Selling Your Oceanside Home in a Short Sale: Here's the Latest Market Data

Are you considering selling your home in Oceanside, California? Do you owe more to your mortgage company than your home is worth? If that is the case, then you may need to list your property in a transaction called a short sale.

 A short sale is a transaction where the property is sold for less than the amount of the debt, and the lender agrees to this sale. It is a transaction that requires patience and a bit of paperwork, but short sales are very successful in our current real estate market.

Whether you live in Oceanside, San Marcos, Vista, or Carlsbad or anywhere else in San Diego County and beyond and you want to sell your home, you will need to be informed about the real estate market in your area in order to determine whether you will need to sell your home in a short sale.

What is the average price per square foot? How does your property compare to the properties that have recently sold in your immediate neighborhood? Questions like those are important considerations when you are ascertaining the value of your home. And . . . knowing the value of your property-what it may sell for-will help you to see whether you owe more on your property than it is worth on the market right now.

If you are having trouble determining whether you will need to participate in a short sale, consult with a knowledgeable Realtor® who can help you by providing you with more information about your area.

Here is an interesting chart created at Altos Research that summarizes market information as of today:

Another aspect of selling your Oceanside home in a short sale that occurs periodically is that the first lien holder is paid in full and the second lien holder participates in the short sale. This means that negotiations to satisfy the debt for less than full value will only occur with the second mortgagor.

Either way (two loans or one), these tricky transactions require the support of a qualified Realtor® (perhaps one who specializes in short sales) in order to determine that the transaction goes through as quickly and efficiently as possible.