Short Sales occur when a seller is in pre-foreclosure (missing payments) and places their home on the real estate market. Their real estate agent operates as a negotiator on the seller's behalf with the lender. A buyer is found to purchase the property (at less than what the current owner owes) and the lender agrees to accept a discounted payoff. The seller's debt is forgiven, but their credit history is impacted. Short sales typically cost sellers nothing, but they also make nothing on the sale.
The primary advantage of a short sale is that a borrower can typically obtain a loan and purchase a new property in less time than with a foreclosure.
Short Sale Expert:
With over 15 years of experience in the Fresno and Clovis, California real estate market, Jesse Penner is an expert in the listing and buying of short sale properties. A leader in the Fresno and Clovis real estate market, Jesse averages $10 million in sales each year.
One of Jesse's specialties is listing and successfully closing short sale (pre-foreclosures) properties in Fresno, Clovis, Sanger, Selma, Reedley, Kingsburg and Madera, California.
There are significant challenges in negotiating with financial institutions and identifying qualified, patient buyers. It is therefore, essential to choose an experienced short sale specialist if your home is in danger of foreclosure.
Closed Short Sales:
Every bank, negotiator, investor, and mortgage insurance encountered in a short sale brings a unique set of challenges. Here is a list of mortgage lenders in which the Penner Team has successfully closed short sale properties:
Aurora Loan Servicing
Bank of America
Chase Home Finance
Fresno County Federal Credit Union
Home Eq Servicing
Litton Loan Servicing
Ocwen Financial Corporation
Real Time Solutions
Seterus (Formerly IBM Lender Business Process Services)