The Approval Experts | San Diego Real Estate | Short Sales

If you are looking at buying a home in San Diego there is a good chance the one you like is a short sale. That said there are ways to go about handling the purchase of a short sale without losing your mind. The first step to buying a short sale is finding an agent that understands the process. Many agents have not been educated on the short sale process, which in turn can put a damper on the buying process.

Buying a short sale will test any buyer’s patience, as the process doesn’t happen overnight. Thankfully many banks are starting to integrate programs that speed up the process. Recently Bank of America launched their Equator program, which seems to have helped Bank of America push short sales through much faster. Each short sale is still a case by case situation, but for the most part banks are aware that short sales will continue at a growing rate for the next 2-3 years.

The first step to buying a short sale is finding out whether or not the other agent has an offer on his/her listing. This can be done by simply having your agent contact the listing agent and asking a few questions to qualify whether or not the home currently has an offer and whether the Realtor understands the short sale process. This is the key here. Working on a short sale with an uneducated agent or Realtor can be a disaster waiting to happen. At The Approval Experts we understand the entire process and our office has been involved in the closing of over 400 short sales throughout San Diego.

Once you or your agent have contacted the listing agent and qualified them on the potential purchase of the property it becomes a waiting game. If your offer is submitted to the bank for approval be aware that it’s rarely a simple approval. Most times the bank will counter offer the buyer, but most banks are well aware that a short sale will net them more money than a foreclosure, which is why we encourage our buyers to look very hard at buying a short sale. At the end of the day a short sale is excellent option and the potential of landing a great deal is definitely a possibility. Do your research and always ask questions. If you feel your agent or Realtor is qualified to handle the purchase or listing of a short sale it may be time to look elsewhere.

At The Approval Experts we not only serve San Diego County but also surrounding areas. Our focus is helping the client, so allow us to help you. If you have any questions please feel free to contact us. Our office is conveniently located in North County San Diego in the city of Cardiff. Our address is 2121 Newcastle Ave. Suite F, Cardiff, CA 92007. Our office number is 858-345-3825.

If you own a home in Carlsbad there is a chance you are in a negative equity position. This isn’t a bad thing if you happen to have had the chance to refinance your loan or pick up a 30 year fixed at 4% or 5% rates. The bad news is many homeowners that are underwater on their mortgages in Carlsbad bought with creative loans that have either reset to higher rates or have that potential issue in the near future.

A Carlsbad short sale is not a bad option if you are considering walking away or foreclosing. Keep in mind that a foreclosure on your record can be extremely detrimental compared to a short sale. Many ask the question why a short sale would benefit them and we can show a number of reasons why, including the credit rating effect, negotiating a potential deficiency judgment along with other reasons.

If you are in the search for a professional Realtor or real estate agent that can handle your Carlsbad short sale feel free to call North County San Diego’s premier short sale specialists. We don’t use automated machines and we will come and talk to you in person to better help you assess your unique situation.  We truly believe that a Carlsbad short sale can be closed in an efficient manner, which could very well minimize the exposure to potential issues if a foreclosure were to happen.

There are risks when walking away, so be sure to talk to someone at The Approval Experts who can explain the differences in a foreclosure or a Carlsbad short sale. We are conveniently located at 2121 Newcastle Ave. Suite F in Cardiff, CA. We can be reached at 858-345-3825.