Have you figured out such a San Diego short sale really is? Whether you are a homeowner facing a foreclosure looking for a solution or a buyer trying to land a great deal - knowing exactly what a short sale is may be of immense assistance to you.
Basically a San Diego short sale is really a situation where a homeowner who is facing foreclosed on a certain part of property decides to trade that piece of property with a buyer for just the value of the money on it. In short - it can be being sold puzzled.
Now if you're asking yourself what would possess that you ever sell their house for less than whatever they owe the lender (or another lender) - the reason is simple: It can be to avoid studying the process of foreclosures and ending up with a big black mark on your credit record.
By staying away from the foreclosure, you aren't going to escape the consequences entirely actually. Instead, you will get some negative credit ratings but it will probably be mitigated by the proven fact that at least the house wasn't foreclosed about the entire balance due. Instead, there will be a line with your credit report that indicates that some of the balance due was recovered by the San Diego short sale.
Why would the bank (or bank) accept a real proposal however? Needless to say, in any San Diego short sale they're not going to recuperate the complete amount that may be owed in their mind. That being said, additionally, it means that they do not need to go with the process of foreclosure itself which often can incur extra costs that they end up the need to bear!
Be aware that in some cases foreclosures turn out having to even navigate to the courts - the lengthy, costly, and totally undesirable outcome for most lenders.
In short - it's a win-win for both the house owner and the lender to go through a san diego short sale .
Through the perspective of potential customers - it is just a goldmine of opportunity. Seeing that the owner is going to be desperate to sell off their house fast or risk foreclosing into it, you can find some excellent deals through a San Diego short sale. In general, you'd wind up paying below market value - which is always an important.
If you're a house owner seriously considering a short sale in san diego - you need a good agent who specializes in doing so which is able to guarantee that everything will be completed quickly and a long time before your foreclosure date.
However if you're a buyer available in the market you'll find that most real estate professionals have listings of short sales and you need to be able to browse and find a San Diego short sale property that meets your needs without having problems.
Of course - there's no guarantee there will be many such sales as that may be mostly based on the property market in San Diego and exactly how it is faring.