Do you know exactly what a San Diego short sale really is? Whether you're a homeowner facing foreclosures looking for a exit or a buyer seeking to land quite a lot - knowing precisely what a short sale is might be of immense help to you.
Basically a San Diego short sale is really a situation in which a homeowner who is facing a foreclosure on a certain part of property decides to trade that piece of property to some buyer for less than the value of the credit on it. In short - it is being sold baffled.
Now if you're thinking what can possess someone to ever sell their home for less than whatever they owe the lending company (or a few other lender) - the reason is simple: It really is to avoid going through the process of a foreclosure and dealing with a big black mark on your own credit record.
By staying away from the foreclosure, you're not going to escape the outcomes entirely actually. Instead, you will get some negative credit rating but it is going to be mitigated by the fact that at least the property wasn't foreclosed around the entire balance. Instead, there will be a line with your credit report that points too some of the balance was recovered with a San Diego short sale.
Why would the lending company (or bank) accept this kind of proposal however? Naturally, in any San Diego short sale they are not going to recuperate the complete amount that is owed for them. That being said, it also means that they don't really need to go through the process of foreclosure itself which could incur extra costs that they end up having to bear!
Be aware that in some cases foreclosures end up having to even go to the courts - the lengthy, costly, and totally undesirable outcome for most lenders.
In short - it's actually a win-win for both the house owner and the lender to endure a san diego short sale .
From the perspective of potential customers - it is a goldmine of opportunity. Since the owner will likely be desperate to sell off their property fast or risk foreclosing on it, you can find some excellent deals via a San Diego short sale. In general, you'd find yourself paying below rate - which is always an important.
If you're a home owner seriously considering a short sales in san diego - you will need a good agent who focuses on doing so and is able to guarantee that everything will be completed quickly and prior to your foreclosure date.
On the other hand if you're a buyer available in the market you'll find that most agents have listings of short sales and you will be able to browse in order to find a San Diego short sale property to suit your needs without having problems.
Needless to say - there isn't any guarantee that there will be many such sales as that is mostly using the property market in San Diego and the way it is faring.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment