Information on How a Short Sale can Help With a Loan on Land

Hi, this is Kerri from the Bay Area Short Sale Angels. We are northern California’s number one short sale team.

Some of you may be wondering if you can do a short sale on land. The answer is yes you can. We have people who have purchased land in the past, with hopes that they were going to develop it in the future. Then the market crashed and all of a sudden there was no money to be had in order to develop the land. Now they sit holding onto this undeveloped land with no hope of being able to put money into it. They continue to pay loan payments on it, and it’s just pulling from their pockets every month. Maybe they have a financial hardship, or they’ve lost their job, needed to relocate, or maybe the land payment is causing them to have a financial hardship and they just can’t hold on any longer.

So yes, you can short sale land, we’ve done it before. It’s actually a pretty easy process. Just like banks don’t like to own property, they definitely don’t like to own just land that is undeveloped. It’s hard to move and it’s hard for them to maintain, so they don’t like to keep it. This would mean they are more apt to agree to a short sale.

If you find yourself in a similar situation, please give us a call and see how we might be able to help you.

This is Kerri from the Bay Area Short Sale Angels where we believe there is nothing worse than doing nothing. Please let us know if we can help answer any questions you may have about the Bay Area short sale process and how it works.