San Diego refinance applications and appraisal complications are holding up home sale closings.
The normal timeline for a San Diego real estate closing is about 30 days. However, the recent HousingPulse survey found the timeline to be between 45 and 60 days.
The delay is exacerbated among San Diego short sales and sales of foreclosed homes – which according to HousingPulse made up 44.4 percent of the market in September, down from 45.9 percent in August.
The survey of 2,500 real estate agents found that one major source of delays among short sales is mortgage origination preapprovals, which sometimes expire before all interested parties agree.
Sales of foreclosed homes in San Diego are encountering delays when property damage complicates the appraisal process.
A new California law is further aggravating the problem by forbidding forced deficiency notes on short sales.
Under the new law, “seconds are not willing to settle,” stated one California agent, adding, “Mortgage application timelines run out for the buyers waiting to receive acceptance, counter or declination.”
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Tags: San Diego, San Diego Foreclosure, san diego foreclosure alternatives, San Diego Harbor, San Diego Home for Sale, Short Sale
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