SHORT SALES
A short sale occurs any time that a property sells for less than the balance owed on the loans on the property.
A property owner may or may not be delinquent in payments to request a short sale payoff. The lender(s) must
approve the short sale before it can happen. This means that the lender or the lenders’ asset management
negotiator will review the circumstances of each individual short sale request to determine if the lender is
agreeable to a short sale, and what the payoff must be. Sellers must give a buyer all mandated disclosures
about the condition of the property and material facts.
NOTICE OF DEFAULT
Once a property owner is delinquent in making payments for 90 days, meaning that three payments have been
missed, a Notice of Default (NOD) will be filed by the lender(s) and recorded. This begins the foreclosure
process. From the date of filing the NOD, the owner has 90 days to bring all payments current, including late
charges and fees.
REO’s
A property becomes an REO (Real Estate Owned by the lender or bank) if the owner on title is not able to
redeem the property before the foreclosure occurs. If the owner cannot redeem and the property does not sell
on the courthouse steps as a Trustee’s Sale, the lender (bank or mortgagee) must take ownership of the property.
Once the bank takes the property back, the bank is required to put the property on the market and sell it
as quickly as is practicable. Buyers receive limited disclosures from the banks because little is known about the
history of the property.
YOUR OPTIONS – If you have missed payments on your property, you are in jeopardy of losing your property. You have options. Don’t let the clock tick by... act immediately to secure the option that best works for you and your finnancial situation. Century 21 C. Watson has 29 Certified Distressed Property Experts (CDPE’s) who can present your options and work hand-in-hand with your attorney or financial advisor who guides your decisions. Statistics indicate that 57% of the people who lose their property in foreclosure didn’t realize they had options. Don’t be a statistic. Help is just a click or a call away... do it right now! Call 559.432.1221 to reach a Century 21 Certified Distressed Property Expert!
