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Tuesday, January 12, 2010

Short Sales are on the rise in California

In the current market climate Short Sale selling is becoming more popular with homeowners who are in trouble with their banks. With many home values continuing to fall, homeowners are opting out of the banks long drawn out Loan modification programs, and are instead choosing to sell their homes via a short sale.

Homeowners see the short sale as an alternative to waiting for endless months to get through to tedious process of underwriting, submitting and updating pay stubs and detailing every cent of how they spend their hard-earned and sometime dwindling paychecks. For many families the stress of waiting on the loan modification is taking its toll. A short sale allows them to remain in control of their home and oversee just who is making offers.

Even though many will not realize a profit, those who hold a loan with Wachovia are guaranteed to receive at least 1% of the sale price or $2,500.00 on the sale of their home.

Some banks are giving cash for keys, but not on the short sale. Homeowners who are considering the Short Sale route should get legal and tax advice from professionals in those field before moving forward. Also homeowners should open the dialogue with their banks and keep them abreast of their decision to sell the home. The banks are the best source of information on whether or not a deficiency balance will be charged to the homeowner after the sale.

Homeowners should not be afraid to face the new economic climate, with information, hope and courage. Homeowners who do pursue the Short Sale will more than likely have a better chance of repairing and improving their credit after the sale, over homeowners who abandon or ignore the problem.

Check out the enclosure link at www.squidoo.com/californiashortsales

http://sites.google.com/site/todaysrealestatetrends/

Alane Quien
Realtor/Financial Advisor
Prudential California Realty
1101 Sylvan Ave Ste A-7
Modesto, CA, 95350
United States of America
Work: 209-526-4040
Mobile: 510-258-4371
Fax: 209-526-0967
aquien@prucalifornia.com
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