The time is now to get a great deal on a San Diego short sale property. The sub-prime loan troubles have negatively impacted the financial market causing the numbers of San Diego homes approaching foreclosure to increase to record numbers. One technique for a homeowner, who is attempting to avoid foreclosure or bankruptcy, is to try to sell the property prior to foreclosure (San Diego Short Sale) even though the home is worth less than the loan amount. Hence, the term “short” in short sale.
More lenders are agreeing to short sales in San Diego with the hope of quickly recouping their losses and minimizing their costs associated with carrying a home without mortgage payments from the owner.
Because the lender is receiving less than the value of the home when the loan was issued, short sales do require the approval of the mortgage holder. For buyers, the bottom line is that they generally get a good deal on the property. The price is usually below current market’s asking prices because the lenders are motivated to sell the San Diego home quickly to avoid foreclosure and carrying costs. In addition, lenders tend to be more realistic about market values than homeowners who may have emotional ties to the property.
The downside of San Diego Short Sales are that banks can be very slow in responding to a buyer’s San Diego Short Sale offer or never respond at all. If you have patience.
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