The county seat of Kern County, Bakersfield extends over a land area of more than 110 square miles and is home to a population of 321,078 (as of 2008 US Census estimates). The city has been growing at an exponential rate over the past few decades, but not even high-growth, economically stable places have been spared from the impact of the recession and Bakersfield is no exception. Bakersfield short sales and Bakersfield foreclosure homes have become a common sight in recent years.
For many of the city’s distressed homeowners, Bakersfield short sales represent a way out of a foreclosure situation. In a short sale, as its name implies, a property is sold for less than the amount that is owed on it. In it, a lender agrees to accept an amount that’s less than what is currently owed to them, thereby allowing the homeowner to sell their home for its current market value instead of losing it to a foreclosure. Lenders usually agree to a short sale when they foresee that foreclosing on a property will cost them more in the long run and when they see that the homeowner is in genuine distress.
The short sale process is fairly complex and involves more than a few negotiations with banks and lenders. It’s best to be prepared with all the necessary information that the banks will ask for such as a signed hardship letter, copies of your tax returns, an estimated net sheet, and more.
Get help with Bakersfield short sales today. Consult with Realtor Bobby Moreno for more information, advice and guidance on short sales-Bakersfield. Give him a call or send him an email for any queries on Bakersfield short sales and the real estate market in Kern County.
