Property sales mainly fall into three kinds – the typical traditional sales, sho…
Property sales mainly fall into three kinds – the typical traditional sales, short sales and then there are the foreclosures. It can all seem very complicated so here are the basic definitions. -Traditional- The basic definition of a traditional sale is one in which the owner is selling the home outright.This home is not in foreclosure, short sale or bank owner (REO). The owner has chosen to list their home for their own personal reasons. #-Short Sale- A short sale in the real estate industry is when the proceeds of a property sale fall short of the balance remaining on the property’s mortgage loan. In other words, the seller owes more on the property than what he or she is selling it for. The mortgage lender (commonly referred to as “the bank”) also has to agree to discount a loan balance or to take less money than what’s owed. Typically, the owner needs to prove financial hardship before a lender accepts a real estate short sale deal. -Foreclosure- In a foreclosure scenario, the owner stops making payments and eventually vacates the property. Typically, it can take several months of missed payments for a foreclosure to be initiated by the mortgage lender, but the lender eventually has to take the property over and try to sell it on their own. Even though this isn’t the ideal situation for the owner either way, a short sale is a much better option than going into foreclosure because a short sale typically doesn’t hurt the owner’s credit score as much as a foreclosure would. Click the link in my bio to to start your home search today ! . . #justsold #realtor #realtorlife #sandiego #sandiegorealestate #goals #picoftheday #sdrealtor #reatestateagent #sandiegohomes #sandiegorealestateagent #homesforsale #realtormom #lamesacalifornia #sdviews #eastcountysandiego #endlesssummer #steelecanyonrealty #dreamhome #investing #eastcounty #lamesacalifornia #sandiegowinter #love #happy #thankful #thatsdarling #shortsale #forclouseure – posted by Christin Gaona www.instagram.com… – See more San Diego Real Estate photos from San Diego Realtors at NewHomes
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