The Karlin Law Firm LLP

Providing quality legal services to statewide and national clients in ADA defense, Personal Injury, business and real estate for more than 35 years

866-500-8932
Email Us
Practice Areas

Short sales can benefit sellers and buyers

Some homeowners in California may benefit from going through a short sale. Short sales occur when owners sell their homes for less than what they owe on their mortgages. These tend to occur during economic downturns such as the Great Recession. When a buyer makes an offer on a home, the owner asks the bank to approve the sale. The bank will ask for evidence that the seller cannot repay the loan in full.

Furthermore, the bank will appraise the home to determine its value compared to what the property owner is willing to pay. It is important to note that there is no guarantee that the lender will agree to the short sale. However, it can be beneficial to lenders as getting some of the loan is better than potentially getting nothing at all. From a credit standpoint, a short sale is typically preferable to a foreclosure.

It may also be possible to save on fees and commissions that are paid during the traditional home sale process. In a short sale, the bank generally pays these costs. One downside is that the lender will keep any equity in the home after the sale is complete. Buyers can benefit from a short sale because they may get a home for a lower price and have less competition for the property.

A short sale may be an ideal alternative to foreclosure for a homeowner. It could help to preserve a credit score as well as allow a person to get out from a mortgage in a timely fashion. Afterward, they might move to an apartment or another home that is more affordable. An attorney can help a property owner better understand their rights during the short sale process.

No Comments

Leave a comment
Comment Information

Contact Us Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

L. Scott Karlin

L. Scott Karlin

Attorney Profile
David E. Karlin

David E. Karlin

David E. Karlin is a California attorney with a primary focus on business and real estate, including law and legal issues...

Attorney Profile
Michael J. Karlin

Michael J. Karlin

Michael J. Karlin is a Southern California based attorney whose practice primarily focuses on Entertainment Law. Michael began...

Attorney Profile

Recent Articles

ADA Fraud Reported

A recent article on the news concerns a man in Riverside County who allegedly has attempted to obtain money from property owners and businesses based on alleged violations of the Americans with Disablities Act (ADA). Read More

Tustin Office
13522 Newport Avenue, Suite 201
Tustin, CA 92780

Phone: 714-881-0054
Tustin Law Office Map

Newport Beach Office
2901 West Coast Highway, Suite 200
Newport Beach, CA 92663

Phone: 949-427-9328
Newport Beach Law Office Map

Carlsbad Office
2173 Salk Avenue
Suite 250
Carlsbad, CA 92008

Phone: 760-407-2409
Map & Directions

Riverside Office
6809 Indiana Avenue
Suite 100
Riverside, CA 92506

Phone: 951-643-8769
Map & Directions

Los Angeles Office
1100 S. Hope Street
Suite 103
Los Angeles, CA 90015

Phone: 213-519-5633
Map & Directions

Fresno Office
1444 Fulton Street
Fresno, CA 93721

Phone: 951-373-4384
Map & Directions