It has been two weeks since the start of a new era in the California real estate market as a result of CA Senate Bill 458 (California SB458), which makes it easier for a homeowner to short sell an “under water” house that is no longer affordable. We’ve already seen several blogs by real estate agents who specialize in short sale transactions, who would be more than happy to quickly earn a big commission on the sale of the property you will lose.
Yes, the new California bill offers better protection from creditors, but that added benefit alone is not a reason to be quickly persuaded to short sell your house – just because it is something someone else understands. What do you really understand about California SB458?
We understand that a short sale may not be an easy decision, but it may be an option that helps you avoid foreclosure or worse, which will severely hurt your credit and your future. Last week, we wrote about the details of a short sale with additional reference links. This week, unlike others, we don’t want to shout from the rooftops that now is a great time to short sell your house… your home. It is a never a good time to make that difficult decision.
If you are at a point in your financial life where you are actually considering a short sale, it will serve you well to understand the pros and cons of that type of sale from several perspectives:
- Real Estate Market Realities
- Financial Impact of a Short Sale
- Legal Implications of a Short Sale
The last thing you want to do if you are considering a short sale is make matters worse by entering into that type of major transaction, and a major transition in your life, without fully understanding a short sale and the implications of all of the perspectives above, not just one.
If you are reading this article because you are having financial problems, we can help you understand the current real estate market and how a short sale will impact your life financially and legally. Connie Yi is a California real estate attorney, a Certified Public Accountant, and a licensed real estate broker who specializes in California short sales.
Be sure you consider all of the aspects of a short sale, foreclosure, or bankruptcy before you enter into that next very different phase of your family’s life. We are here if you need solid, experienced advice about the future of your home and your family.