What Does It Cost to Short Sale Your Home? | Friday’s with Fred

     

    Over the last four years thousands of homeowners in Orange County and across California have turned to the short sale to get out from an underwater home and get financial relief. As the popularity of short sales has grown, so have the amount of real estate scams regarding short sales and many people think that it costs money to short sell their homes when in reality it costs nothing for a homeowner to short sell their home.

    How Are The Fees Paid?

    When a homeowner short sells their home all fees are paid for by the bank (lender), this means that a homeowner faces zero out of pocket costs to get started and they won’t face a lot of expenses when their short sale is approved.

    It’s actually illegal for anyone to charge a homeowner an upfront fee to short sell their home so watch out for scammers or people who want up front money to guide you through the short sale process.

    How To Start Your Short Sale

    If you or someone you love is planning on short selling their Orange County home the first thing that needs to be done is to contact your lender and find out what documents they will require from you to start the short sale process.

    Many lenders will require two years worth of: bank statements, W2’s, investment records and proof of other sources of income. Once you’ve acquired these documents the next step is to hire a top Orange County realtor to get your short sale listed and start driving traffic to your home’s location. Make sure you hire a realtor who has a marketing plan for driving traffic to your home because, you can have the greatest Orange County home but it wont be seen if nobody shows up.

    How Long Does It Take?

    If you speak with your Orange County real estate agent you will learn that a typical Orange County short sale can take as little as 20 days (depending on lender) so be prepared for the process to move fast once your short sale is approved.

    Need assistance with your Orange County short sale? Call one of the friendly Orange County real estate agents at Fred Sed & Associates today at (949) 272-0125.

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    Our agents write often to give you the latest insights on owning a home or property in the local area.