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Short Sales
Fast Fact:
According to a recent survey completed by the California Association of Realtors®, fewer than three out of every five Short Sale Offers in California ultimately resulted in a sale.
A short sale is a sales transaction in which the seller's mortgage lender agrees in writing to accept a payoff of less than the balance due on the loan. A short sale may or may not involve a property in foreclosure.
Short Sales in California were 22.2% of closed real estate transactions in December 2011.
There are several types of short sales:
1. Home Affordable Foreclosure Alternatives Program (HAFA)
- Fannie Mae owned/guaranteed mortgage loans
- Freddie Mac owned/guaranteed mortgage loans
- Non-GSE owned/guaranteed mortgage loans
2. Non-Home Affordable Foreclosure Alternatives Program (Non-HAFA)
The Short Sale Process is confusing and complex to navigate. A Realtor® with short sale experience and knowledge is a key ally in helping both Sellers and Buyers reach a successful end to the journey.
If you would like more information on Short Sales and the HAFA program, please call (949) 903-6148 or email info@altusrealtysolutionsn.com
REO Properties
"REO" is an acronym for "real estate owned" by banks. Instead of an individual person or persons owning the property as in a typical resale transaction, a bank owns the property instead.
The bank typically acquires title to its REO properties through the foreclosure process. However, REO properties can also be acquired by banks through other means, such as Deed-In-Lieu of foreclosure, tax sale, or corporate housing.
Purchasing a REO property can come with its rewards; however, the process does come with its risks to the Buyer. Information about the property and the REO process is critical to minimizing those risks and maximizing the rewards.
REO Sales in California were 24.6% of closed real estate transactions in December 2011.
If you would like more information on REOs, please call (949) 903-6148 or email info@altusrealtysolutions.com
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