2010 is going to be the year of Short Sales in the SF Bay Area
The buzz has already started in the 9 county Bay Area. People, who were not aware of what are Short Sales, are being educated through blogs and forums from experienced foreclosure-stricken home owners. Word of mouth is also playing a major part in all the heavily hit foreclosure neighborhoods in San Francisco, San Mateo, Contra Costa and Alameda Counties.
The local news papers are full of informative news stories and offers, for those seeking help to gain knowledge about Short Sales. The advantages of Short Sales over a foreclosure disaster are well explained to the readers. Precisely a Short Sale is a transaction where the troubled home owner is permitted to sell the property for a lesser amount than the loan balance. The lender bears the loss and typically it is a welcome relief for everyone concerned – the lender; the barrower and the prospective buyer.
Realtors and lending institutions have joined the fray in encouraging distressed home owners under waters – the home value being less than what they owe the mortgage bank – to resort to Short Sales. For example, Wachovia has widely advertised their Short Sale program online.
The sellers in distress – particularly from Contra Costa and Alameda Counties – who are in need to do a Short Sale can avail the benefits of Wachovia’s Short Sale Solution Program. It is a known fact that Wells Fargo has taken over Wachovia, but the company claims that the present program is far better than what it was in Wells Fargo.
They say their program renders all the help needed to people just opting in for Short Sale of their property – right from property appraisal (even without seller financial and supporting documentation) to approving the short sales as quickly as an unbelievable time of 2 weeks. This breaks the popular belief that getting the approval of the lender for a Short Sale will take months.
There is another report online that the Short Sales are on the increase in California Bay Area including Freemont and surrounding cities. The report also contains a lot of useful tips for distressed home owners as how they can be benefited by seeking the Short Sale option as a solution for foreclosure avoidance.
So there is every chance, judging from the spurt in Short Sales stories in and around all the nine Counties of San Francisco Bay Area that 2010 is going to be a year of Short Sales trend.
