Short sales

You require a little money if you want to take advantage of the present situation which is the right one to buy real estate. There are now a number of auctions that have come into the property buyer's market. These allow you to choose and pick the property that you want in the locality that catches your fancy and probably at a price that you find attractive. For people in San Diego, CA who are coming in to the market for the first time there are things about a San Diego short sale that they need to know.

A Short Sale? What is it?

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When a seller decides that he wants to sell his mortgage he makes a short sale which is a simple transaction. In such a deal the mortgage is renegotiated at a lower rate. The lender has to agree to the lower terms that may see the lender receiving less than the balance that was receivable against the loan. This is because the seller is unable to continue paying the mortgage due to medical emergencies, reduced income, divorce or a death that changes family circumstances. The lender feels that such an option of a lower rate is better than the seller declaring bankruptcy. In such a case the lender will have to take over the property and get into the hassle of selling the property to recover the loan amount.

How Do Short Sales Work?

When you are thinking of short sales it is best to contact agents who know all that such trading involves. Negotiating directly with banks and sellers can lead to some problems. Such a San Diego short sales process starts with financial documents prepared by the seller being handed over to the bank along with a hardship letter and a net sheet or HUD-1. Two years returns of tax, an analysis of the property, bank statements and other financial statements are also required. These properties are then listed for sale by the seller through agents. Buyers then contact these agents who have listed such properties. The agent then negotiates the rates for the property with the bank on behalf of the buyer. While the general understanding is that such properties are available at very low rates, this is not a fact borne out by what really happens. Most lenders or banks are wary of incurring losses on their properties, though they will sell for rates that are slightly below that are obtained in the market.

What Are The Advantages?

This process enables you to buy properties at discounted rates directly from the seller or the bank. Any agent's commissions are paid by the bank. Banks will also have attorneys to make sure that everything is legally tenable. You can opt out of the deal at any time without having to pay a deposit to the bank. Matters are negotiated in advance by the agent and the bank and there are no extra payments to be made. This sort of short sale will extinguish most of the debt that a borrower has incurred.

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Posted in Real Estate Post Date 07/26/2018






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