San Mateo Short Sale Home Sellers You Should Know

What’s a Short Sale Again?

Short sales happen when a property is sold for less than what is owed on the loan. So someone bought a house for $500,000 and is now selling it for $400,000. The bank is about to take a loss of over $100,000.

World of Short Sales

The rules of short selling your home in San Mateo are ever changing. Other than the obvious concerns of where am I going to go, sellers need to be aware of what the banks are up to.

Short Sale Loan Opportunists

Most banks haven’t been going after sellers for the difference between what the seller owed and what the house sold for; it’s too expensive. That’s changing.

There are now companies out there that are buying those loans for pennies on the dollar and then pursuing sellers. How’d you like to get a phone call a year after you’ve sold your house from someone who says: You owe us $100,000? It’s happening.

What Do Sellers Do?

Be aware and hire a Realtor that knows what they’re doing. If, during the short sale, the bank does not waive its rights to pursue you for money lost, then you’re at risk – recourse loan or not.

Thanks for reading the San Mateo Real Estate Blog.

Vicki Moore, Realtor
Alain Pinel Realtors, specializing in San Mateo, CA Real Estate.

Need real estate help?
Contact me at 650.888.9268 or Vicki[@]CallVicki.com.

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Vicki Moore About Vicki Moore

Office:
RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

By Phone:
650.888.9268

Trackbacks

  1. [...] Yesterday I said that sellers are at risk whether they have a recourse loan or not. You ask: But what’s a recourse loan? [...]

  2. [...] I’ve said it before if you’re in the difficult position of having to short sale your house get someone who knows what they’re doing. [...]

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