When the value of a home drops below the value of the outstanding mortgage debt, it is a tough position for a home owner who needs to sell. Many home owners simply walk away and let the bank foreclose on the property. Foreclosures are devastating, not only because of the loss of the home, but also because a foreclosure destroys the home owner’s credit standing, and makes it impossible for the seller to buy another home for years to come. Fortunately there is a better option.
A short sale is a negotiated settlement with the mortgage lender prior to foreclosure. This beautiful home for sale at Liberty Station in Point Loma is a perfect example. The seller purchased this home when it was new, and now needs to sell. The home will sell below market value. It takes skilled negotiating, but the banks are willing to accept foreclosure-level prices rather than incur the extra expense of foreclosing on the property and selling it themselves.
The Schiering Team has the only Certified Distressed Property Expert (C.D.P.E.) at Keller Williams Carmel Valley-Del Mar. We’ve been top San Diego Realtors since 1999 and we serve all of San Diego County.
If you own a home in San Diego, owe more than it is worth, and don’t know what to do, contact us and we will be glad to explain your options. Or if you know someone else in position, tell them about us. You’ll feel good if you introduce them to us, because you’ll truly be helping them! Call 619-857-7203 for immediate help.
Point Loma Home With Downtown San Diego Views
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Geoffrey Schiering
San Diego Real Estate Professionals at Keller Williams
(619) 200-7612 homes@homesincarmelvalley.com http://homesincarmelvalley.com
Listed by: Keller Williams Carmel Valley – Del Mar |
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House looks awesome! Hopefully it sells quickly! Buyers def. get a good deal when they buy a short sale if only they have the time to wait on the bank to give them a response. Short sales would be so much more fun to work and sale if the banks would be a little quicker!
Thanks for your comment Ashlee. It is definitely true that short sales are difficult. But we’re seeing some of the big banks take steps to try to improve their processing times. Bank of America has just implemented a new program and they are promising to cut their short sale processing time substantially. But I agree… it’s about time! There are a lot of prospective buyers who are frustrated again and again when they are outbid on bargain-priced San Diego foreclosure properties. Many of these buyers would be more than happy to buy short sales if they could get a quick response to their short sale offers.
What has been featured here is a good and captivating real estate… With this property candidate for short sales would mean worth the wait but short sale should be taken into consideration that should be given importance when it come to time… It makes sense if the bank will respond quickly and avoid waiting for so long. This case the property will be sold fast and getting good deals in the future.
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I hope this property gets sold quick, I just don’t have some bucks now but if I do I will definitely buy this one =) JENNA here from Utah Homes
Many people pushing for Mortgage Tax deduct repeal. Especially other investment brokers as they push for people to invest in other things other than their homesYou mentioned mortgages harder to get. Yes, they are all full doc but the looser loans are creeping in and providing stability for the low end homes. You can get a 30 year fixed at 4.5% No Money Down with a FICO of 570 and dtI 46%. With loans like that again available on the low end is being allowed to crash as it should to get this market moving again.
Falling property values and unemployment near 10 percent have spurred a surge in foreclosures. The number of homes offered in foreclosure auctions averaged 110,000 a month in the third quarter compared with about 98,000 in the same period a year earlier, said Mark Fleming, CoreLogic’s chief economist.
It’s definitely a difficult decision whether to keep a home and hope the prices go back up, or sell it to avoid foreclosure. The right thing to do differs depending on a persons situation and financial standing
The foreclosure issues that are happening in our economy today are overwhelming. The number of filings that are down according to this report is welcomed news to those of us who are affected by this. There are many resources online today that will assist you with free information regarding foreclosure assistance.
I recently heard advertisements over the radio stating that they can get you a short sale while forgiving the principal so it will not hurt your credit. How legite do you think this is? Have you heard of such a program? The short sale ad also said that no lawyers were involved. It just sounds like a scam to me.
this is a great article regarding real estate. it is a dream house