Oct
20

San Diego Home Mortgage – San Diego Home Buyers Shouldn’t Forget the Short Sales.

By

San_Diego_Home_Mortgage_Rates_WH      10/20/2009

San Diego Home Mortgage : Hope for  San Diego Short Sale Buyers and Sellers.

 

 For the past 2 years I have had many pre-approved clients that more than qualify for a San Diego home mortgage that have either settled for their “second choice” home or have pulled out of the market to wait for more inventory. The main reason that they are passing on homes that they really want, can qualify for and are listed for sale is that they are short sales. While I do work with a few agents that have a 100% track record on getting their short sale listings approved and sold, the Sandicor (San Diego MLS) numbers show that on a county average only between 45 and 50 percent of short sale listings end in a closed escrow. In many of these, the ones that do close take between 4 and 9 months to close. This can be a big problem on the financing side of the transaction because credit approvals for a San Diego home mortgage are only good for a period of 90 days and a new approval with new documentation and a credit pull is required after that point.  The short sale market and San Diego housing market might be in for a change for the better because the Obama administration has just announced new universal short sale guidelines. These new guidelines for investors (banks and mortgage company’s) should help San Diego home mortgage applicants that are looking to buy real estate in San Diego in a few different ways and a higher percentage of short sales should be closing and closing faster.

  While speaking at the annual Mortgage Bankers Association that was held in San Diego a few weeks ago, Lori Maggino from The Treasury Departments Office of Home Ownership and Preservation said that they haven’t reinvented the wheel, but their goal is to cut down on paperwork and to standardize forms. By creating an industry standard they hope to eliminate the time consuming back and forth negotiations between the Realtor and the investor.  That negotiation is the part of the short sale transaction that can take the better part of a year. Hopefully when these changes and guidelines come out, we will see more movement in the “pending” inventory of homes on the market and more San Diego home buyers will actually be able to buy the homes that they have offers in on.  I will update the blog as more information and implementation is available.     

Comments

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