San Diego Short Sale Listings
Published by Javkie Gancin on 2011-10-21 08:34:08
San Diego short sale listings are different from regular listings. These listings involve the selling of a property at lower than the market value. These sales are necessitated by the need to clear a pressing debt by selling a property the seller can no longer afford. As drastic as it might sound this is usually a less embarrassing option than foreclosure or bankruptcy.
Short sale listings are warranted by different conditions than normal listings. For example the home owner may face a mortgage default and need to sell the property at a loss in order to rid themselves of the debt. Another possibility is that the owner may be clearing his mortgages on time but the value of the property has fallen over the years. Or perhaps the homeowner may owe more to the lender than the property is worth making it worthwhile to sell at a lower price than the property is actually worth in order to level the value with the property value.
How to Find a Listing
Short sales are usually clearly identified in real estate listings. However lenders typically frown upon explicitly identifying a home as a short sell since this encourages buyers to pay less for the listing property. Instead agents may use keywords to hint that a given property is on quick sale while refraining from stating it outright. The listing might announce that the sale is subject to bank approval mention a preforeclosure clause identify the property as being bound for auction or announce that a notice of default was filed. These terms and others indicate that the listed property is being sold for less than its market value.
Property Records
Once an attractive short sell property has been identified it is vitally important to examine the public records regarding that property. Important information found in these records includes the titleholder the reasons why the property is being offered for quick sale the amount of debt owed to the lender and whether a default or disclosure notice has been filed. A professional agent can be useful in explaining these public records and their implications for you.
Hiring the Right Professional Agent
The real estate agent you hire to handle your transaction should have experience with successful short sells. A professional agent will ensure that the necessary procedures are adhered to and will protect your interests as the buyer. Different properties come with different conditions; some may warrant hiring a lawyer and a certified accountant in addition to an agent to ensure that proper procedure is followed.
Agents can get carried away by big commissions and choose to flout established guidelines. Before choosing an agent make it clear that you as the buyer wish to have the process conducted in a professional manner. This will ensure that once you settle on the property you have purchased the disputes that often bedevil quick sell properties will not be a problem for you. Do your research and find a professional realtor with the reputation and experience necessary to help you make the most of San Diego short sale listings.
