East Bay, San Francisco (PR Newswire) Sep 23, 2010: Now you can avoid foreclosure and move on with your life with East Bay Short Sale Group. This experienced real estate consulting company is dedicated to helping homeowners in San Francisco East Bay area cities avoid foreclosure and potentially be able to purchase a home again quicker with less impact to their credit. This means homeowners can sell their home without worrying about when the home is finally going to be foreclosed on.
What Is A Short Sale?
A short sale means literally real estate sales that involve a short pay transaction. For example, suppose person A has borrowed a loan of $300,000 for a property and the same property is now worth a market value of $100,000. Now suppose this person A is undergoing financial hardship due to say job loss or a pay cut and is unable to continue making payments. In this case, a short sale will allow for the bank to settle for and collect an amount of money based on which the property is worth. In simple terms, person A owes more on the loan than the property really is worth at present value. So when he submits a short sale for approval, it means he is asking the lender or bank to agree and accept a short payment of the amount he owes.
How Does It Work?
The process of short sale involves many complex processes and therefore may require one or more months to receive approval from the lender. Usually, there are five essential steps:
1. Listing your property for sale with East Bay Short Sale Group.
2. Marketing your property for sale.
3. Submitting short sale package to the lender.
4. Getting approval from the lender.
5. Completion of financing by your buyer.
The homeowner can then move on and in many cases with nothing owed to the lender. This process is therefore a win-win situation for both the borrower, buyer and the lender.
Why Avoid Foreclosure?
Short sales are a lot more preferable than foreclosures. This is because the after effects of foreclosure are more far reaching in terms of not just debts but also in terms of job advancement or termination. There are cases when credit reports informing foreclosure have led to immediate termination of jobs of the concerned employees.
Maybe you just don’t want to sell your property and still want to avoid foreclosure. In that case there are several foreclosure alternatives like refinancing, loan modification and so forth to choose from. East Bay Short Sale Group always encourages homeowners to first get professional advice from their attorney and CPA before pursuing a short sale. They offer professional referrals for these services as well.
Specialties Of The East Bay Short Sale Group
The East Bay Short Sale Group concentrates on the area of San Francisco East Bay and services all of Alameda and Contra Costa County. They cater to the requirements of homeowners who are facing the risk of being in default or who are already in default. This is very helpful because they have a good understanding of the banks’ short sale departments and have worked with most major banks with regards to short sales. Besides just helping in short sales, they offer free consultation regarding other options that can be pursued if the home owner desires to keep his or her home.
About East Bay Short Sale Group
Working in the East Bay area of San Francisco, East Bay Short Sale Group operates primarily in Alameda and Contra Costa Counties. Their services are available across 41 cities in the East Bay. People residing in these areas can therefore be certain to get the most professional consultation regarding their East Bay home short sale.
For more information about such alternatives visit East Bay Short Sale Group website i.e. eastbayshortsalegroup.com. Short sale process applies to East Bay area cities as well.
Contact:
Scott Fuller, DRE#01334119
J. Rockcliff Realtors
15 Railroad Ave.
Danville, CA 94526
Phone: 925.567.6720 or
510.473.5506
