Have you figured out that of a San Diego short sale really is? Whether you are homeowner facing foreclosures looking for a exit or a buyer looking to land a great deal - knowing exactly what a short sale is may be of immense help to you.
Basically a San Diego short sale can be a situation in which a homeowner that's facing foreclosed on a certain part of property decides to offer that part of property to a buyer for less than the value of the loan on it. In short - it can be being sold confused.
Now if you're wondering what would possess you to definitely ever sell their home for less than whatever they owe the lender (or various other lender) - this is because simple: It is to avoid studying the process of a foreclosure and winding up with a big black mark on your own credit record.
By preventing the foreclosure, you just aren't going to escape the effects entirely mind you. Instead, you'll get some negative credit score but it will likely be mitigated by the proven fact that at least the house wasn't foreclosed about the entire balance. Instead, you will have a line within your credit report that shows that some of the amount owed was recovered by the San Diego short sale.
Why would the bank (or bank) accept this type of proposal however? Needless to say, in any San Diego short sale they may not be going to recuperate the whole amount that is owed for them. That being said, it also means that they don't really need to go over the process of foreclosure itself which often can incur extra costs which they end up having to bear!
Bear in mind that in some cases foreclosures find yourself having to even navigate to the courts - the industry lengthy, costly, and totally undesirable outcome for some lenders.
In short - it's a win-win for both the house owner and the lender to pass through a san diego short sale .
From your perspective of potential customers - it's a goldmine of opportunity. Since the owner is going to be desperate to sell off their house fast or risk foreclosing on it, you can find some really great deals by way of a San Diego short sale. In general, you'd end up paying below market price - that is always an important.
If you're a home owner seriously considering a short sale in san diego - you need a good agent who focuses primarily on doing so which is able to guarantee that everything is going to 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 realtors have listings of short sales and you ought to be able to browse and locate a San Diego short sale property that fits your needs without having problems.
Needless to say - there isn't any guarantee that there will be many such sales as that's mostly based on the property market in San Diego and just how it is faring.