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Folsom Short Sales Are Dissapearing Fast!

 

 

Folsom Certified Short Sale Specialist Reports Approved Folsom Short Sales Continue Dramatic Increases

 

Folsom Short Sale Graph For February 2010 From Trendgraphics

Folsom Short Sale Graph For February 2010 From Trendgraphics

 
Folsom Short  Sales are disappearing Fast! Pending Short Sales In Folsom Jump For Third Straight Month!  First  a
24% increase, then 12% increase, then a huge 65% month-over-month increase in approved and pended short sales in Folsom for the three months of December 2009, January 2010 and February 2010.
What exactly is “Pended” and how do we know these Short Sales are approved?
 
This graph shows  Short Sales in Folsom that are for sale, pended and sold (closed) month by month over the last year. Pended means that they have gone from Active Short Sale then to Active Short Sale Contingent and then  into Pending status; So Pended means it has gone into pending status. It also means the Bank or servicer has approved the transaction and the contract s no longer contingent upon “Third Party Approval”. So now Escrow can be opened.
So what happens now?
 
From this point in the short sale transaction, it becomes much more like traditional real estate, the buyers go through their inspection period (usually 17 days unless otherwise agreed upon between the parties) and the buyer has their chance to inspect all documents,  disclosures and such.
But this is a Dangerous Time For The  Short Sale Transaction on a home that is less than perfect.
 
In most areas in Folsom, where homes are newer and well maintained, this is never much of a problem, repairs are minor and we can usually “cobble together a solution” but in the situation where the Short Sale Home is in a state of disrepair and/or if there are health and safety issues found in the inspection period, this can be a trecherous point in the process and the source for much delay. Otherwise smooth escrows can be thrown to the wolves at this point.  So what do you do?  Contact us today at the Sacramento Short Sale Center and we will share with you our solution, or just read on and I’ll share it later
You see, it is never a good thing to go back to a short sale negotiator, after the fact (alter the net sheet has been approved) and ask for repairs/concessions. Once the short sale has the blessing of the short sale department and the short sale negotiator at the bank, there can be absolutely no changes in the contract. This includes, mostly, there can be no changes to the net sheet.  The net sheet is kind of the “Short Sale Holy Grail”. It cannot be changed, adjusted, or otherwise touched after the server’s short sale negotiator has written the approval letter for the short sale. As long as nothing is changed, the transaction can be closed. Quickly and smoothly. Change it and you start all over-
Sometimes the properties condition is such that it isn’t  possible to not get things fixed.  Many times there are “Lender Required Repairs” or “stuff that has to happen to the property in order for the buyers loan to go through”… And it is always up to the bank, Sellers will hardly ever pay for repairs, not that they wouldn’t normally, but they just aren’t able to most of the time. Like I say, not as big of a problem in Folsom, with our great newer neighborhoods and nicely maintained homes.  But still something to watch out for.
Ask for repairs, change the net, ask for concessions,  they are all great ways to just start all over, from ground zero, first base, and go all the way through the entire process again. Sounds fun huh?
So it is always best to agree to the amounts the repairs will cost up-front so that the initial “net sheet” that is sent along with the the offer and initial contract to the lenders short sale department can reflect the exact amount of needed repair the bank will be asked to pay for.
So how do you do that?
Use a Short Sale Specialist that has the experience, the know-how and the network.
At the Hoyt Group, our network includes contractors, inspectors and estimators. we will do our due diligence to male sure these :11th hour” problems don’t come up and cause a problem in your short sale escrow!
Contact us today at the Sacramento Short Sale Center atWereHereToHelp.org

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