What is a SHORT SALE?

A  SHORT SALE is the agreement of your mortgage lender to accept payoff of your mortgage loan for less than the balance due. A short sale is a way for homeowners who are underwater on their homes, under financial duress, to eliminate further financial exhaustion and move on to better financial times.  Here are a few facts about short sales (pre-foreclosure sales, in the lingo of your lender):

> Approximately 1 in 6 mortgages in the United States are upside down in a negative equity position, which means that, in order to sell their homes in the future, they will have to bring a check to the closing table or negotiate a short sale with their lender.

>A short sale is a ZERO NET seller transaction. Yes, the seller walks away from the sale without any proceeds, but is out from under a crushing debt, and onto the first steps to financial recovery.

>A short sale is not as severe an impact on your credit as a foreclosure.  If you are facing foreclosure, you have nothing to lose by attempting to  negotiate a short sale.  The lender doesn’t really want your home and the economic  climate makes a short sale a much more palatable event for the homeowner and the lender.

>It is not necessary to be behind in  payments to effect a short sale, but if you are behind in your payments,  a Notice of Default may be imminent with foreclosure on its heels.  A valid hardship must be present and some qualifying exists to negotiate a short sale.  Work with a competent REALTOR on this one to get it right.

FIRST FINANCIAL ADVANTAGE is a Certified Distressed Property Counseling service.  We are here to guide homeowners through the rough financial times and help you see the options available to you.  Call Bob or Konnie Warburton at 530-913-1799   Consultation is FREE

North San Juan Ridge

North San Juan, “The Ridge, ” is home to a community of artists, writers, musicians, farmers, and independent spirits; appropriately, North San Juan real estate has a distinct and diverse flavor.

North of Nevada City, North San Juan has always been known as unique for its sense of community and self-sufficiency.

In 1853, gold was discovered here and North San Juan became a boomtown. North San Juan was named by a German miner who had served in the Mexican war and thought the area looked like a hill he saw with a prison built on it called San Juan de Ulloa.

The middle Yuba Canal provided water, making hydraulic mining possible in the area on a grand scale. And North San Juan became home to thousands. In 1884, hydraulic mining ended and North San Juan real estate ceased being about gold and became desirable for its fertile soil and away-from-it-all location.

Many of the town’s early structures were built of brick and equipped with the mandatory iron doors and shutters, and a few still remain in good repair today, even as impressive homes and organic farms replace the outdated makeshift homes settled by disillusioned hippies fleeing San Francisco after the Summer of Love.

North San Juan real estate is as diverse as its population. Its residents are as likely to be shopping at local market Mother Truckers for local organic produce as producing a Sufi dancing performance at historic North Columbia Schoolhouse, enjoying a community-wide Thanksgiving dinner, or traveling to hear Noth San Juan’s most famous resident (internationally acclaimed poet Gary Snyderr) read from his most recent book.

Each Western Nevada county neighborhood has its distinctive feeling and North San Juan, if not the most distinctive, has a history and an ambience unlike any other.

View all North San Juan properties in the MLS

Chicago Park and Peardale

If you are searching for Chicago Park real estate, someone has probably whispered in your ear about this beautiful region with its fertile orchards, towering madrones, cedars and oaks along scenic Highway 174, east of Grass Valley and west of Colfax.

First-generation Italian-Americans settled this area, naming Chicago Park after their first U.S. stopover – Chicago, Illinois. The Donner Trail passes through Chicago Park.

Although rural and bucolic, Chicago Park’s easy accessibility to I80 is a bonus for those whose lives include commuting to the east or west. – an added advantage to those fortunate enough to own Chicago Park real estate.

Chicago Park real estate includes many ranches and large parcels as well as properties near to Rollins Lake with its fishing, hiking, boating and camping opportunities. At an elevation of 2100 feet, it is not unusual for fisherman enjoying this 900-acre lake to compete with osprey and eagles for trout and warm water species.

Historically a ranching area, Chicago Park has been home to pear, apple, and peach orchards since the early 1900’s. Chicago Park’s rich soil produces superb mountain fruit. In fact, a pear grower from Chicago Park won first prize at the International Exposition in San Francisco in 1915 for his Bartlett pears.

In Chicago Park, the notable Bierwagon family-owned farm has been run by several generations of the family. The Bierwagons are also the genial hosts at Chicago Park’s Happy Apple Kitchen, a cozy (and delicious) destination for travelers.

If you have a dream of owing property in Western Nevada County, do yourself a favor and consider Chicago Park real estate.

View all Chicago Park & Peardale properties in the MLS