San Diego Short Sales 2024 2025 2026 2027 2028 2029 2030

Understanding Short Sales in San Diego 

A Comprehensive Guide by The Lewis Team

What is a Short Sale?

A short sale is a real estate transaction where the sale proceeds fall short of the balance owed on the property's mortgage. In a short sale, the homeowner sells the property for less than the outstanding mortgage amount, and the lender agrees to accept the reduced payoff amount rather than pursuing foreclosure. This process can help homeowners avoid the severe credit implications of foreclosure and allows the lender to recoup a portion of the loan.

The San Diego Short Sale Process in Detail

Consultation and Preparation: The first step in a short sale is to consult with an experienced real estate agent or attorney who specializes in short sales. The Lewis Team, with over 35 years of experience, offers invaluable insights and guidance in this initial phase.

Documentation: Homeowners must gather and submit a comprehensive financial package to the lender. This typically includes:

• A hardship letter explaining why the homeowner cannot continue making mortgage payments.
• Financial statements, including income and expenses.
• Tax returns and pay stubs.
• Bank statements.

Listing the Property: Once the documentation is ready, the property is listed for sale. It's crucial to price the home competitively to attract potential buyers quickly. The Lewis Team's extensive knowledge of the San Diego market ensures the property is priced appropriately.

Negotiating with Buyers: When an offer is received, it is presented to the lender for approval. The lender will review the offer and the homeowner's financial situation to determine if the short sale is acceptable. This step can take time, and having an experienced team like The Lewis Team can expedite the process.

Lender Approval: If the lender approves the short sale, they will issue a short sale approval letter. This letter outlines the terms of the sale and any conditions the lender requires.

Closing the Sale: Once the lender approves, the sale can proceed to closing. During this phase, all parties, including the buyer, seller, and lender, finalize the transaction. The property is transferred to the new owner, and the lender receives the sale proceeds.

Why Consider a Short Sale?

Homeowners might consider a short sale for several reasons:

Financial Hardship: Situations such as job loss, divorce, medical issues, or overwhelming debt can make it difficult to continue mortgage payments.

Underwater Mortgage: When the mortgage balance exceeds the property's market value, selling the home through traditional means might not be feasible.

Avoiding Foreclosure: A short sale can be less damaging to credit scores compared to foreclosure and allows homeowners to take control of their financial situation.

The Lewis Team: Experts in Short Sales

Since 2004, The Lewis Team has assisted hundreds of homeowners in San Diego County through the challenging and emotional short sale process. Our deep understanding of the local market and extensive experience makes us uniquely qualified to help you navigate these tough times.

From January 1 to August 3, 2024, there were only 5 short sales sold in San Diego County, indicating a relatively low occurrence. However, the trend is shifting. Currently, there are 10 short sales on the market, suggesting an increase in financial distress among homeowners. This uptick in short sales is likely to continue in the coming years. We could very well see short sales going into 2024 2025 2026 2027 2028 2029 and 2030.

The rise in Notices of Default (NODs) in San Diego County signals that more homeowners are struggling to make mortgage payments. Whether due to economic conditions, personal hardships, or other factors, these homeowners need experienced guidance and support.

Why Choose The Lewis Team?

Experience: With 35 years in the real estate industry, Dawn Lewis and The Lewis Team bring unmatched expertise and a proven track record in handling short sales.

Local Knowledge: Our deep roots in the San Diego community ensure we understand the unique challenges and opportunities of the local market.

Comprehensive Support: We offer a full suite of services, from initial consultation to closing the sale, ensuring a smooth and efficient process.

If you are facing financial difficulties and considering a short sale, reach out to The Lewis Team. We provide personalized advice and support to help you determine if a short sale is the right option for you.

Short Sale Conclusion

A short sale can be a viable solution for homeowners facing financial hardships and underwater mortgages. The process, while complex, can be navigated successfully with the right team by your side. The Lewis Team, led by Dawn Lewis, has the experience, knowledge, and dedication to guide you through every step of the short sale process.

Don't face these challenges alone. Contact The Lewis Team today to put our experience to work for you and find out if a short sale is the best option for your situation. We are here to help you through these tough times with expertise and compassion.