East Bay Real Estate 2010 update

East Bay Real Estate: 2010 Update – Short Sales Replacing REO’s!

Banks do not want to repossess homes anymore! They have more bank-owned homes than they ever wanted and there are too many more foreclosures sitting in the wings . Banks have learned that a Short Sale is probably less costly in the long run and instead of taking the home back they would rather work through the Short Sale as a much better alternative. ( A Short Sale is where the amount owned to the lender is more than the home is worth, and the bank is willing to less to satisfy the loan.) The real estate market place has changed dramatically in 2010 because of this banking-wide decision. Even the Federal Government has created ways for Short Sale sellers to be able to come back into home ownership quicker with new lending guidelines that don’t cause such chaos with these sellers credit ratings as long as they have been current with their mortgage payments – Home Affordable Foreclosure Alternatives, or HAFA. Read more