San Clemente Short Sale Homes
No doubt San Clemente short sales are a hassle in today’s market since many short sales involve not knowing how long the bank will take to make a decision or if they will even accept your offer- quite frustrating! But, the good news is that some banks are becoming more efficient and shortening up their approval process. For the patient buyer, short sale homes in San Clemente can provide outstanding values.
The conveniences of metropolitan Southern California are omnipresent in San Clemente, but they are also balanced with the fresh ocean air in this sun-drenched beach town. San Clemente offers a variety of homes for sale ranging from charming beach houses to the artfully planned community of Talega. At the south end of town is the entrance to Marine Corps base Camp Pendleton, as well as beautiful Trestles surf beach.
What is a Short Sale?
A San Clemente short sale home is the sale of a home when sales proceeds are not sufficient to pay off the existing loan(s) but the lender(s) accepts a discounted payoff to fully satisfy the loan. A lender would usually rather negotiate a settlement today with a Short Sale than be forced to incur the expense of a foreclosure later. Consider this: the lender wants to limit their losses in the future just as badly as you do.
At the same time, the existing lender pays for all sales fees. This includes sales costs, commissions, escrow, title and any repair costs. The loan shows as “paid” with a zero balance on your credit and you avoid foreclosure.