San Diego Realty – San Diego County is ripe with excellent Foreclosure and Short Sale properties that are waiting to be bought Short sales and foreclosures are wonderful ways to find a deal on a house in San Diego or other San Diego Realty, but you need to understand what to look out for and what you should look out for.

Short Sales occur when a lender allows a house to be sold for less than what is still owed on the mortgage. In many cases, the bank will lose less money in a short sale transaction than if they were to let the home go into foreclosure. Since the lender must approve the sale, it’s important that you make your offer as appealing as possible.

• It is important to be approved beforehand with a lender who is qualified. A pre-approval letter is something that you must have for short sales to prove that you are serious about what you’re purchasing
• Do not try to negotiate for repairs or ask for special reports on the house. It’s best to purchase the home “as is”.
• Offering a deposit of 2 to 3% of the offer price is going to catch the bank’s eye a lot more.
• Conventional loans or all cash loans are the most appealing.
• A large Down Payment makes an attractive offer.

It’s important to be patient. Short Sales have to go through a lot of extra steps than a regular transaction, such as bank approval, so don’t get over anxious if it takes a few months before you receive an answer. Don’t be afraid to place offers on several opportunities rather than focus on one specific property. It is never out of the question to make an offer on houses or condos that already have existing or even have already accepted offers.

Many times the person who made the original offer will back out of the transaction due to several factors that may take place during the length of time from their original offer and when the short sale is approved. Always remember that the best deals go first and if you see a good property, then you should submit an offer with a qualified Real Estate Consultant ASAP.