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What is a North County Home Short Sale

Sellers, should you be doing a short sale right now?  The following video will give you an introduction to North County homes short sales. 


See North County Home Short Sale Video!

 
 
To learn much more about the short sale process watch the David Knox instructional video, "Overview of a short sale." 
 

Short Sale Definiton
 
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).  Find out  "How to Qualify for a Short Sale."  Find, "What are the Advantages of a Short Sale."  And see "Short Sale Supporting Documentation" a lender may need.

Steps are necessary in a successful North County Home 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 listing and finds a qualified buyer.

Seller approves the purchase price and contract on the 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.
 
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