San Diego Short Sale Expert

We are the San Diego Short Sale Experts. When you need to find out about short selling a San Diego home we're the ones to call. We have helped countless San Diego homeowners short sell their homes and get them out of a tough, stressful situation. Banks and lenders have more than ever been willing to accept short sale offers rather then foreclose on homes in San Diego. Since we are experts in the San Diego Short Sale Market we can help you work with your mortgage holder to see if this is a good option for you and your family.

If you need to find out more about short sales and what your options are we can answer all of your questions and the call and meeting are confidential. Knowing what your options are puts all of the information out on the table so you can make an educated choice. When it comes time to consider a short sale in San Diego County contact us right away.

San Diego Short Sales

What is a short sale?

Definition of a short sale is: When a homeowner owes more money to the lender through their mortgage on their home than what the home is worth. The mortgage holder or lender agrees to accept less money for the home than what the loan payoff is. In many cases lenders will accept an offer from a buyer represented by a real estate agent that is less then what the home was purchased for. This can be a better option for a homeowner than having the bank foreclose on the home.

If you have any questions on short sales in San Diego contact Mike and Dawn today. We can help you sell your home through a short sale and possibly avoid a foreclosure. If you would like to see what short sale homes in San Diego that are for sale contact us today.

Dawn Sells San Diego in San Diego California. Your San Diego Short Sale Experts.

Please fill out the Short Sale Form and will will contact you right away:

San Diego Short Sale Help

San Diego Short Sales and the San Diego Short Sale process from start to finish can be a long and difficult course. Making sure you have a San Diego Short Sale Real Estate Agent who has many years experience not only as an agent but with the short sale process will greatly increase your odds for a quicker and smoother transaction with a positive outcome

If you are considering a short sale please contact me to find out your short sale options. I’ve included some San Diego Short Sale information below to help you better understand the short sale process.

It’s the decision of the bank whether or not you will be allowed to do a short sale on your San Diego home or condo. Fortunately many will allow a short sale and many of the banks have a faster short sale process then they did in the past. Some of the reasons a bank will allow a short sale are that the seller has some kind of hardship and can no longer make the payments on their home and that the seller owes more on their San Diego Real Estate then it is worth in the current San Diego Real Estate market.

These are some short sale hardship examples:

Death
Divorce
Medical Emergency
Bankruptcy
Unemployment
Reduced Income
Job Relocation
Mortgage Reset

At the beginning of a San Diego Short Sale Process we will ask you to prepare a financial package that will be submitted to the bank by our staff. Not all banks have the same process but because we work with all the banks we will know what documents you will need to fill out for the bank that has your mortgage or mortgages. Sometimes there are multiple mortgages on your home or condo and we will need these forms filled out for all the banks that are involved.

Most of the items included in the San Diego seller's short sale package will are:

Seller's hardship letter
 Letter of authorization - allows us to speak to the bank on your behalf
2 years of tax returns and W-2s
HUD-1 or preliminary net sheet
Completed financial statement
Recent payroll stubs
Bank statements – last 2 months

Once we receive an offer from a buyer on your home or condo we will need to submit a Short Sale Offer to the Bank or Banks. When this offer is submitted we will also include the following documentation with it:

Seller's short sale package
Listing agreement
Comparative market analysis completed by us
MLS listing - to prove you have had your home on the market for sale
Executed purchase offer
Buyer's preapproval letter
Copy of buyer’s earnest money check

We need to make sure that the San Diego Short Sale package is complete. The bank will reject the offer unless it is 100% complete and has to be acceptable to their standards. This is where our experience as San Diego Short Sale Experts really is important to the success of your short sale. In the event your package is not complete your whole file will be put on the back burner. Believe it or not the bank does want to deal with complete packages that they can push through the system quickly. Experience is very important in making this short sale process come together.

What does the Bank do once they receive the Short Sale Package with an accepted offer?

Some banks take longer than others during the short sale process and buyers sometimes can get very impatient with a long short sale process. Because of this we stay in constant communication with the banks short sale negotiator to make sure we are in synch every step of the way. Even with constant communication the banks can still take quite some time give us a response to the short sale offer. Buyers sometimes lose patience and threaten to cancel if they don't get an answer within a specified timeframe. We make sure we prep the buyer’s agent to inform the buyer of the long process that they may have to be patient for.

Once the bank receives the offer and other documents they follow a similar process to the one below:

Within 2-7 days the Bank acknowledges receipt of the Short Sale Offer with Documents.
Usually with in the 1st 30 days the Bank Assigns a Short Sale negotiator.
At this point the negotiator or customer service rep will then order a BPO “Broker Price Opinion” or an actual appraisal. This can take 7-21 days to get ordered and completed. Once the BPO or appraisal is complete the bank will take some time to match that value to the offer that had been submitted. This can take 10-15 days. The short sale lender will either accept the price and terms or they will counter offer. Once there is acceptance on the price and terms by the short sale lenders negotiator, the seller and the buyer the file is then sent to the investor for a file approval. This can sometime take an additional 14-30 days. One the investor approves the final sales price and terms a formal short sale approval letter will be issued with all the details of that approval in this letter. All in all the average time from submission to final written approval is usually between 90-120 days. During this time the bank may request that all parties sign an Arm's-Length Affidavit.

Some of the frustrations are that sometimes during this process the bank will assign a different or second short sale negotiator which can add more time to the process. Again sometimes the buyer loses patience and cancels. If there is a cancellation it is important to have another buyer ready to step into the previous buyers place so not to delay the process any longer. This is where constant follow up with the buyer’s agent is very important so you can monitor the buyer’s level of commitment to sticking with the short sale until we get the approval. That is where having an experience agent and staff like ours is imperative.

 I’m not only a short sale agent I am also a short sale trainer that has trained many other short sale agents across the country to properly short sell a home, condo or land. Being a San Diego Real Estate Agent and Realtor for over 22 years has given me the experience you need to complete the process of the San Diego Short Sale. Call me, Dawn Lewis, the San Diego Short Sale Expert!

San Diego Short Sale Experts       Chula Vista Short Sale Experts

All Information is believed to be correct but not guaranteed.