Posted on Dec 20, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller William’s Real Estate; I’m your short sale specialist in the Roseville and Sacramento area. If you are facing foreclosure or are upside down in your mortgage and looking for a way out, I can help you short sell your home.

I’ve been getting questions from homeowners lately wondering if their bank will approve a short sale if they want to purchase a replacement property or if it’s an investment property. They have an upside down mortgage and want to put a tenant in, but unfortunately due to the real estate market, the rent they would receive every month wouldn’t be enough to cover their mortgage, so they would be paying money out of their pocket every month. Another instance is that they may have a home that is in need of substantial repairs and the money for the repairs is going to have to come out of their pocket.

In both of these scenarios, the homeowner is underwater on their mortgage and is wanting to know what to do and if a bank will approve the short sale if they already have a replacement property or if it’s an investment property. The answer is absolutely, yes they will allow you to short sale the property. No matter how you look at it, a short sale is a savings over a foreclosure, even though the banks don’t like to admit it. It is cheaper for them and they make more money when they accept and close a short sale than when they foreclose on a home and resell it.

If you have any questions regarding the previously discussed information or would like to talk about your specific situation, please give me a call today. I can provide you with the resources and education you need to successfully navigate the real estate market and short sell your home.

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