Do you know exactly what a San Diego short sale really is? Whether you are a homeowner facing a foreclosure looking for a way out or a buyer aiming to land a great deal - knowing precisely what a short sale is may be of immense assist with you.
Basically a San Diego short sale can be a situation in which a homeowner that's facing a foreclosure on a certain little bit of property decides to offer that part of property to some buyer for under the value of the money on it. In short - it is being sold puzzled.
Now if you're wondering an amount possess anyone to ever sell their home for less than what they owe the lending company (or a few other lender) - this is because simple: It really is to avoid studying the process of foreclosed and winding up with a big black mark in your credit record.
By preventing the foreclosure, you're not going to escape the results entirely actually. Instead, you'll get some negative credit score but it is going to be mitigated by the proven fact that at least the house wasn't foreclosed about the entire balance due. Instead, you will see a line inside your credit report that indicates that some of the amount owed was recovered by way of a San Diego short sale.
Why would the lending company (or bank) accept such a proposal however? Needless to say, in any San Diego short sale they aren't going to recuperate the complete amount that may be owed for many years. That being said, it also means that they don't need to go over the process of foreclosure itself which can incur extra costs which they end up being forced to bear!
Please remember in some cases foreclosures wind up having to even see a courts - which is a lengthy, costly, and totally undesirable outcome for most lenders.
In short - it's a win-win for both the home owner and the lender to pass through a san diego short sale .
From the perspective of audience - it is a goldmine of opportunity. Seeing as the owner will be desperate to sell off their home fast or risk foreclosing onto it, you can find some really great deals via a San Diego short sale. In general, you'd turn out paying below market price - that is always an advantage.
If you're a home owner seriously considering a short sale in san diego - you need a good agent who concentrates on doing so which is able to guarantee that everything will likely be completed quickly and prior to your foreclosure date.
However if you're a buyer available in the market you'll find that most agents have listings of short sales and you need to be able to browse in order to find a San Diego short sale property that fits your needs without any problems.
Obviously - there's no guarantee that there will be many such sales as that is mostly using the property market in San Diego and how it is faring.