Selling Short Sale or Pre-Foreclosure Homes
Short Sale Definition:
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 20 years of experience in the Fresno and Clovis, California real estate market, Harold Penner is an expert in the listing and buying of short sale properties. A leader in the Fresno and Clovis real estate market, Harold averages $25 million in sales each year.
One of Harold's specialities is listing and successfully closing short sale (pre-foreclosures) properties in Fresno, Clovis, Sanger, Selma, Reedley, Kingsburg and Madera, California.
Currently, in the Fresno and Madera county real estate market, only 6% of listed short sales successfully close each month. Harold Penner, in contrast, has successfully closed 80% of listed short sales.
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:
- AHMS
- Bank of America
- Bayview
- Chase
- Chase Home Finance
- Citi Bank
- Citi Mortgage
- Countrywide
- Discover
- EMC Mortgage
- First Franklin
- HFC
- Home Eq Servicing
- IndyMac
- Litton Loan Servicing
- National City
- Ocwen Financial Corporation
- PNC Bank
- Real Time Solutions
- Specialized Loan Servicing
- SunTrust Mortgage
- Washington Mutual Bank
- Washington Mutual Consumer Loans
- Wells Fargo Home Mortgage
- Wells Fargo Bank
- Wachovia
Does Your Home Qualify for a Short Sale?
Click here to find out if your home qualifies for a short sale.