A short sale occurs when a homeowner sells their property at a time when the market value is lower than the amount of money mortgaged on the home. In order for the short sale to be complete the lender must agree to take less than the full owed amount necessary to pay off currently due loans. This can be an issue since according to the terms of mostly all mortgages the full borrowed amount is due upon the sale of the property. So, the bank must approve the sale and take a loss due to the difference in sales price and loan amount. In the process, the owners will suffer the loss of creditability and a reduction in their credit scores.

Currently San Diego, CA is one of the areas in the nation with the highest levels of short sales. The market in San Diego has dropped dramatically due to the downturn in the real estate market, much like the rest of the state of California. If you are planning on selling your home and know your equity just won’t cover the loan, you may be able to convince the lender to take the loss. Usually the terms of an approved short sale are put forth by the lender, and most sellers and agents will welcome any approval. If you are Thinking about selling your home as a short sale in San Diego, you ought to understand all your options and the likely damage that it may cause your credit.

Buying a house in San Diego may be the best move you’ll ever make. San Diego is a gorgeous and exciting beachside town full of life with residents of all ages. It is home to many of our military service bases as well as a variety of tourist attractions. San Diego has a great deal of entertaining activities for the family like Sea World, Lego Land and of course the San Diego Zoo’s Wild Animal Park. San Diego is well recognized for its exceptional colleges and universities such as University of San Diego, University of California in San Diego, and of course the fun atmosphere of San Diego State University.

If you enjoy major sports you will love San Diego. The National Football League’s San Diego Chargers and the National Baseball League’s San Diego Padres are both located in the city and perform in state of the art stadium facilities. The city has a first-rate public transportation system giving residents access to Amtrak, bus, and trolley services. Located near the Pacific Ocean and in close proximity to main California freeways, San Diego is conveniently near major travel destinations like Los Angeles and Las Vegas.

With sunny skies and warm weather almost all year around, San Diego is a great place to live and play. With award winning restaurants and districts like the Gas Lamp, residents can stay out all night and visit the best bars and clubs known for a good party. San Diego offers an assorted selection of housing options with affordable homes as well as extremely luxurious mansions.