Paradise Real Estate

Lake Tahoe Foreclosures and Short Sales

If you would like a current short sale list  for Lake Tahoe California OR Nevada, you cal call us at 1-800-996-2001 or complete the form below and we will email it to you.

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[form 7 "Short Sale"]

What is a short sale?
For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a “short sale.” A short sale occurs when the homeowner is no longer able to make their mortgage payment and owes more on their home loan than what the home is worth in the current market. The homeowner lists their home with a Realtor for the current market value and the lender will take less for the home than the amount of the borrower’s loan. When making an offer on a short sale, the seller is still involved in the process and will have to accept the offer as well. Once the offer is accepted by the homeowner, the offer will then need to be approved and accepted by the bank. Short sales are very complicated and the outcome is not guaranteed which is why it is good to work with a Realtor that can help you with all the details. A typical short sale can take anywhere from 3-6 months to close, but this can vary case by case.