The current economic environment never leaves out the financial vulnerability of a lot of families. Foreclosure rates are constantly increasing every year. For San Diego foreclosures alone, it amounts roughly to 3,500 in the 2nd quarter of 2009, and this is a 14 percent increase from the previous 1,630 San Diego foreclosures in the 1st quarter of 2009.
These numbers are never stable, and foreclosure is one thing homeowners and even the lenders themselves do not want to happen. There is this misconception that lenders favor a foreclosure, but the truth is it's not always a win-win scenario for lenders when a San Diego foreclosure takes place. For one, there are high costs involved with a foreclosure and taking back the property.
In most foreclosures, the loss for a homeowner may amount to roughly $8,000 (moving in and moving out, disruption to normal working hours and pay, etc),while lenders, on the other hand, have to deal with more, including: legal and recording fees, advertising, renovation of the property, and of course, finding a qualified buyer. All these costs may amount to an estimated value of $77,000.
This is one of the major reasons why wanting a San Diego short sale is better than a San Diego foreclosure. Short sale happens when the two parties agree to sell the property at a lower price than the property's value. Proceeds from the sale then go to the creditor. This process is less costly and more convenient to both the debtor and the creditor.
If your family owes more than what the house is worth, then a short sale will be much better than to leave your property to a foreclosure. The short sale will let you eliminate your debt for less than what you owe. This would be a better scenario for both parties (the debtor and the creditor). The other advantage is that you can prevent a major stain on your credit history because a foreclosure has a bigger negative impact compared to a short sale.
For a more convenient way for a San Diego short sale you should look to the numerous companies that offer these type of real estate services. They will assure you that your short sale will be successful and help you avoid a San Diego foreclosure.
A short sale usually offers favorable outcomes. However, it is also a complicated legal process. This is why it is highly advisable to team up with experienced professionals from the real estate sector that offer short sale services. Choose one that works with good lawyers and tax advisors that can handle the complex details for you.
Never doubt what a San Diego short sale can do for you. It gives you a good way to avoid being part of the numbers of a San Diego foreclosure.
Author Resource:
Few markets have been hit as hard by the housing disaster thanSouthern California. San Diego short sales are available all over. Buyers can now easily benefit from San Diego foreclosures .
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")