. You can see that the lender ended up losing $23,500 by rejecting that short sale offer.
The short sale lenders have run all the numbers on a short sale versus foreclosure. They have high paid actuaries who go through everything. Even if you are short selling a $3,000,000 home the same holds true. The overall numbers are just a lot bigger.
If they have to foreclose, then they want to make sure they get the most amount of money possible. They know that they can recoup their money faster with a short sale versus foreclosing on a house and then reselling it.
Because of that they are typically willing to pay your delinquent homeowners association dues. In addition, the bank pays the real estate agent (they will have to hire a real estate agent when they sell the house.)
They also pay the title insurance and property taxes, because they must be paid in order to sell a house. They have to pay all those costs when they sell a bank owned property.
The Bottom Line: All of the costs are borne by the bank in a short sale. You pay nothing.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Tony@HunthausenGroup.com. I will contact you for a free consultation.
When we talk, I will be happy to answer all your questions and explain how the process works in detail. If you prefer, then you can call me at 714-334-7808.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Huntington Beach Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Tony Hunthausen specializes in loan modification assistance and short sales in Huntington Beach California. Huntington Beach Loan Modification Help, Huntington Beach Short Sales. Huntington Beach Short Sale Realtor Short Sale Realtor. Huntington Beach CA Short Sales. Huntington Beach Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Hunthausen’s personal views and do not reflect the views of Remax Select One. This information on thinking about a short sale, but aren’t sure you qualify is provided as a courtesy to our viewers to help them make informed decisions.