San Clemente Real Estate Short Sales - Bargain Priced Homes

San Clemente Real Estate Short Sales - Bargain Priced Homes

In the current San Clemente Real Estate market, short sales are becoming a very popular and cheaper alternative to foreclosures. It's not uncommon in parts of San Clemente you will find the majority of homes priced under $500,000 will either be a short sale or a bank owned home. Single family homes in the Talega area are often listed as a short sale as prices have dropped in recent years.In a short sale, the lender, usually a bank, allows the homeowner to sell his mortgaged property for less than the outstanding balance of the loan, in order to avoid a foreclosure. This is becoming more of a common place as more San Clemente homeowners are electing to short sale their home.Banks and homeowners typically prefer a short sale compared to foreclosure. For the banks, they avoid incurring high fees involved, they do not have to add an unwanted property to their books and they are also likely to get a value higher than what they would have received in a foreclosure auction. For the homeowner, a short sale will bring less or no damage to their credit report.However, even before the short sale can take place, the homeowner must submit a hardship letter to the lender which generally describes his financial situation, inability to keep up with the loan payments, and makes a plea to the lender to accept a less than full payment for the mortgage.For the keen real estate investors and home buyers, San Clemente short sale homes can provide excellent opportunities for them to get their hands on properties which would otherwise usually be sold at much higher price. Many of the best deals on the market right now are listed as short sales. A San Clemente short sale transaction can take as short as a few weeks and as long as more than 6 months to complete because the transaction can involve long and complicated processes.Therefore, to reduce hassle and unwanted problems, a short sale should always be handled by an experienced and reliable San Clemente Realtor. While an agent's license does not allow them to give legal or tax advice, an experienced San Clemente short sale agent is familiar with possible legal and tax consequences and hence will be able to protect your interests. Furthermore, because of their popularity, many San Clemente short sale listings have artificially low prices attached to them. These prices are so low that banks may never accept them. Some short sale listings might also be listed as available even though the Realtor has already submitted an offer to the bank. All these make it even more important to engage a reliable San Clemente Real Estate agent.Some important questions you might want to ask yourself when choosing a San Clemente short sale agent are:1) Is the agent experienced in this type of sales and does he have a good track record?2) Is the agent familiar with the local property market?3) Am I comfortable dealing with him or her?If anyone you know has gone through a short sale, you may also want to check with them for a referral. Many agents say they are familiar with the short sale process but have little to no experience in selling a short sale.Please remember, though short sales are complicated processes, they are great opportunities to acquire properties at bargain prices. Engaging an experienced agent or novice can either help expedite the process or greatly affect the outcome of the process.

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