According to recent statistics, short sales have been increasing over the last year and are now making up a bigger percentage of overall home sales in the Orange County California real estate market. That’s not shocking to many Orange County realtors because short sales offer more advantages to sellers including the ability to quickly sell their homes and get fair market value, even if they have multiple loans or junior liens against them.
Details Of New Short Sale Law
Thanks to a bill that was introduced by the state Senate back in July 2011, SB 458; lenders in California can no longer go after homeowners for the short fall or remaining balance on their home loan after their short sale has been approved. Unlike a previous law that was passed which was supposed to protect borrowers from their former lenders, Senate Bill 458 also protects the former homeowner from junior lien holders as well.
Consult With A Lawyer And Short Sale Specialist
Orange County homeowners who are considering short sale versus a foreclosure should consult with a qualified lawyer, as well as a top Orange County realtor who is also a short sale specialist because, key points to short sale laws are always changing and it’s important for a homeowner to have a lawyer on their side to understand the complexity of short sale laws since Orange County real estate agents who also specialize in short sales can’t offer legal advice.
Hiring a lawyer who specializes in short sales is also beneficial because, it will give the homeowner peace of mind since the underwater or distressed homeowner will have to fill out four legal documents including a listing agreement that they will have their short sale specialist, short sale agreement and more.
To learn more about the California short sale laws and how they affect you, contact Fred Sed & Associates today at (949) 272-0125 or info@BestOCproperties.com.