Short Sale in the Bay Area
There will be an impressive house sale in the Bay Area, you can see more news by visiting going to the official website.
All Parties Benefit from Short Sales
Buying a short sale property can be advantageous to all parties involved. The bank benefits by not having to complete a costly foreclosure process, then having to maintain, insure, and sell–or auction–the property at an amount that is usually less than the amount received through a short sale. The homeowner is completely freed from the burden of an unsustainable mortgage with far less damage to their credit. The short sale allows them to purchase another home in 2 years–instead of 5 years compared to foreclosure–with more relaxed lending requirements.
The buyer is able to purchase a great home at a great price. Most short sale listings can be successfully purchased at an 8-10 percent discount in most markets, which is oftentimes a better discount than buying bank-owned–REO–listings. When compared to bank-owned listings, the majority of homes being sold as a short sale are owner-occupied. This means there is a greater probability the home will be in move-in condition after closing. Your SSAA-certified agent can help you locate and make offers on homes that are listed as short sale properties.
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