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PAT TURNHAM REALTY
6925 Wofford Heights Blvd
Wofford Heights, CA 93285
Phone: 760-376-HOME
Fax: 800-658-1105
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Pat Turnham
Broker
760-417-2231
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Jenny Brownell
Agent/Realtor®
(760) 977-6042
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Kelley Scarborough
Agent/Realtor®
(760) 812-9700
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Pros & Cons of Shortsales
- Short Sale, A Foreclosure Alternative-

A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.[1] Any unpaid balance owed to the creditors is known as a deficiency.[2][3] Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties.

A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower. While credit is also typically damaged much less than from a foreclosure, both often result in a negative credit report against the property owner.

If you would like to know more about short sales or if you talk with as about options for your property please complete the form below.