A short sale occurs when the property’s selling price is lower than its loan amount. Homeowners cannot sell their homes for less than what is owed on the loan. The lender must approve this type of transaction. The lender will agree that the seller will receive all equity, but no proceeds, if the loan is approved. A short sale allows the property’s lien to be removed so it can be sold. A lot of lenders will allow sellers to release any balance due after the sale.
A short sale is a rare type of realty transaction. The seller sells the property at a lower price than the mortgage. To allow the title to be released, the lender must cancel the mortgage. This happens usually when the mortgage is paid in full. The lender might agree to accept less than what is owed in the case of a short sale. New Era Escrow is able to help you close your Los Angeles short sale transaction. This is a rare escrow situation that requires skill and experience.
Why choose short sales?
There are many reasons short sales can be made. This transaction can be less costly than foreclosure and is generally less damaging to the seller’s credit. Sometimes short sales are more difficult than foreclosed homes. It’s also easier to obtain a new mortgage. You may be able to apply immediately for a loan after a short sale, instead of waiting four years because of credit repercussions.
Professional Escrow Services
New Era Escrow understands that buyers don’t buy a house expecting to be involved with a short-sale. Our escrow agents are familiar with the complex short sale escrow Los Angeles process. To help you navigate the complex waters of short-sale escrow Los Angeles, we use a consumer-based approach. This will prevent any unexpected delays. Our escrow agents have extensive knowledge and expertise in short-sale transactions. Short sales can be complicated and time-consuming. We are sensitive to this fact. By offering a proactive strategy to avoid delays, we can help homeowners, as well as lenders, feel more confident about closing on schedule.
We serve short-sale customers in Los Angeles
There are several steps that you can take to facilitate the closing of the short-sale. The seller’s lender must agree to close the sale before it can be done in writing. New Era Escrow has been a trusted short-sale specialist for many years. These transactions are handled by us. We use the most advanced encryption and security technology to protect all parties against fraud and other criminal activities.
How the New Era Escrow Can Help Your Short Sale?
New Era Escrow is a local agency that will help you, the buyer or seller, close a short sale. We have learned from our experience the potential pitfalls and pitfalls of these deals, and how to minimize them. If you are looking for an escrow agent who has experience in short sales, New Era Escrow has friendly, knowledgeable escrow agents who can assist you in your transaction.