Many people hear short sales and think “shorts for sale” these are not shorts for sale in San Diego. They are short sales or selling your home short of what is owed on it to the bank.
The San Diego MLS is filled with Short Sale Homes. Many buyers think that most of the homes for sale in San Diego Foreclosures or bank owned homes. The fact is that there are many more short sales in San Diego County than there are foreclosures. When buying a short sale home in San Diego there are many things that need to be taken into consideration. Things that you will need an experienced San Diego Short Sale Realtor to help you with. There are many reasons why a short sale home can be a better option over a bank owned home.
A short sale home is a home that is listed for sale and will sell for less money than what is owed by the homeowner to the bank or mortgage company. San Diego has many short sale homes on the market and will continue to through 2009, 2010, 2011 and maybe even further down the line. If the home doesn’t sell as a short sale it will in most cases become a foreclosure and will be taken back by the bank and become an REO or Real Estate Owned on the banks books. The banks will then sell this home or hire a San Diego REO Listing Agent to sell the home as a foreclosure.
Some of the benefits of buying a short sale home over an REO are that in many cases because the homeowner still owns the home the homes are in better condition. The homeowner wants their home sold before the bank forecloses on it and in most cases will have it well kept during the short sale process and in many cases be living in it. This is not always the case but it is more likely that a San Diego Short Sale is in better condition than a San Diego REO. The process for buying a short sale is usually much longer than buying a foreclosure. There is much more negotiation and bank processing time when purchasing a short sale.
If you are considering buying a San Diego Short Sale Home make sure you contact us. We have many to show you.
Mike and Dawn Lewis - Realtors in San Diego CA - The Lewis Team at Keller Williams
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