Understanding Short Sales:
In 2009, there were 301 closed residential real estate transactions in Benicia. 42, or 14%, were short sales. In 2010, there were 321 closed transactions; 68 (21%) were short sales. From January 1, 2011 through June 30, 2011, over 29% of the closed transactions were short sales (49/168). Today, almost 44% of the active listings are short sales. It is clear that this process has become integral to our current marketplace, and will be part of our landscape for the foreseeable future.
A Short Sale is the name used to describe a real estate transaction where the seller’s lender agrees to allow the property owner to sell the property for less than the amount of the secured debt. The lender agrees to a “short” payoff.
This process involves difficult and complicated choices. It is prudent, imperative even, for the property owners and prospective buyers who are considering such a transaction to consult with their best professional advisors for legal, tax, credit and personal advice.
To arm yourself with good information and to assist you in consultations with your expert team, please visit www.shortsalescalifornia.org.
OLSON REALTY, INC.
Your real estate specialist for Benicia and Vallejo, California
920 First Street, Suite 101, Benicia, California 94510 • tel: 707.745.3602 • email: firstname.lastname@example.org
BRE License number 00899699