Have you figured out what a San Diego short sale really is? Whether you are a homeowner facing foreclosed looking for a exit or a buyer trying to land a good deal - knowing exactly what a short sale is may be of immense help to you.
Basically a San Diego short sale is often a situation where a homeowner who is facing a foreclosure on a certain part of property decides to trade that piece of property to your buyer for less than the value of the borrowed funds on it. In short - it is being sold puzzled.
Now if you're asking yourself what can possess anyone to ever sell their house for less than the things they owe the bank (or a few other lender) - the excuse is simple: It can be to avoid checking process of a foreclosure and winding up with a big black mark on the credit record.
By keeping away from the foreclosure, you just aren't going to escape the results entirely actually. Instead, you will definately get some negative credit score but it will likely be mitigated by the idea that at least the house wasn't foreclosed for the entire balance. Instead, there will be a line inside your credit report that suggests that some of the balance due was recovered by the San Diego short sale.
Why would the lender (or bank) accept such a proposal however? Naturally, in any San Diego short sale they are not going to recuperate your entire amount that's owed to them. That being said, in addition, it means that they don't need to go through 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 end up having to even go to the courts - the lengthy, costly, and totally undesirable outcome for most lenders.
In short - it's really a win-win for both the house owner and the lender to endure a san diego short sale .
From your perspective of potential customers - it is a goldmine of opportunity. Because the owner will probably be desperate to sell off their property fast or risk foreclosing onto it, you can find some really great deals via a San Diego short sale. In general, you'd end up paying below market price - which can be always a vital.
If you're a house owner seriously considering a short sale in san diego - you want a good agent who focuses primarily on doing so and is able to guarantee that everything is going to be completed quickly and ahead of when your foreclosure date.
Conversely if you're a buyer out there 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 to suit your needs without having problems.
Of course - there's no guarantee that there will be many such sales as that's mostly depending on the property market in San Diego and how it is faring.