San Diego Short Sale Experts

Completing a real estate short sale is one of the most difficult transactions in all of real estate. It is important to know that the company and team you hire to complete this process for you have expertise in this area.

We found it beneficial to make sure our clients know what is going to happen throughout the process. Below are the most common questions that have been asked by our clients.  If you are speaking with others and they can’t answer the questions below, we recommend seeking another opinion.

We have also included sample forms so you can see what they may look like. The forms are not to replace what your bank has sent you. They are only given to illustrate the type of documents that you may see from your lending institution.

What is a Short Sale?

A short sale in real estate is selling a property for less than is owed on the property.

For example: Loan Amount: $450,000

Market Value of Real Estate: $375,000

In the above example the property is at a minimum upside down $75,000. In order to get the bank to take an offer at $375,000 a team of experts who specialize in negotiations with banks and marketing short sale properties to the real estate community are needed. That is exactly the expertise of the Werth Webster team.

Common Questions

• How long does it take?
  • Banks can take between 2 – 6 months to give an official approval of an offer once it is received. This process can be improved by communication with the bank by your representation. Open and consistent communication improves the process.
  • Ensuring that the required paperwork by the bank is correctly filled out increases acceptance by over 45%. Some banks will destroy any application that is even off by one item. Our team ensures that your paperwork is correctly filled out the first time so you have the greatest chance at acceptance.

• How long do I have until I have to move out?
  • The bank is required to let you know when they have filed the notice of default with the county recorders office for the county you are in. The majority of banks do this after you have become 90 days late on your mortgage or 3 consecutive mortgage payments. From this time the earliest a sale date can be set is 90 days from that date. So you may not have to move out until 90 days after your third missed payment. During a short sale process, the banks prefer that the home owner stays in the home. Despite myths to the contrary, even owners in distressed situations keep the home in better condition than it would be if the home was vacant.