San Diego Homes – Short Sales

Posted on February 28, 2008. Filed under: Blogroll, Home Sellers |

As a San Diego Realtor, I find many San Diego home owners in Short Sale situations. Do not confuse Short Sales with: Foreclosed/Bank Owned/Lender Owned/REOs. Short Sales, unlike Bank Owned/REOs, are properties still in the owner’s possession, and where the home owner owes a higher loan balance amount than the property’s current value. In other words, from a sale, the owner would not be able to net as much as they owe on the property.

In some instances, owners may be able to settle with their lender, which would allow them to pay their outstanding loan balance. Short Sales can help some home owners to avoid foreclosure. A Short Sale process needs to be approved by the lender(s) involved – and terms of the real estate transaction will be dependent upon the lender(s)’ approval (for example – acceptable sale price, and etc.)

Foreclosures can leave lasting effects on credit scores, for up to 7 yrs. There is also a great deal of mental and emotional stress involved with foreclosing. It is no wonder that many home owners opt for Short Sales when possible.

For home owners, it is important to first find out the value of your home before you put it for sale on the market. You should consult a real estate expert who can provide you with a home value estimate. The real estate expert should also provide an estimate of closing costs. In addition, you will need to know all outstanding loan balance amounts on this property. Find the difference between these two amounts to determine the estimated proceeds of the sale (negative amount, if Short Sale).

Next, contact all lender(s) involved. If possible, talk to a Manager or Supervisor, as they have more authority. Find out what their Short Sale procedures entail. Each lender’s procedures will vary. 1) They may make special payment arrangements with you or 2) Permit a reduction in your owed loan amount 3) Neither – and your existing loan balance would still be owed.

Lenders may take from the involved agent(s)’ commissions – as well as from anyone else that is involved and earning from the transaction. 

Home owners should first weigh all options carefully. Seeking counsel from a real estate expert in your neighborhood will be invaluable in helping you determine the best option to take.
Visit to view this San Diego Realtor’s MLS Search for Homes/Condos/Townhomes – Community Information and School Links – Mortgage Information – And Much More! Free Consultations for anyone considering a home purchase or sale within 30-90 Days! Call (858) 216-5276 or email: 

Raquel Bundy/San Diego Realtor/Prudential CA Realty

Visit my Blog’s Home Page at: for more great San Diego Real Estate News and Updates


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