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What is a Short Sale?

Basically a Short Sale is when homeowners are late with their payments, a notice of default will be issued. They can try to short sale their house. A short sale is usually done when the homeowner does not have enough equity in their home to pay the lender what they owe. If the owner can prove the hardship maybe the lender will forgive the homeowner. The process is tedious and frustrating. Lenders will not return calls. If nothing happen during the short sale, the home will go into foreclosure, This happens within the six months period. Lenders do not like the idea of foreclosure.

Read Also: Short Sale Real Estate Investments: San Diego foreclosures and REO's

San Diego foreclosure and REO investors can benefit from foreclosed homes that are listed on the San Diego foreclosure website due to the quality of the listings that offered, and the amount of research that the San Diego foreclosure Real Estate agents have already done for the buyer. Buying San Diego foreclosures can be fun and easy if you by the right home from the right San Diego Realtor who specializes in San Diego foreclosures and REO's.

San Diego's #1 source for distressed properties: foreclosures, pre-foreclosures, REOs, bankruptcy, FSBO and tax lien listings click here.

San Diego foreclosure and REO investors who are planning to move up often wrestle with the dilemma: "Should we sell first or buy first?" You'll find plenty of agents advising you to buy before you sell, depending on the situation. The first step, is to find a good Realtor who knows the San Diego foreclosure and REO market, and will advise you well.

Of course, which comes first, the chicken or the egg, depends on the market -- is it a buyer's or a seller's market -- and your personal motivation to invest in a San Diego foreclosure or REO. However, for most sellers and buyers, the smart thing to do is to sell before you buy.

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foreclosure with your San Diego area home.  You will be spending a lot of time on the telephone having conversations with many different people.   This is not a time to get lazy with documentation.  If possible make taped conversations; just make sure you let the person know that they are being recorded.

Follow every important phone call with a letter.  Sending a certified letter with return receipt requested will, if nothing else, show the courts or regulatory agencies that the borrowers made an attempt to work out a solution and the lender may be forcing a foreclosure by "losing" negotiation offers.

San Diego homeowners also need to do everything they can to keep on top of the lender's requests for information. When the mortgage company requests a package of financial documents or a hardship letter, the borrowers should comply with the request as soon as possible usually no later than 24 hours after the phone call.

Keeping in close contact with a mortgage lender eat up as many resources as a part-time job, but homeowners who want to work with their banks need to put in much effort to negotiate a mortgage modification or other solution. Lenders have thousands of foreclosures to work with, and the most persistent, hardest-working borrowers will be the ones who receive a solution, while the less diligent will simply lose their homes. In every case of foreclosure, though, it is important for owners to maintain open lines of communication with the bank and document or record every conversation, and follow up by complying with the bank's requests and sending copies of every document via certified mail.

To Search San Diego's #1 source for distressed properties: foreclosures, pre-foreclosures, REOs, bankruptcy, FSBO and tax lien listings click here.

a REO in San Diego? Well that is completely dependent on the motivation of the lender.    The lender is in the business of lending money, not owning real estate.   Secondly, the lender wants to be made whole so they will hold out to the very last moment to try and do so.  So what is the difference between a Foreclosure and a REO?

Read Also:  Hot to get a good deal on a house

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Buying San Diego foreclosures and REO's to fix up and sell can be a lot of fun. Especially for first timers, it can be easy to get carried away by over improving San Diego foreclosures and REO's. Of course, you want to make your San Diego foreclosures and REO's look great so you can get as much money as possible when you sell it, but don't make the mistake of over improving by making these five mistakes.

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