Navigating The Short sale Market in Affluent Communities

Navigating The Short sale Market in Affluent Communities

By: Joshua C Anderson

Published: Friday, 12 Aug 2011

Afshar Properties Chief Correspondent

When people think of Beverly Hills, Pacific Palisades, Malibu or Hollywood Hills, they automatically think of glamorous homes for the rich and famous. And while that may be accurate there is a number of homeowners in these areas that are down to their last penny and need to salvage what they can before it’s too late. It’s not uncommon to see short sales in these affluent communities. One of the reasons for this is that the short sale allows a homeowner to have a fresh start as opposed to a foreclosure which can carry serious ramifications, and with lenders approving more and more of these transactions there isn’t a better time to take advantage of the opportunity at hand.

As long as the bank and the seller have the same goals, the process should be fairly smooth. Lenders are working diligently to streamline the process and get the non performing assets off of their books. One sure way to complete the short sale with the best results is to hire an experienced team to facilitate the transaction. Several Realtor can be certified to handle distressed properties; however that doesn’t mean that they will get the short sale closed with the best results. Short sale realtors on the other hand are more likely get the job done because of their ongoing experience with short sales. Housing Assist of America who negotiates for Colwell Banker has closed over 200 short sales and has the knowledge and experience necessary to close even the most complex of transactions. This allows the seller to not only to get the best results, but more importantly piece of mind.

Governor Jerry Brown has signed the SB 458 & 931 laws which make the short sale much more attractive to underwater and in some cases delinquent homeowners. In essence it is a debt forgiveness law that applies to most homeowners. So matter what your property is worth, how much you owe and how far behind you are, you can rest assure that a short sale is the best course of action.

Housing Assist Coldwellbanker