By a Certified Pre-Foreclosure Specialist, Forth Hoyt
Sacramento Short Sales now 21.5% of Market
Sacramento’s Short Sales have taken over the market! And Sacramento has recently been a perfect storm for short sales.Short Sales will be the “all the rage” in 2010 for many reasons, but I thought I’d write a real basic article about how we got here…
A short sale specialist can give you a very accurate indication of the chances you have of completing a short sale, after looking at your situation and your. Every bank is different and your short sale expert knows which banks and secondary market investors have the best systems, guidelines and policies to process these challenging transactions, and can look at your individual case and help you define your own personal SHORT SALE STRATEGY.
A short sale in real estate is a sale of property where the sale proceeds fall short of the balance of the money owed on the property’s loan or loans.
There have always been short-sales. Since the beginning of real estate. Market prices go up and market prices go down, and when a homeowner has to sell if they are upside-down… well, you know what I mean.
Homeowners can have many reasons to sell their home in a Short Sale; any time there is a reduction in market value along with the need for relocation, sickness, job loss, death or divorce, there is no other way besides just letting the bank take it back. So Short Sales are the best solution to keep a homeowner out of foreclosure when it is clear they cannot keep the home…
But in this economy, in Sacramento, shortsales most often occur when a homeowner just cannot pay the loan payment on their property. With Sacramento unemployment at 12.3% and a 41 month long drop in median home prices that has taken over 55% off the 2005 highs in Sacramento County. Sacramento Short Sales are now over 20% of the market!
A short sale specialist can give you a very accurate indication of the chances you have of completing a short sale, after looking at your situation and your. Every bank is different and your short sale expert knows which banks have the best systems to process these challenging transactions
Short sales in Sacramentohave become a popular pre-foreclosure option to keep homeowners out of foreclousure, when loan modifications just don’t provide a solution to foreclosure.