Alameda County · Short Sale / Foreclosure
Short Sales and Foreclosure in Alameda County
If you owe more than the house is worth, there are more options than most people are told.
The worst option is doing nothing
Options narrow as the timeline advances, and the earliest ones are the best ones. If you are behind on payments or you believe you owe more than the house is worth, the conversation is worth having now rather than in three months.
I worked short sales through the 2009 to 2012 downturn, when a great deal of this county was in exactly that position. It is not something I would be learning on your file.
You may not be underwater at all
Worth saying first, because it happens regularly in this county. Alameda County values have moved a great deal over the last decade, and people who bought at a difficult moment sometimes assume they are still underwater when they are not.
Finding out where you actually stand is free, and it is the right first step. Sometimes the answer is that you have equity and this is a normal sale.
How a short sale works
A short sale is where the lender agrees to accept less than the balance owed so the property can be sold. It needs the lender's approval and it runs on their timeline, which is slower than a normal transaction.
Buyers have to be told that up front. A buyer expecting a thirty day close who discovers a four month one walks, and setting that expectation correctly at the start is a large part of why these deals do or do not close.
Where the other help lives
Some options are financial or legal rather than real estate: loan modification, forbearance, or bankruptcy protection. Those belong with a lender, a HUD-approved housing counselor or an attorney. I am none of those and I will tell you when you need one.
There is no judgment from my side, and there is no version of this where you have to explain how you got here. Call or text (415) 305-6708. You can do all of it in English or Russian. More on short sales and foreclosure.
This is a general description and not legal, tax or financial advice.
Frequently Asked Questions
How do I find out if I am underwater?
A valuation, and it is free. Alameda County values have moved a lot, so people who bought at a hard moment are sometimes not underwater at all any more.
How long does a short sale take here?
Longer than a standard sale, because it runs on the lender's approval timeline. Telling buyers that at the start is most of why these transactions succeed.
Alameda County
What short sale / foreclosure looks like in Alameda County
Kate's home county. She lives in Alameda and has worked this side of the bay since 2006.
Alameda County covers a lot of very different markets. The island city of Alameda behaves nothing like Fremont, and Fremont behaves nothing like Berkeley.
- The homes
- Everything from pre-war housing in the inner East Bay, through post-war suburban stock down the 880 corridor, to newer construction in the Tri-Valley. Roughly forty miles end to end.
- Why people choose it
- Buyers who want Bay Area access without San Francisco or Silicon Valley prices, and who are willing to trade a bridge, a tube, a BART ride or a ferry for it.
- Getting around
- Multiple BART lines, ferry service to San Francisco from the western side, the 880 along the bay, and the 580 and 680 serving the Tri-Valley.
- Nearby
- Alameda, Oakland, Berkeley, Fremont, Hayward, San Leandro, Castro Valley, San Lorenzo, and the Tri-Valley cities of Dublin, Pleasanton and Livermore.
The method
How we do it in Alameda County
Short Sale / Foreclosure: keep exploring
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