What are your chances as a buyer of Short Sales property in SF Bay Area?

Well – the right answer to this question is – aplenty. No kidding – see for yourself. The 9 country San Francisco Bay area, as you might be aware already, is one of the most-sought after location for buying a home of your own and settling down. Whether it is San Francisco, San Jose, Oakland or Ingleside – you have many attractive locations to consider.

The foreclosure crisis has made devastating effects in the housing markets in all these locations, whereby there are thousands of distressed home owners, desirous of getting out of their homes being foreclosed. You will agree, from the home owner’s point of view when it becomes sadly true that they are to forfeit their homes, they would like most to get out of the crisis, with the slightest possible damage.

If they allow the foreclosure process to go through – they are the ones to suffer the maximum. Their homes situated in the finest locations of SF Bay Area – one they acquired with their hard-earned money – during the peak of the real estate boom years, will not be theirs any more. Plus the impending foreclosure will evict them with disgrace; their credit record will be crushed – to cripple them financially for the next 7 years; and as if these are not enough – they will carry the debt balance on their back – to be pursued by the lender for recovery through many ways.

On the other hand, if they opt for Short Sale of their homes – all the above difficulties will not be there – since the lender accepts for the compromise; lets them completely free from the mortgage debt and also the buyer gets a first-class property at a bargain price.

Want proof? This is how some of the properties available for Short Sale are advertised: Short Sale Home in Oakland – 2 bedrooms+1 bath – (dining area; yard; garage included) – offered at $129,000; Townhome in San Leandro– 3 bedrooms,1/1/2 bath, patio, garage included – $199,000; Single family home in Antioch – 3 bedrooms, 2 baths and garage – $199,000; and a nice home in Pittsburg with 3 bedrooms, 1 bath, living room and yard – $144,000. Actually these properties are available for these prices only because of Short Sales – otherwise you can never get them at such a bargain.

Posted by Eureka Expert on Mar 22 2010. Filed under Housing, Short Sales. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry