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Oceanside Short Sales

By
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

Oceanside short sales are becoming increasingly more common. Some sellers in Oceanside owe more on their properties than their home is worth and need to sell right now. Many of those homeowners who need to sell their homes right now in Oceanside may need to do so because of a job loss, a decrease in pay, or an adjustment to their mortgage rate that they just cannot afford. Any borrower who wants to sell their home and has a verifiable hardship may qualify to participate in a short sale transaction.

A homeowner from Oceanside called me today about possibly selling his home as a short sale. This homeowner had some great questions and legitimate concerns about the short sale transaction.

One question was with regard to missing payments on a mortgage. The decision to miss a payment is entirely up to the borrower. Many borrowers want to preserve whatever credit they still have and would prefer to continue to make mortgage payments during the short sale transaction.

A second issue that came up was the future ability to rent a home that would be suitable for this family. The family was legitimately concerned that property managers and landlords may not want to rent to a family with a low credit score.

The good news is that both of these short sale questions can be answered by a qualified Realtor®--one who has processed many short sales and has the contacts and the know how to get the job done.

Comments(2)

Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Melissa - interesting question about the payments. I know of an agent whose client was specifically told that they would NOT approve the short sale if the payments were up to date.

Jeff

Jun 14, 2010 04:56 PM
Joe Yobaccio
Allison James Estates & Homes - Oceanside, CA

I've heard the same thing Jeff mentioned about lenders not working with customers until they are late!  But, I know they can still initiate a short sale if they have their agent follow the short sale guidelines of the lender. 

Jun 16, 2010 10:56 AM