The East Bay real estate market is diverse with both buyers and investors alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the East Bay click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 925-855-3432.
As always, we're here to keep you educated on all things real estate. Today, we go over the process of foreclosure.
The process begins when you stop making payments on your mortgage. After 15 days, the accounts department is going to give you a friendly warning that your payment is late. Two weeks after the initial warning, you get a call from the department of collection, which will be trying to determine whether you intend to pay at all.
After 30 days without making a payment it begins to affect your credit. After 2 to 4 months you will be sent a notice of default, which means the default on your loan has been filed with the county.
Depending on the bank and the investor, the process could last from 2 to 6 months - in some cases it could last years, if the bank is really backed up. When the time comes you'll receive a notice of sale. Typically, within 3 weeks of this notice your property will be foreclosed on.
Next, your home will go to auction. This will happen at the county courthouse or online. If your home is not sold at the auction, it will be purchased by the bank. The property is then listed with a real estate agent and is put on the MLS as a bank-owned/REO property.
If you are interested in investing in or owning a bank-owned property, or need advice because you're behind on payments, give us a call or shoot us an email. We would love to give you hand in this area of the market!
