Call us today to obtain a HOME WORTH EVALUATION
with Shannon Biszantz your Real Estate Agent. (619) 417-4655

Share on Facebook
Share on Twitter
Share on Google+
Share on LinkedIn
Pin to Pinterest
Share on StumbleUpon
+

Banks Are Doing Short Sales Faster, More Efficiently And Here Is The Reason Why:

Short Sales, Previously Known As Diffiult And Time Consuming Are Now Becoming Faster And Easier.

San Diego County’s level of housing distress took a pivotal turn this year. Short sales, once rare deals in the real estate world, now make up a bigger share of the residential market compared to foreclosed homes that have been resold.

Short sales allow homeowners who can’t afford their mortgages to sell their homes for less than what they still owe, as long as the lender says OK. One in five homes resold in the county were short sales, based on August numbers from local real estate tracker DataQuick. Compare that to single-digit percentages seen while the housing bubble began to percolate in 2007.

Short sales are expected to become even more common and easier to close as Freddie Mac, which owns or guarantees a sizable chunk of mortgages in California, will make it easier for borrowers to complete them starting next month. Borrowers will see that the process is considerably shorter and that it will leave less of a financial black mark on their credit histories.

Already boosting the number of short sales is a $25 billion mortgage deal between the nation’s biggest banks and 49 states that settled foreclosure abuse allegations and was signed earlier this year. The agreement essentially forces banks to do more short sales and provide relief to borrowers on expedited terms. Some banks are even offering cash as incentives to get more people to short sell.

The end result appears to be good for the housing market.

The increase in short sales means a more dynamic real estate market, fewer losses for banks and increased chances that short sellers could buy homes again after a shorter hiatus.

For More on this article: http://www.utsandiego.com/news/2012/oct/06/short-sale-depth/

Shannon Biszantz

Posted by Shannon Biszantz

Real Estate Consultant at BiszantzConnection

If you choose me as your realtor, I will be by your side through all the steps of the buying/selling process. As my client, I will be primarily concerned with representing your needs.

Share on Facebook
Share on Twitter
Share on Google+
Share on LinkedIn
Pin to Pinterest
Share on StumbleUpon
+

Shannon Biszantz

Shannon Biszantz

Shannon Biszantz reviews

CalBRE #01787015
16236 San Dieguito Road, Suite 4-12,
Rancho Santa Fe, CA 92067

Work Cell: 619-417-4655
Office: 858-755-0075




Market Snapshot

Behind The Gate

Whispering Palms

Whispering Palms

Morgan Run

Popular Pages

Real Estate Communities

Schedule time with me