What Is A Yucaipa Short Sale, And Why Would A Bank Consider It? Simply stated, a Yucaipa short sale occurs when the bank accepts an offer on your home that is less than what is owed on the mortgage. For example, let’s say you owe $300,000 on your home in Yucaipa, and the market value is $150,000. Our Yucaipa CA REALTOR team lists the property for sale, and receives an offer of $150,000. Basically, we are “shorting” the bank $150,000. In doing so, your lender will “forgive” the debt and allow you to move on with your life. Banks accept Yucaipa short sales because they are better for their bottom line, when compared to foreclosure. A typical foreclosure will cost the bank anywhere from $15,000-$50,000 in legal fees, maintenance costs, utilities, etc. A Yucaipa short sale not only recoups ...
Comments
0