Selling your San Diego home - Selling your San Diego home - San Diego Condos and San Diego Lofts

Troy Stortz - The Short Sale Option by David Knox

David Knox, President of David Knox Productions, Inc., discusses a very serious situation for the San Diego Downtown homeowner, the financially distressed property, where the mortgage exceeds the value of the home and the owner is behind on the payments.

When a San Diego Downtown home buyer first purchases a home, the price paid is equal to the value of the home at that time. A percentage of savings are paid as equity then the balance is covered by a mortgage. Since then, negative factors around the real estate industry may have driven the value of the home that first consumes the home's equity, then eats into the mortgage, leaving a balance greater than the home is worth. At this point, there are no good options but only less painful ones, though most homeowners lose their home through the most painful way, through foreclosure.

Knox lists 4 additional options to consider: Sell, Stay, Rent, and Short Sale.

Selling at the market price would mean accepting the loss and trying to cover it with cash savings, life insurance or liquidating assets. This way would preserve credit rating and let the seller move on with life.

Staying at the home and waiting for the market to improve is an option to consider if financial arrangements can be made to meet the monthly costs of keeping the home. However, Knox discusses the time value of money, and what it means to sell now, or waiting for a better time.

If the San Diego Downtown home is within the rentable range of homes in its area, computing for the income gained for rent may lead to a viable solution. There are several challenges, though, in renting your home, such as finding renters, managing the property, maintaining utilities, and dealing with wear and tear, that, in most cases, the income and effort would not be worth the cost.

Knox then explains short-sales and how much it can benefit the owner versus foreclosure, such as the ability to preserve credit rating. He also lists the qualifications for being eligible for a short-sale, including acceptable hardship, monthly shortfall, and insolvency. A step by step process is then outlined for those interested in going through a short-sale to avoid foreclosure.

The actual short-sale package takes up to almost 150 pages of complete and accurate information that's impossible to include in the video, so professional help is necessary in order to finish the process. Knox closes by saying, "Before you assume your situation is hopeless, contact your real estate agent for a consultation. See if you're eligible for a short-sale and let them walk you through the process."

For financially distressed Downtown San Diego home owners, contact Neuman & Neuman at 1-800-221-2210 for more helpful information.

For further information on any Downtown San Diego Condos contact:

Gregg Neuman

Gregg@sellSanDiego.com

1-800-221-2210

www.SellSanDiego.com

With more foreclosures flooding the condominium market, including San Diego condos, a lot of property investors and purchasers are heading to the auction circuit to capitalize well on the next condominium deal. For would-be participants who are totally new to auction blocks, there are a few advices that they need to keep in mind before they even place their first bids on auctioned downtown San Diego condos.

Firstly, it is a important that participants exercise due diligence. They must arm themselves with as much essential information as possible about the San Diego condos that they are interested in before they place their bid.  Most auctioneers offer Property Information Packages that contains pertinent information on the condominium property, like demographics, tax data, terms on the contract of sale, and even environmental information. A simple research done on the Internet before the auction proper can certainly help in learning more about a particular property before one invests his time and resources.

People must be aware that auctions involving downtown San Diego condos, or any other property for that matter, do not come with mortgage financing. Hence it is a must that auction buyers are sure of their ability to buy the condominium in question. Likewise, a participant must realize that there is no bid deposit refund if he is the winner of the bid because of the absence of financing.

If a prospective buyer cannot close, then he must not bid. If for a particular reason, a buyer cannot close on time, there is a possibility of losing the deposit. He is likewise liable for other damages and even costly daily penalties. People must be aware that real estate and condominium auction closings are usually done within 30 days.

People must not bid with their emotions. Definitely, most have their dream San Diego condos in mind. Whatever goals or expectations they might have, they must be prepared with the price that they can afford. It must be noted that auction sales for condominiums and real estate properties are final.

Simply put, there is a big possibility that everyone gets wonderful deals at auctions when they can finally purchase the San Diego condos of their own.  For auction buyers, they simply have to do their research beforehand. They have to be sure of that they can afford their choice condominium property during the auction. It is common for even first-time condo buyers and investors to walk away from an auction with their dream condominium.

For more information about Downtown San Diego Condos contact:

Gregg Neuman

1-800-221-2210

Contact the Neuman and Neuman Team

www.SellSanDiego.com

Find More San Diego Real Estate Here!

If people want their San Diego condos to be their very best as they go for sale this winter season, it is a must that they overcome certain issues that prevail during this particular time of the year. Even at wintertime, it is easy for them to sell their downtown San Diego condos; they just have to make sure at they take care of situations to allow deals to push through.

During the visit of a prospective buyer, condominium lights must be turned on. They certainly provide sufficient illumination during the gloomy wintry nights, and allow every corner of the condominium to be well-lit for careful inspection. It is a must that even the smallest light bulb is lit, in seldom-visited areas such as the utility and laundry rooms, as well as the closets. For San Diego condos to be perfect for showing and eventual sale, all bulbs must be turned on. If there are burnt out ones, they must be immediately replaced.

Likewise, it is important for owners of San Diego condos to keep odors under full control. Especially during winter, condominiums tend to become stuffy since windows are rarely open. This permits various odors in the condo to build up, which is a major turn-off for any potential buyer. The same can be said about pet odors. They can become more intense during wintertime. If a condominium smells because of pet odors, this can be remedied by using an effective room deodorizer. Cat litter can be extremely odorous. Hence, it is a must that the litter is changed every day.

Another technique that can perk up the interest of buyers of San Diego condos during the winter season is by decorating appropriately for the holiday season. This will certainly lend a cheerful appearance to the property during winter. Normally, Christmas décor can help sell condominium; however, owners must not go overboard. Some white lights around a small Christmas tree are more than enough to liven up the surroundings and impress prospective buyers.

Remember to check the common Areas of San Diego condos. If the condo association is doing its job, the seller can expect to do little to an already well-maintained surrounding. However, if the association is neglectful, he might have some work cut out for him, like keeping the entrance of the building open from unsightly obstructions, or cleaning the hallways. He can ask other condo owners to help without divulging to them that he intends to sell his property. Instead, he can also say that it's Christmas and that it is nice to keep their surroundings clean during this special time of the year.

For more information about Downtown San Diego Condos contact:

Gregg Neuman

1-800-221-2210

Contact the Neuman and Neuman Team

www.SellSanDiego.com

Find More San Diego Real Estate Here!