February 2010 Citrus Heights Pending Short Sales

Short Sales in Citrus Heights Up Dramatically!

Sacramento Short Sale Expert Reports Citrus Height Short Sale Statistics For February 2010

Citrus Heights Short Sale Graph for February 2010

Short Sales in Citrus Heights Zip Codes 95610 and 95621 going pending have increased steadily over the last 60 days. Both Active Short Sales and Pending Short Sales in Citrus Heights have never been higher than the month of February.

Pending Short sales are short sale listings that are approved and are ready to close. This means that they have gone from Active Short Sale to Active Short Sale Contingent and then into Pending status; So pended just means it has gone into pending status. It also means the Bank(s) or servicer(s) short sale department(s) has/have approved the short sale transaction and the contract is 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.

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We have put several short sales into pending status lately that we have been working for months. Homeowners are always relieved, knowing their credit damage will be contained soon. Knowing that the Foreclosure Sale has been stopped.

They know that once the short sale has been approved and that they are merely days away from being able to move on with their lives.

Some of these families have stayed in the home for months and months, while others have actually moved on and are either moved into a rental, in with family, or moved out of the area. Either way, they have been so relieved when we told them their file had been approved, but there is always a bittersweet feeling, of frustration and anger that it has taken so long.

Why does a Short Sale take so long?

What’s the hold up?

Well; the best way to explain is to tell the story of a nice family that came to me from a referral over a year ago-

We are waiting for approval on one file right now, that we have had on the market for way over a year, have had verbal approval from two separate short sale negotiators, just to have them then email and want more information; they sometimes need updated pay stubs and bank statements etc. before they can issue the Short Sale Approval Letter.

So it usually takes us a day or two to get the infomation from the homewoner and sent to the bank, then it can take a week or ten days before the documents are scanned in and entered into the banks system. Once we finally get confirmation that the documents have been received and are accesible, it takes another several days of voice mails and emails to the negotiator before we get a call or email back. Then if there is a question on any of the information in the new documents, they will sometimes ask for backup documents. So you repeat the process…

Short sale negotiators at many servicers and banks are entry level positions and there is high turnover, so on nearly every short sale file we get an email saying that the file has been moved to another negotiator and that the negotiator will be in touch once he/she reviews the file… Repeat.

This has happened twice on this property.

Citrus Heights Short Sale Statistics for February 2010

Date	12/08	1/09	2/09	3/09	4/09	5/09	6/09	7/09	8/09	9/09	10/09	11/09	12/09	1/10	2/10
For Sale	73	88	87	88	94	86	68	61	54	64	51	51	65	73	96
New Listing	15	34	25	31	38	34	28	37	40	43	40	26	32	51	52
Sold	14	9	8	10	13	12	21	21	21	20	21	14	14	22	10
Pended	9	19	25	30	29	41	37	33	53	26	30	26	17	39	54
Months of Inventory based on Closed Sales	5.2	9.8	10.9	8.8	7.2	7.2	3.2	2.9	2.6	3.2	2.4	3.6	4.6	3.3	9.6
Months of Inventory based on Pended Sales	8.1	4.6	3.5	2.9	3.2	2.1	1.8	1.8	1.0	2.5	1.7	2.0	3.8	1.9	1.8
Absorption Rate based on Closed Sales	19.2	10.2	9.2	11.4	13.8	14.0	30.9	34.4	38.9	31.3	41.2	27.5	21.5	30.1	10.4
Absorption Rate based on Pended Sales	12.3	21.6	28.7	34.1	30.9	47.7	54.4	54.1	98.1	40.6	58.8	51.0	26.2	53.4	56.3
Avg. Active Price	186	182	179	182	184	180	184	193	201	210	200	193	197	192	196
Avg. Sld Price	196	162	213	186	193	167	179	166	175	165	173	183	177	167	196
Avg. Sq. Ft. Price	130	126	125	127	126	124	122	119	122	126	121	125	122	122	122
Sold/List Diff. %	100	104	105	103	103	97	101	98	101	102	100	101	104	102	101
Sold/Orig LP Diff. %	86	83	88	85	98	74	92	90	94	89	92	81	100	95	96
Days on Market	89	125	168	112	84	198	117	138	113	119	156	95	137	90	143
Avg CDOM	105	154	193	154	96	205	135	156	142	172	156	122	150	107	144
Median Price	184	160	188	173	185	148	175	175	170	158	164	165	162	156	182

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This entry was posted on Tuesday, March 16th, 2010 at 3:37 pm and is filed under Sacramento Short Sale and Sacramento Foreclosure News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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