Short Sales / Foreclosures

Sellers who stop making mortgage payments -- and those headed into default who cannot refinance or work out financing alternatives with their lender -- have 3 options for sale: sell the home before foreclosure is final, give a deed-in-lieu of foreclosure to the bank or let the bank take the property in foreclosure. Buyers and investors often try to negotiate with the bank on short sales before the home foreclosure is complete, especially if the home is worth less than its mortgage balance.

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}