Though you may want to get the best deal possible for real estate in Little Italy San Diego, a short sale property comes with many risks that can prevent it from closing. Here are 4 things that can potentially go wrong during a short sale.
1. A Long Wait
If you find the perfect condo or loft, but it is a short sale, do not expect to close on the property quickly. The bank must approve the offer and, in many cases, they take their time. Many short sale real estate deals do not close for several months.
2. Liens Against the Property
Oftentimes, short sales do not close because there are liens against the property. When homeowners stop paying their mortgage, they frequently stop paying property taxes as well. Because many lenders refuse to pay the liens off and the homeowner does not have the money, short sale with liens against the property are often unable to close.
3. Loan Modification
Another common reason to lose out on a short sale is when the current owner, who was previously denied assistance, is now offered a chance to modify the loan. This allows the owner to have lower payments and keep the home, which can occur even after the bank accepts your contract for sale.
4. Damage to the Property
Banks typically require the property to be in good condition and will not pay for repairs. However many short sale properties are empty and at risk for vandalism or damage due to the elements. Even if buyers have the money to make repairs after closing, they are at risk of not being able to finance the home due to its condition.
Whether it’s a short sale or a regular sale, if you’re looking for lofts, penthouses, or condos for sale in Little Italy San Diego, you’ve come to the right place. Get in touch with 92101 Urban Living and we can help you find your downtown dream home. Call 619-649-0368 today to schedule an appointment and take a look at some of the amazing properties currently on the market. ')}