There are many San Diego area homes for sale. Click here to perform a full home search, or if you’re thinking of selling your home, click here for a FREE Home Payment Calculator so you know what buyers will pay for your home in today’s market. You may also call me at (619) 618-7997 for a FREE home buying or selling consultation to answer any of your real estate questions.
Breaking Down Contingent Listings
Welcome to my San Diego real estate video blog. My goal is to educate you and allow you to make more informed decisions so that you can capitalize on all of your real estate transactions. I will be providing you with San Diego real estate market updates and many other useful pieces of advice whether you’re buying or selling a home. I’m always open to suggestions, so if you’d like to hear about a topic, just let me know!
- While searching for a home in San Diego, it is likely that you have come across a home that you are interested in that is listed as a contingent sale. This is a common type of listing I want to help explain to you what that means.
- When a property is listed as a contingent sale, it means that technically the home has been sold, but is contingent on the bank’s approval of a short sale.
- A short sale refers to a situation in which the homeowner owes more money on their home than what the home is worth.
- They want to sell their home, but are at the mercy of the bank’s approval.
- This is a tricky process and the sellers need to submit financial documentation such as bank statements, pay stubs, and tax returns to assure the bank that they need assistance with selling the property.
- Once the bank reviews the information, they order an appraisal on property. If the appraisal and the offer align, they will most likely approve the short sale.
- The thing with short sales, however, is that 50% of them are not accepted by the bank. This is often due to over qualification of the seller, or the offer not being high enough to match the appraisal. This results in the home being back on the market for sale.
- If you see a contingent listing, do not give up on it. You have a 50% chance of the home being put back on the market.
If you see a contingent property that you like, let us know. We will keep an eye on it for you and make sure that you know as soon as the property becomes available once again. Simply visit our website at whisselrealty.com or give us a call at (619) 684-7575