A short sale is a term used in the real estate industry to describe the situation in which a lender agrees to sell the home of the property owner (the borrower) at a discounted price that is less then what is owed on the property. In other words, a short sale happens when prevention of foreclosure is wanted and the bank agrees that the owner can sell the mortgaged property at a price less than its mortgage balance. Proceeds from sale then go to the borrower.

People mostly see that by buying on a short sale is like getting a great deal amongst others but this is not always the case. Although purchasing a short sale is often a great way to purchase real estate, many times, due to the real estate market going through a downturn, you can purchase a home and still experience a reduction in value.

Typically the short sale process takes longer because you have to deal directly with the bank and gain their approval to sell the home. The process itself can be very confusing because it is not as common as a regular real estate transaction. Anther downside of this process is when a client makes an offer to purchase a real estate short sale they do not have the benefit of getting a quick response like they would from a regular seller.

The approval process for a short sale is the exact opposite of what a borrower goes through when they are trying to obtain financing. A seller must be able to present to the bank all possible proof that they did every attempt possible to try and make the payments.

San Diego is an area that has experienced a large increase in home values over the last few years. As a result, San Diego short sales of homes increased and the real estate market is going through a correction or cooling off phase where we can see home values come down which can result in the home being worth less than the mortgage balance.
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With the rising costs of real estate, San Diego foreclosure sank in. Having this situation in the area created a “short-sale” demand. San Diego foreclosure proceedings usually begin after a borrower has missed three mortgage payments. The lender will record a notice of default against the property, and unless the debt is satisfied, the lender will foreclose on the mortgage and proceed to set up a trustee sale.

The process of buying directly at a legal foreclosure sale is risky and dangerous, plus it has many disadvantages. There is no financing to support this so we are looking at cash basis. Another precaution to take is to check the title before the purchase or the buyer could get a seriously deficient title.

The property’s condition is not well known and an interior inspection of the property may not be possible before the sale. In addition, only estate (probate) and foreclosure sales are exempt from some states’ disclosure laws. In both cases, the law protects the seller (usually an heir or financial institution) who has recently acquired the property through adverse circumstances and may have little or no direct information about it.

Most residents know that there is no shortage of San Diego foreclosures. In the current housing market, buyers will score a bargain if they just search for one of the many San Diego short sales available.