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What is a Short Sale?

Hello everyone, I’m Toni Patillo with Keller Williams Realty in Santa Monica, California. I would like to talk to you today about what exactly is a short sale. You may have heard of a Santa Monica short sale before and maybe you know someone who has completed the Santa Monica short sale process. It is really quite simple. A Santa Monica short sale means you need to get rid of your property for one reason or another. Maybe you need to relocate for your job or maybe you are going through a recent divorce, or maybe there has been a death in the family. Whatever the reason may be, you need to get out from underneath your upside down mortgage. Usually when homeowners get to the point of considering a short sale, they are usually underwater on their home which means they owe more on their home than it is currently worth. Also they are several months behind on their mortgage payments as well.

At this point, completing a Santa Monica short sale may seem like the best option. When a homeowner decides to complete a Santa Monica short sale, they will sell their current property for less than what they currently owe on the property. The Santa Monica short sale process will involve the homeowner needing to provide their lender with all of the required documentation. The homeowners will also have to prove they are currently in a hardship. There are certain forms needed to fill out to prove there is a legitimate hardship. If you are considering completing a Santa Monica short sale, please contact us today. We would love to work with you on your Santa Monica short sale. Thanks and we look forward to speaking with you soon.