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Sacramento Short Sale Specialist Reports on Sacramento Short Sale Market Statistics

 

Sacramento El Dorado and Placer County Short Sales

Sacramento El Dorado and Placer County Short Sales For 6/10

  

Forth Hoyt’s Sacramento Short Sale Center Provides A Monthly Sacramento Area Short Sale Report

Including Sacramento Short Sale Statistics, El Dorado County Short Sale Statistics And Placer County Short Sale Statistics

The above chart shows a drastic increase in closed Short Sales in Sacramento, Placer and El Dorado counties in the past two months.  This short sale market information shows that short sales in Sacramento are becoming more and more successful!

The chart below shows the information in a way to better understand the significance ot these changes month over month and year over year. 

 

1 month 1 year
  May 10 June 10 % Change June 09 June 10 % Change
For Sale 2038 2146 5.3% 2202 2146 -2.5%
Sold 580 627 8.1% 390 627 60.8%
Pended 1040 1606 54.4% 987 1606 62.7%

 

2010 will definitely be known as the year the short sale went main stream in the Sacramento area.  After a few months of false starts, where escrows were obviously failing after short sales were finally approved and homes went into pending status, Short Sales in Placer,  Sacramento and El Dorado Counties are definitely seeing better ”stickability”. 

Forth Hoyt’s Sacramento Short Sale Center Provides A Monthly Sacramento Area Short Sale Report

 

Sacramento, Placer and El Dorado County Short Sale Statistics For 5/10/10

Sacramento, Placer and El Dorado County Short Sale Statistics For 5/10/10

This chart shows short sale approvals, (pending short sales) and short sale actives and sold short sales that have actually closed escrow, in the three county Sacramento area.

I think you can see why I am so excited; Short sales in the Sacramento area are getting approved three times more than just two months ago, statistics showed…

But I am concerned because the CLOSED SHORT SALES have actually fallen from last month, which means most of these approvals have had to back on the market to find new buyers and will probably be counted again in the future as pending once more… Listing agents need to do a better job of ensuring buyer commitment before submitting a short sale package to the lender.

 

As a top Sacramento short sale listing agent,  my team and I have always done a better job of ensuring buyer commitment before submitting a short sale package to the lender.  Now that short sales are getting approved faster, it only makes sense that  every agent does a better job of making sure the buyer’s offer they submit is from a buyer who is actually motivated to buy the property!

See How I ENSURE BUYER COMMITMENT Here.

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

Questions? Comments? Contact us here at the Sacramento Short Sale Center

 

 

 

 

Sacramento Short Sale Center Provides A Monthly Sacramento Area Short Sale Report

Sacramento Placer and El Dorado County Short Sale Stats 04 10 10

Sacramento Placer and El Dorado County Short Sale Stats 04 10 10

Sacramento, Placer and El Dorado County Short Sales are becoming more and more successful!

Short Sales Are Being Approved!

So it’s great to see we are finally getting some traction on short sales and finally getting some short sale transactions closed! What has made such a huge difference? I think a number of things are going on; lenders are getting their systems more refined, agents are getting better at short sale processing and getting their own short sale systems going better and all parties involved are getting more experienced.  And definitely the investors (the end-user or actual note holders) are finally getting it that the market is not getting better; the faster they can get market price for their asset, the more money they will make; because market value is continuing to decline!

With the newest government short sale program; HAFA going live earlier this week (April 5 HAFA started). The administration’s Home Affordable Foreclosure Alternatives (HAFA) program is going to effect every corner of our industry – brokers and agents, servicers and lenders, and technology vendors and educational gurus– will all have a part to ensure the short sale program’s success.

Only thing is: only 30%-40% of outstanding loans will qualify for HAFA because Fannie Mae and Freddie Mac are not participation!

So that means that all this hoopla is over a program that the lions share of mortgages won’t even be included in! It is still good for the short sale market as a whole, though, because it sets a new benchmark and goals for timeliness and answers and the systems and guidelines will become best practices in the industry for all.

 

All Sacramento Placer and El Dorado Short Sales 2/09 to 2/10

All Sacramento Placer and El Dorado Short Sales 2/09 to 2/10

Sacramento Short Sale Center Provides A Monthly Sacramento Area Short Sale Report

Pended and approved short sales are definitely on the rise here in the Sacramento real estate market.

 

 

 

 

 

 

 

 

With programs like HAFA and the changes to HAMP, the short sale is becoming a more mainstream solution and definitely helping more and more people avoid foreclosure. But the short sale process is still a long, long way from being smooth, predictable and without surprises.

We just lost a short sale to foreclosure the other day that was not supposed to go to foreclosure auction. We had written (e-mail)n confirmation from the negotiator that the trustee sale had been postponed. We had already had this file postponed once, and the banks appraiser had just called me the day before to get in and do his report on the home, (this was their second appraisal) in order to update their valuations.

We had gotten an approval a few months ago on this short sale file, but the buyers had walked, so we had to put it back on the market (we had backups in the file but none of the buyers were interested in updating their offers, they had all moved on) in order to find another buyer. The second offer was twelve thousand lower so the bank wanted to do another appraisal.

Everybody was surprised but the homeowner; she said “oh, that’s about par for the course, those guys don’t know what they are doing”. She had tried for months to do a loan modification, before HAMP came out, so she had actually moved on, moved in with her family and was trying to do the right thing by doing a short sale. She had been very helpful and willing to get anything the negotiators at the bank ever asked from her; updated bank statements and pay stubs, new financial statement, any time we called her for information she would nearly immediately gather the documents and drive to Kinko’s and fax them to us.

It is just so frustrating to put so much time and effort into a short sale file and have something like this happen. And there is absolutely nothing we can do about it; we talked to managers, to everyone we could get on the phone at the bank, but to no avail.

 

Jan 10 short sale report