jane loveday

About me:

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I am a proud mother of two daughters, I was born in England and have lived in San Diego 28 years AND JUST BECAME A CITIZEN !!!! I worked in the San Diego Unified School District and my love of education is why I am here to help you, to learn about the homebuying process and to guide you through your transaction as smoothly as possible!

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WHAT IS A SHORT SALE?

If you own a home or condo, purchased say for $300,000 a few years ago, and you obtained your adjustable rate loan by ‘stated income’ that meant you didn’t have to provide the paperwork as to your income, credit or debts and your FICO or credit score was probably lower than 680, it was no problem.

NOW, say your home price has dropped to $250,000, and the interest on your loan is going up making your payments higher, you can no longer refinance because paperwork IS required now, and your credit score needs to be at least 680 minimum.

So you are in a lose, lose situation which is tough enough but if you can’t refinance or afford the increase in your mortgage and your credit cards are maxed out, what do you do?

A lot of homeowners are stopping payments on their mortgages, which leads to a ‘Default’ against their home, which then leads to a foreclosure within a few months.

The ‘Default’ period is the ‘SHORT SALE’ period where they put their home up for sale but they have no say in any offers submitted – it is UP TO THE LENDER TO DECIDE what they will accept for the home.

In most cases it is less than what the original homeowner purchased the property for, but it is taking at least 6 – 12 weeks for the lender to even get to the paperwork in order to assess what they will accept and then go through any and all offers.

Therefore, as a buyer you don’t know if your offer will be accepted for a lengthy period of time, and you also don’t know if you are competing with other offers and at what price they may have been submitted.

If you think Short Sales are the way to go, I just want you to be aware that it is not always a positive situation, the lender is wanting the highest and best offer in order to recoup their losses and you won’t know until the lender has approved everything – for a first time homebuyer this is particularly frustrating and for the seller, they are losing their home.

It’s a sad time but hopefully if you are looking, and you do find a home AND it is a short sale, make sure your agent knows how far along in the lender approval stage it is, and if other offers are pending AND if the property is still in the same condition as when you first saw it – lenders don’t necessarily do repairs or improvements.