We Buy Houses For Cash Bay Area. We are the best local homebuyers in all the Bay Area CA and if you ever wondered what a short sale is and how it can help you, you have come to the right place. In this blog post, we will define what a short sale is, and we will show you your options if your Bay Area homeâ€™s mortgage is upside down or if youâ€™re in foreclosure. We are here to help you sell your Bay Area home quickly and without stress.
Definition of a Short Sale
As defined by Google, a short sale is â€œa sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.â€
If you can get all lien holders (most of the time itâ€™s the bank) to accept less than the amount owed on the mortgage, you can basically get rid of the monkey on your bank that is your Bay Area home. They essentially forgive the extra debt incurred.
You Avoid Foreclosure and Itâ€™s Harmful Effects
As we have said earlier, a short sale allows you to avoid a foreclosure. Your bank will accept less than what is owed. All they want is to remove the debt note from their books, and if you can give them a reasonable sum of capital – they will do so.
Foreclosure leads to some terrible problems later down the line for you and your family. Having a foreclosure essentially states that you are a high-risk borrower of money, and for seven years you will not be able to get a new home loan. There are home loans that can see past the foreclosure on your record, but those loans will definitely have higher interest rates in order to secure themselves in the event you canâ€™t make all your payments.
You Can Buy A New Bay Area Home Quicker
Foreclosures are hard to deal with, but a short sale gives you and your family more flexibility, and if a short sale is completed in lieu of a foreclosure – you only need to wait 2 years (1 year for certain mortgage lenders) to file for a new home loan. This all depends on the lenders you deal with, make sure you shop around and find the best lender for you and your family.
No Additional Fees
As we have said earlier, the banks only want to get your home off their books. If you are in a position that you cannot pay off your mortgage, and youâ€™re at risk of disappearing – banks will work out a short sale versus a costly foreclosure.
Howeverâ€¦ if youâ€™re looking for a way to avoid foreclosure AND get your money from selling your Bay Area home – we are here for you. We buy houses for cash in the Bay Area, and the best thing about cash is that it can be used quickly and in between individuals, without the prying nature of banks and lenders.
We Buy Homes For Cash in Bay Area CA
My team and I buy houses fast in the Bay Area, and can give you an all-cash offer even faster. We buy houses fast in the Bay Area in any condition, and you donâ€™t even need to clean up as well.
If youâ€™re wondering about what offer we can give you for your Bay Area home, and youâ€™re looking for the best people who buy houses in Bay Area, feel free to give us a call anytime at (510) 900-8770 or you can fill out our form here today!
â€œWe buy old homes for cash in the Bay Area to help families and homeowners get back on their feet.â€
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