Have you figured out what a San Diego short sale really is? Whether you are homeowner facing a foreclosure looking for a way to avoid it or a buyer seeking to land a great deal - knowing exactly what a short sale is might be of immense assist with you.
Basically a San Diego short sale is often a situation when a homeowner that is facing a foreclosure on a certain bit of property decides to offer that bit of property to a buyer for under the value of the money on it. In short - it's being sold at a loss.
Now if you're thinking what would possess anyone to ever sell their property for less than what they owe the lending company (or a few other lender) - this is because simple: It's to avoid going through the process of a foreclosure and finding yourself with a big black mark on your credit record.
By avoiding the foreclosure, you are not going to escape the results entirely mind you. Instead, you will get some negative credit history but it is going to be mitigated by the idea that at least the house wasn't foreclosed about the entire balance. Instead, there will be a line in your credit report that indicates that some of the amount owed was recovered with a San Diego short sale.
Why would the bank (or bank) accept this type of proposal however? Obviously, in any San Diego short sale they aren't going to recuperate your entire amount which is owed for them. That being said, in addition, it means that they do not need to go through the process of foreclosure itself which could incur extra costs that they end up the need to bear!
Bear in mind that in some cases foreclosures turn out having to even visit the courts - the industry lengthy, costly, and totally undesirable outcome for most lenders.
In short - it's really a win-win for both the home owner and the lender to go through a san diego short sale .
In the perspective of potential buyers - it is just a goldmine of opportunity. Since the owner will be desperate to sell off their property fast or risk foreclosing on it, you can find some fantastic deals by having a San Diego short sale. In general, you'd find yourself paying below market value - which can be always an advantage.
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 is going to be completed quickly and prior to your foreclosure date.
However if you're a buyer on 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 meets your needs without problems.
Of course - there isn't any guarantee there will be many such sales as which is mostly depending on the property market in San Diego and just how it is faring.