Short sales are a great opportunity for prospective home buyers in San Diego. They avoid the trauma of foreclosure and offer low prices. It is often better for a seller to go through short sale instead of foreclosure if they are having trouble making their mortgage payments. But short sales do have some drawbacks. They are less reliable because they are done on a short-term basis and sometimes might fall through at the last minute.

There’s nothing more disappointing than thinking your home or condo is going to be purchased, but then the buyer doesn’t show up. So prepare yourself with information about what might occur.

Every short sale requires dozens of documents with witnesses, signatures, etc as well as plenty of parties involved. Brokers, lawyers, real estate agents, lenders, and bankers are just a few of the types of people that move the transaction forward. With so much to coordinate on a timely basis, it is easy for paperwork to fall through the cracks. For these logistical reasons, short sales quite often fail to be successful.

Buyers looking for a quick sale may not have the patience for these processes to complete. Instead, they might move on to look at other houses even though they were approved on yours.

Another possible delay to a short sale is when a realtor submits their client’s offer after the bank accepted the first offer, which makes the paperwork start over again.

With job losses at banks, it’s no surprise that a short staff makes the short sale process not quite so short.

To avoid these complications, consider getting professional help for your real estate transaction. You can work with a tax professional, trust attorney, mortgage specialists, bankruptcy expert, or any other types of knowledgeable professionals that can put you in the right direction.

You can even contact a short sale specialist service. They can assist you with the process and help you decide whether foreclosure or short sale is the best action for your situation.

Despite the potential pitfalls of a short sale, there are many reasons why it’s worth it. It will avoid the massive credit damage that comes with foreclosure. It will also provide you with more control over the transaction. The seller is safe from embarrassment that comes with foreclosure. They also do not have to take responsibility for whatever is left on the home loan. The lender benefits because the foreclosure process can be expensive.

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This is filed under Short Sales.

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