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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

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.
 
Additional Questions?
Contact us today at the Sacramento Short Sale Center at WereHereToHelp.org
Or visit the We’re Here to Help Video Library
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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