Short sales in Beverly Hills?

By: Joshua C Anderson
Published: Tuesday, 2 Aug 2011
Afshar Properties Chief Correspondent

Over the past few years the housing market has taken a turn for the worst, even in affluent communities such as Beverly Hills, Bel Air and Malibu, to name a few. Homeowners are left with few options once their property value declines. In some cases, the homes are owned free and clear, but in most they carry high ticket mortgages that seem to balloon as the market declines. If a home goes into foreclosure and sells at auction, the neighborhood will be adversely affected. Often times when the property is underwater, a homeowner can choose to short sale it as long as there is a legitimate hardship, and in 90 percent of the cases, there are.

Los Angeles based Housing Assist of America knows the short sale market better than most. With over 200+ short sales under their belt and one of the biggest names in real estate backing them, they are a short sale powerhouse. Coldwell Banker brought them on board in 2011 and hasn’t looked back since. The secret to their success lies in their ability to negotiate effectively with hardball lenders, an attribute that separates Housing Assist from the distressed property expert.

Overall the short sale is a proven method to alleviate debt and get a fresh start, no matter what the property is worth or how much you owe. It is always advantageous to the seller in every aspect, however in some cases there could be tax ramifications. Whether it’s a 250k home in a modest community or 1.5 million dollar villa in Beverly Hills, the banks just want to cut there losses and move on, The process is exactly the same, but keep in mind no two short sales are alike. Avoiding foreclosure at all costs should be a top priority to sellers. And recent research has shown that lenders are approving more and more of these complex transactions. As of April 2011, bank of America has completed well over 23,500 short sales nationwide, with Wells Fargo and GMAC at 13,500 apiece and counting. JP Morgan Chase has even offered some owners as much as $30,000 as an incentive to short sale their property.

If you owe more on your property than its worth and it’s a financial burden to make the payment, the answer should be quite clear, short sale