Park Place Realty & Asset Management is certified by the National Association of Realtors as a Short Sale and Foreclosure Resource(SFR), the only distressed property certification for real professionals recognized and endorsed by the National Association of Realtors.

Short pay transaction or "short sales" where the owner owes more on his or her home than it is worth. A short sale is a pre-foreclosure residential real estate transaction where the owner of the mortgage loan, lender or holder, agrees to (1) allow the home owner to sell his or her property for less than the amount owed, and to (2) release the property from the mortgage. Homeowners seek to sell their homes "short" to avoid threat of foreclosure action and to lessen the credit damage that would accompany a foreclosure. This is not always true because some credit companies treat a foreclosure and short sale the same.

A Real Estate license is required to represent the parties in a short sale. One must be aware of short sale fraud. There are many unlicensed "short sale facilitators" that hone in on homes that are on the verge of foreclosure and persuade the lenders to accept lowball offers.

Whether a short sale is in the best interests of the seller depends on a professional analysis combining potential legal, tax, and credit ramifications.

This past April, Fannie Mae announced it was relaxing its rules toward people who went through short sale or deeds in lieu of foreclosure. Fannie Mae now says that starting in July 2010 these borrowers can be eligible for a government-insured loan in just two years, compared with the previous "lock out" period of four years.

If you have any questions or would like to make an appointment for a short sale consultation call us at (858)274-3000.