A real estate short sale is a form of agreement between the seller of Del Mar luxury homes in the beginning stages of foreclosure and their lender, which allows the home to be sold for less than what it is really worth. The borrower would accept less than the loan amount in order to avoid a foreclosure proceeding. This short sale would result in a substantially discounted purchase price for the buyer of the home. The buyer would then proceed with the purchase of the home much the same as in any conventional realty transaction. 

The time you can start a short sale depends on the state you are located in, each state has laws and regulations regarding foreclosures. A foreclosure can happen as quickly as 35 days from the time the notice to the borrower is filed. It is this reason that tie is very important and you should allow a time frame of less than 60 days to execute a lender approved short sale.

The documents necessary to execute a short sale depends on the lender. Most often, lenders usually require hardship letter from the owners of Del Mar luxury homes explaining the circumstances behind the short sale. There may be additional requests for more detailed information on the financial condition of the seller, like, pay check stubs, bank statements, a personal financial statement and monthly budget assessment, amongst other things.

A seller's credit rating may be saved if they allow a short sale on their property to take place. Actually, it is up to the individual lender to decide what to report; most often lenders report the loan as paid on their credit report. It is certainly more advantageous for your credit score to have the short sale mentioned than to have a foreclosure on your credit report.

If a seller is in bankruptcy, they cannot negotiate a short sale for Del Mar luxury homes. Negotiating a short sale between the parties is thought of as a collection activity and such a negotiation is forbidden in bankruptcy.

For more information on Del Mar Luxury Real Estate for sale, contact:

Shawn Hethcock

Willis Allen Real Estate - Hethcock & Rodger

(858) 755-2280 or (858) 755-6761

valeriepekar@shawnrodger.com