What actually is a short sale in San Diego?
A property listed in the San Diego MLS (multiple listing service) and described as a “short sale” is a home where the seller is “under water” owing more to their Lender(s) than the current market value of the home. In Bankers terms it’s described as a loss mitigation solution.
In consumer terms the term “short sale” refers to the fact that a homeowner will be short of funds needed to close the sale and settle the morgage debt in full.
The home is still owned by the seller/homeowner but is offered for sale at a lower price than owed on the home – subject to “lender approval of the offer”. Contrary to popular myth the home owner does not always need to be in default on their mortgage payments in order to do a short sale.
The short sale process almost always starts with an accepted offer. Once an offer is made and agreed by the seller then negotiations start with the Lender(s) – it is considerably easier if there is only one Lender to work with Either way the process is usually takes at least 30 days before Lender(s) make(s) a desision.
As your San Diego Realtor we will be able to guide you through the short sale maze. Contact us for a chat so we can determine if we can help!
Please also see “buying a short sale property in San Diego”
» Posted by Peter 
