Homeownership rates expected to drop with housing market
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“Somis CA Homes for Sale”
Since: Sep 09
#1 Sep 12, 2009
If you have been looking to buy a Somis CA home recently, Im sure you have encountered a few homes known as "Short Sales." Do you know what a short sale is?
A Short Sale occurs when a home owner has fallen behind on their mortgage payments and the Lender agrees to accept less money for the home than what the homeowner owes on their loan.
The amount each lender agrees to on a short sale house depends largely on these factors: the lending institute, the amount of the original loan, and the present amount in default. Now and again it makes more sense financially for a lender to let the property go into foreclosure!
Making an offer for a short sale home can be an art in and of itself. You should have an knowledgeable Realtor to help guide you through the offer process.
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