Short Sales In San Diego

San Diego Short Sales

Buyer activity is on the rise in San Diego, California. Areas such as Rancho Santa Fe, Del Mar, Encinitas and La Jolla have reported multiple offers being made on real estate in some areas driving the actual selling price above the asking price. Short Sale and Bank-owned properties have benefited the most from this unexpected turn of events.

Buyers can expect savings in other listed properties as well. Lower priced homes are moving fast due to foreclosures. Buyers seem to be snatching Rancho Santa Fe and Del Mar Real Estate while the prices and demand for housing continue to stay at an all time low. With home values falling in some areas leading to reduction in selling prices, there has never been a better time to buy than right now. If you’re looking for Del Mar or Rancho Santa Fe homes for sale, you’d better move quick because it seems that the current market trends are showing a slight increase in rates and sales. This will give an edge to the sellers that will surely have an impact on prices going up.

With the help of HAFA (Home Affordable Foreclosure Alternatives), we can see an increase in Del Mar and Rancho Santa Fe Short Sales. HAFA is a government-sponsored program that promises a response time in as little as 10 days instead of months when deciding negotiations for Short Sales. This allows buyers more options to choose from and shorter time frames when purchasing real estate. Although HAFA was brought about to assist in Short Sales, it has other benefits as well for the remaining housing market by increasing competition in prices, interest rates and amount of time that a home is listed on the market. This competition seems to be fueling the rush to get homes sold even if it’s at a lower price to get it off the market. Thus, allowing more affordable homes to the buyer.

With Short Sales gaining popularity in San Diego, properties that were once unattainable are now being purchased at astonishing low prices (even multi-million dollar homes). This gives an added bonus to living in the most desirable location in the nation. Not only are you living in one of the most beautiful places in the world; you’ll have extra money in your pocket to live on while you’re here.

Beck and June Campbell, Coldwell Banker Rancho Santa Fe, San Diego Homes For Sale, San Diego Real Estate, San Diego Short Sales

What is a Short Sale? San Diego Short Sales

San Diego Short Sales

In the last couple of years REOs and Foreclosures were very commonly used terms in the real estate market amongst buyers, sellers and Realtors. However, in 2010 we are seeing that the new “hot property” is the short sale. With a currently estimated 30-40 % of the properties on the market being short sales, it is important for any buyer to understand exactly what a short sale means and how it can potentially benefit their investment in purchasing their home.

We will first begin by defining the common term and question, “What is a short sale?”. A short sale is a home that is sold for less than what the owner still owes on the current mortgage. This most commonly occurs when an owner has an economic or financial hardship and can no longer afford to make their payments. This often leads to the home owner contacting their bank so they can proceed by filling out an application with their bank or other lender to see if they may qualify for a short sale.  If they qualify, the bank allows them to sell the property for less than the balance of the loan. This is good for an owner who would otherwise have to foreclose, which would have a detrimental effect on their credit score.

So, why would the bank agree to a short sale? Short sales are a better approach rather than foreclosures for the banks since a foreclosure typically involves hefty fees and a lot of work on the bank’s part. Furthermore, the short sale agreement does not always release the owner from having to pay the remaining balance of the loan, known as the deficiency. In some cases, the bank doesn’t lose any money at all with a short sale of a property.

www.SanDiegoHomesandLifestyle.com to research available short sale properties in San Diego County Real Estate complete with photo galleries, property updates via email and virtual tours.

Avoid Foreclosure, Foreclosure Alternatives, San Diego Real Estate, San Diego Short Sale, San Diego Short Sales, Short Sales