Sacramento Certified Short Sale Specialist Reports May Sacramento Short Sale Statistics

Sacramento Placer and El Dorado County Short Sale Statistics For May '10

The Short Sale Bottleneck

Short Sale Statistics for the Greater Sacramento Area Including Placer County Short Sale Statistics, El Dorado County Short Sale Statistics and Sacramento County Short Sale Statistics for May 2010

The Banks Are Finally Saying Yes, But Short Sale Transactions Still Aren’t Closing!

1 month			1 year			15 months
	Mar 10	Apr 10	% Change	Apr 09	Apr 10	% Change	Feb 09	Apr 10	% Change
For Sale	6539	6792	3.9%	8507	6792	-20.2%	9852	6792	-31.1%
Sold	2306	2033	-11.8%	2338	2033	-13%	2014	2033	0.9%
Pended	3214	4305	33.9%	3292	4305	30.8%	2546	4305	69.1%

Short sale approval but no closed escrow?

Even though they are getting approved, getting them closed seems to be another story!  In the Sacramento Tri-County area, the number of new short sale listings coming on the market have stayed fairly stable for the last six months or so, but the number of pended short sales, or short sales that are approved by the bank, and actually open escrow have gone way up. These transactions, after sometimes months of being “on hold” can now open escrow and get started with their property inspections and getting the loan finalized for the buyer.  But now, this part of the deal is where we are having problems.

The bottleneck has moved!

Now that we have actually got some traction of the banks approving these short sales, is still takes a long time, and that causes many problems for buyers, so now, many transactions are failing…

The reasons for this are many;

• Buyer discovered problems with the property that nobody talked about during the contingency period. (All problems should have been disclosed and the repair estimates should have been on the net sheet!)

• Buyer’s financing went away during the long contingency period (during the long wait, entire lending programs can evaporate).

• Buyer lost their job or was fearful of it during escrow, and canceled contract.

• Buyer discovers market has shifted and property is no longer worth the contracted price.

See what the Hoyt group is doing to avoid these problems with our Short Sales: Check out the  Hoyt Group Short Sale Procedures

Home Affordable Foreclosure Alternatives (HAFA),  Home Affordable Modification Program (HAMP), Home Affordable Refinance Program (HARP), Second Lien Modification Program (2MP)

Which Government Programs do You Qualify For? Check Your Eligibility Now!