San Diego – My Short Sale Guide Blog Series – Short Sale Solution-1
The San Diego Short Sale Solution part 1
So, what exactly is a San Diego short sale? Put simply, a short sale is a home sale in which the amount owed to the lender(s) is more than the net realized from a sale. Instead of the owner having to bring in their hard-earned money to complete the sale, it’s completed through negotiations with the existing lender(s) or lien holder(s) who then agree to accept less than the full amount owed and allow it to be paid off “short.”
Now don’t get me wrong. Short sales in San Diego are most definitely a different animal than a regular San Diego real estate transaction because if and when you stop making mortgage payments, the clock starts ticking and the hangman starts preparing his noose.
You’ll likely only get one shot at a successful short sale on your San Diego home. If your agent is inexperienced at short sales, makes mistakes, gives up, slacks off, drops the ball, or simply doesn’t know how to negotiate with banks, you could wind up foreclosed on. And you do not want to go through a foreclosure.
A foreclosure would devastate your credit. Your “FICO” score could be lowered by as much as 200-400 points and you’ll be hounded day and night by your lender. Even worse, you’ll have difficulty getting credit cards, auto loans or even renting a home or an apartment for the next 7 years.
If that’s not bad enough, some prospective employers require credit reports, so that could put the kiss of death on job opportunity. And if you require a security clearance for your job, a foreclosure could be a BIG problem.
Not meaning to pile on, but often the very worst impact of a foreclosure on your San Diego home is the self-imposed stigma and shame that can be felt by the owner or their family.
If you were foreclosed, your home would be repossessed by the bank and the bank will sell your San Diego home, either at auction, or more likely through a San Diego real estate agent, with a large sign out front that says “Bank Foreclosure”.
Still reading? Watch for part two
Call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation.
San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide.
To find out how much your home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com
The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process.
by Gary Kent. Gary has successfully helped well over 200 clients and their families sell their homes or other real estate via a short sale. In 1991, he closed his first short sale for a young family, and since has been helping clients get out of stressful financial situations, escape from “under water” mortgages, avoid foreclosure (and the accompanying stigma), save their credit, and maintain their pride through a short sale. You can find Gary on Facebook, Twitter and Google+.