Things to Know When In Chula Vista Eastlake Short Sales

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Having trouble making your mortgageChula Vista Short Sales payment each month? If so, you are not alone. For many people who have been faced with the down turn of the economy or a recent job loss, mortgage payments may feel overwhelming. For residents all across San Diego County – from Oceanside to Chula Vista Eastlake, short sales are becoming a viable option.

Basically put, this approach is where the bank agrees to take less than you owe on your home.  If you are “upside down” on your home – the balance you owe is more than the overall value – you may want to consider this type of home sale to get out of paying a high monthly mortgage.

While this can be ideal for some people, it is not perfect for everyone. Here are a few important things you should know as you consider whether this option is right for you.

  • You will (probably) be able to purchase a new home – Some people are concerned with this approach because they are worried it will have a negative impact on their credit score. However, short selling doesn’t necessarily mean you are sacrificing your ability to purchase a new home. While there may be some restrictions on the size and type of home you can purchase, you often will still have the option to buy another home in the near future.
  • You do not have to be late on your payments – We’ve all heard that counter-intuitive advice: Stop making your mortgage payments. In certain situations, people are advised to be purposefully late on their payments in an effort to show hardship. When you consider a short sale, this is not always the case. There are exceptions, such as selling your home for a job relocation, where you may still be eligible for this sales approach even if you are not late on your payments.
  • Your credit score might not be ruined – With the economic crisis, many people are concerned about the impact to their credit score if they take actions such as selling their home for less than what they owe. It’s important to keep in mind that the impact to your credit score is different for everyone, and is determined by a number of factors. In addition to working with experienced real estate agents, you should also discuss the specifics of your situation with your tax attorney or CPA.

In Chula Vista, short sales can be successfully and expertly navigated and negotiated by real estate agents who have the expertise and a proven track record in this type of real estate transaction. Let us help you determine whether this approach is right for you and your family.

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Team Ratcliffe - McMillin Realty

During the home buying process, it is easy (especially during these times) to get overwhelmed and frustrated. After so so many offers, a bid of mine was finally accepted. If it weren't for Team Ratcliffe and especially Matt Gover, I would be renting at this very moment. It was their persistance that kept me in a positive attitude to continue the long process of home ownership. I am satisfied to the utmost degree with their work ethic, perstistance, knowledge, and competency! They are a great team and I trust them to handle any of my future endeavors in the Real Estate market. I would reccomend Team Ratcliffe for anyone out there who is considering buying or selling a home. Thank you Team Ratcliffe for all your hard work!!! ----Chris I

I found Matt Gover from an advertisement in a Realty magazine, I called him, he signed me up for e-mail listings of the type of home and location we were looking for within our price range. Due to the crazy lending market, it took us longer to find a home that met our "wish-list". Matt was patient and gave us no pressure for the length of time it took to find a home; he never gave up on us and was calm and mellow throughout the entire process; when we eventually found "the home", he got us in even though the listing was about to expire and there appeared to be no hope because the Sellers had higher than asking price offers, but Matt got us in to see the home and got our offer to the Sellers and our offer ended up being the offer the Sellers accepted. Matt is honest and responsive without that cheesy sales person pressure some realtors convey. He works under Pam and she is a wonderful Christian lady who adds that extra element of warmth that other realtors simply do not have to offer. ---- Deb C, 7/27/2011

My short sale experience was made so much easier by Joe; through thick and thin, he was willing to stick it out to get the deal done. He was a lot patient than I was and worked hard to get the negotiations done with the banks. There are a lot of realtors out there but Joe was the first one who I felt was exceptional. ---- Aye T, 5/19/2012