On July 15, 2011 a new law went into effect to protect homeowners from deficiency judgements and requirements to pay compensation in exchange for a short sale. Click on the link below for a PDF file with a general overview of the new law and to whom and how it applies.
It’s important to note that there is no cost to the borrower to short sell their home. The commission paid to Realtors® is covered by the bank that approves the short sale. What is required from the homeowner/borrower is prompt cooperation at all times.
If after reading the fact sheet you decide you’d like to put your home on the market as a short sale, call Adrienne to schedule an appointment. 714-396-2819