Short Sale Realtors in San Diego – Experts in Foreclosures

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Four Tips In Choosing A Short Sale Realtor

4 Top Things To Look For When Choosing A Short Sale Real Estate Company

When you are aiming to short sale your home, you want to be sure to do your research to find the right short sale real estate company to work with. Choosing the right agent is a crucial decision that can impact how smoothly the process goes. In this article, we will go over some of the critical things to look for when you are in the process of choosing the right short sale real estate company.

Choosing The Right Short Sale Real Estate Company:

1. Look For Experience.

The most important thing that you should be looking for when you are looking to choose a suitable company would have to be the amount of experience they have. You want to identify an agent that has a lot of experience working with short sales. You want to have someone that has been tried and tested in the field rather than a novice. Having someone that has proven experience with the ability to close is significant. Therefore, you want to ask them how much experience they have in general and how many short sales they have closed.

sky scraper2. Who Does The Negotiations?

Another big thing that you should be doing is figuring out the details of the potential arrangement. You want to identify who would be negotiating your short sale and whether or not you are going to have to pay an additional fee. Sometimes, you will find agents outsourcing the negotiation process to a third party. Therefore, you want to ask the right questions to get the answers that you are looking for.

3. How Long Will It Approximately Take?

Another thing that you want to be sure to ask before choosing an agent or company would be the total length of time it is expected to take. You want to ask this question if you are looking to complete the short sale in a short time. Typically, an agent that has the appropriate amount of experience with closing these kinds of deals will have a reasonable estimate that they can deliver for you. Check out more tips from the San Diego short sale realtors and experts.

4. Be Patient.

You are going to want to exercise the right amount of patience when it comes to choosing a short sale company. You want to try to find a company that is going to be capable of handling the entire short sales process and one that you will be able to trust along the way. By doing your due diligence and figuring out whether or not you trust them, you should be able to make a better decision regarding which company to go with.

Overall, there is a lot that you should be looking at when you are trying to figure out which real estate company to go with. By considering everything mentioned in this article, you should be able to put yourself in a great position to make a short sale and to have the entire process go as smoothly as possible. As long as you do your research and find the different options that you have, you should be able to successfully compare your options to choose the right one.

Foreclosures vs Short Sales

What are Short Sales & Foreclosures Differences

We usually come across the terms foreclosures and short sales in real estate, but not many people know what they are, let alone the key differences. Well, they are both options for people who fall behind on mortgage repayments, but it is important to know the differences between the two.

So, What is a Short Sale?

Simply put, a short sale occurs when the borrower owes more on the mortgage than the current value of the property. During this procedure, they are asking the lending institution to accept a lesser amount than the total amount owed. If the lender agrees to the terms, the debt will be settled, and the owner will be free from any liability once the sale is closed.

The average short sale takes about 90 to 120 days or even longer. This is primarily because the lender will not agree to the sale without the owner agreeing to demands such as paying for renovations and repairs, closing costs, etc. Other than the involvement of the lender, a short sale will proceed just like any other sale.

What is a Foreclosure?

This is a legal procedure that occurs when the homeowner fails to make mortgage repayments for a certain period.

After 3 to 6 months of failed payments, the bank will send a Notice of Default to let the homeowner know that he or she is a risk of foreclosure. After getting a Notice of Default, the homeowner can try and settle the debt through a short-sale or by paying the amount they owe. This period is commonly known as pre-foreclosure, and it can last anywhere between 30 to 120 days after the notice.

If the amount owed isn’t paid, the bank will intervene and schedule a foreclosure auction to sell off the property. These auctions are advertised in local newspapers and are usually held at the property or in the local courthouse.

So, what’s the difference between short sale and foreclosure?

Both are financial options for a property owner in a financial crisis, but each has a different approach and will have different repercussions. A short sale happens when the lending institution allows the homeowner to sell the property for less than the amount they owe. Foreclosure, on the other hand, is the process of repossessing the property.

Short-sales tend to take up to 52 weeks to close while foreclosures tend to move along quicker due to the bank’s intent to recover the money.

For people who find themselves in a mortgage issue, a short-sale is way less detrimental to their credit score compared to foreclosure. Those who go through the short-sale procedure often purchase another property without being forced to wait for years, although acquiring a second mortgage can be quite tricky. On the contrary, a foreclosure will remain on the individual’s credit report for seven years, and they will have to wait for five years to purchase another property.

If you are facing financial hurdles and find it hard to pay your mortgage bills, it’s best to discuss your situation with your lender. Banks are usually willing to create a plan of action based on your situation and the foreclosure laws in your region.