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|
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;
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!