After reading an article on MSNBC about short selling homes throughout the United States I found some of the facts very interesting. Here in Southern California, San Diego County to be exact we have been hit with many foreclosures and more and more homeowners that need to sell but owe more money on their home than what they can sell it for are choosing the short sale option. Right now in our office we are handling over 40 short sales in San Diego County, some in the Chula Vista Area as well and homeowners are optimistic but realistic about their short sale options. Banks move slow in this short sale procedure and are inundated with short sales form many of their mortgage holders in all 50 states. If anyone needs to be taught a lesson in patience it's having children or doing a short sale.
The article I read on MNBC was entitled "As Housing Falls, Short Sales Become Common" and some of the facts I found worth repeating were that roughly 20 percent of all U.S. home sales in March were "short sales." This is important to me because I find that homeowners faced with loosing their home go into a paralyzed state of fear and not only don't act quick enough, in many cases don't act at all. Sellers can't make their house or condo payments for many different reasons. Then shame and fear can create a feeling of helplessness with symptoms being close to paralysis. The 20 percent of home sales in the U.S. being short sales I hope will show them that they are far from being alone. Some parts of San Diego have more short sales than regular listings and foreclosures combined.
The second interesting quote was, "According to IFM/Campbell research, two-thirds of short sales are initiated by homeowners and one-third are launched by mortgage lenders (as a foreclosure alternative)." This is important to me because homeowners realize although in many cases later than sooner that a short sale is a viable option to foreclosure and then they act. The homeowner is usually the one to take the first step in the short sale process. I would have to say in my experience that most short sales will go to foreclosure. This is due to many reasons most of them not because of the homeowners desire to make the short sale work.
If you are considering a short sale in San Diego send us an email or give us a call, we would love to help.
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