Do you know such a San Diego short sale really is? Whether you're a homeowner facing foreclosures looking for a way to avoid it or a buyer aiming to land a great deal - knowing exactly what a short sale is could be of immense assistance to you.
Basically a San Diego short sale can be a situation where a homeowner who is facing a foreclosure on a certain part of property decides to market that bit of property with a buyer at under the value of the money on it. In short - it's being sold puzzled.
Now if you're thinking what would possess anyone to ever sell their house for less than what they owe the lending company (or another lender) - this is because simple: It's to avoid going through the process of a foreclosure and dealing with a big black mark on the credit record.
By avoiding the foreclosure, you aren't going to escape the consequences entirely actually. Instead, you will get some negative credit ratings but it will be mitigated by the idea that at least the home wasn't foreclosed on the entire balance due. Instead, there will be a line inside your credit report that shows that some of the amount owed was recovered with a San Diego short sale.
Why would the lending company (or bank) accept a real proposal however? Needless to say, in any San Diego short sale they aren't going to recuperate the entire amount that's owed for them. That being said, in addition, it means that they just don't need to go from the process of foreclosure itself that may incur extra costs that they can end up being forced to bear!
Please remember in some cases foreclosures turn out having to even go to the courts - the industry lengthy, costly, and totally undesirable outcome for many 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 audience - it is just a goldmine of opportunity. Seeing that the owner is going to be desperate to sell off their property fast or risk foreclosing onto it, you can find some really great 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 sales in san diego - you want a good agent who focuses primarily on doing so and it is able to guarantee that everything will probably be completed quickly and ahead of when your foreclosure date.
On the other hand if you're a buyer in the market you'll find that most real estate agents have listings of short sales and you should be able to browse and find a San Diego short sale property that fits your needs with no problems.
Needless to say - there is not any guarantee that there will be many such sales as that's mostly in line with the property market in San Diego and how it is faring.
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