Aug 13 2008
Is the San Diego Real Estate Market as Bad as We Hear in the Media?
The current San Diego real estate market it complicated, but exciting! Buyers and Sellers are learning about foreclosures , short-sales , bank-owned properties and yes, multiple-offer situations !
Many buyers are staying away from short-sales either due to their own personal bad experiences or at the recommendation of their agents. A property that is listed as a short sale is in a pre-foreclosure status. The seller is trying to sell the property for a price that is less than what is owed on the property. In order for this sale to be a success, all lenders involved must agree. If there is a second mortgage the process is further complicated because in many cases the lender in second position receives nothing or very little. The process can take up to several months and then still go into foreclosure.
The abundance of short-sale properties is making bank-owned properties and the traditional homeowner properties very appealing! Many of the short-sale properties have several offers also and are awaiting the lender