Gary Harmon has a 100% success rate with “short sales.” Gary has a full time “short sale negoiator” working with him that will just drive your lenders crazy until they accept your short sale. Other agents who try to do it on their own just can’t be as successful. Get out from under your burden, let Gary help you “get your home sold today.”
North County sellers, should you be doing a short sale right now? San Diego buyers, should you be buying a short sale? This website will give you the answers to these questions and much more. Start with the following video for an introduction to North County homes short sales. April 2010, the federal government implemented “Short Sale – New Rules.” Gary Harmon, your North County Realtor, is a certified “Short Sale Specialist.”
Short Sale Video!
What is a Short Sale?
Short Sale (definition) = A sale where your lender (or lenders) agrees to accept less than they are due (total loans outstanding) on the sale of your San Diego North County home. In other words, the proceeds from the transaction will not generate enough money to payoff the existing loan and closing cost. Short sales usually occur in a real estate market where the actual value of your home has dropped below the outstanding loan balances against the home. For example, if your total loan balances are $300,000 and the current market value of your home is $200,000, you are $100,000 short (not counting other selling cost).
A second Short Sale (definition) = A “Short Sale” is a sale of North County real estate when the sales price for a North County property is insufficient to fully pay off the total of all liens against the property and the costs of sale (commissions, escrow fees, etc.) To put it another way, one or more of the lien holders or vendors owed money from the North County home sale must agree to accept less than the full amount they are owed.
A third Short Sale (definition) = A short sale is a pre-foreclosure, San Diego North County residential real estate transaction where the San Diego owner of the mortgage loan, the lender or lien holder, agrees to allow the North County home owner to sell his or her property for less than — or “short” of — the outstanding amount.
Why do Lenders Agree to Short Sales
Banks will typically approve a short sale of a North County property because they believe that accepting a discounted payoff will cost less than foreclosing on the North County real estate and selling it as an REO. In order to approve a short sale, the bank must typically believe that they will be required to foreclose on the property, either because the seller cannot or will not continue making his/her mortgage payment or because of some other financial hardship.
Steps are necessary in a successful Short Sale?
Seller selects a San Diego North County Realtor that is familiar with listing short sales.The seller and the agent have a frank, truthful discussion about the seller’s financial status to see if their North County home and seller qualify for a short sale. It is imperative that the seller tell the agent if he has received a “notice of foreclosure” from the seller. Many times a short sale can be done even after a notice has been received.
- Agent markets the North County home listing and finds a qualified buyer.
- Seller approves the purchase price and contract on the San Diego property.
- Agent works together with the seller to get lender approval.
- Property goes through escrow and the sale closes.
Convincing your lender to reduce its loan balance to close a short sale is often challenging and requires the skills of a proven, seasoned, North County Realtor. Gary Harmon is up to the challenge. Contact Gary Harmon to do your San Diego North County Homes short sale.
What Can a Seller do if they do not want to do a Short Sale?
- Refinance their San Diego North County home. Gary will help you contact HomeServices Lending to see if that is possible.
- Loan Modification on your North County real estate. Very hard to do.
- Sell your North County property in a regular sale and bring in enough money from savings or other sources to make up any shortage.
- Wait for your North County home to go through foreclosure.
- Deed in Lieu of foreclosure.
- Walk away from your San Diego North County property.
- Purchase note from the first lender.
You should talk to your North County Realtor, your accountant, and possibly an attorney before making decisions 1-7.
Content by Gary Harmon.