Real Estate is changing.
We will see many more Short Sales rather than Bank Owned homes (REO’s) for sale.
With the 90 day moratorium on Foreclosures, this should result in many more Short Sales for sale in and around Sacramento.
The new California Foreclosure Act extends the original 3 month notice of sale after filing a notice of default, for another 90 days. This delays foreclosures coming on the market by 90 days. The extra 90 days may not have a huge impact on foreclosures but it will give the homeowner extra time to save their home possibly with a loan modification.
To see if you qualify for a loan modification, just click on a reputable Government website where help is FREE at Making Home Affordable.
Since the unemployment figures continue to rise and distressed homeowners are finding it difficult to keep up with their mortgage payments there will be more homes for sale.
Some of the homeowners will be working toward a loan modification while others will opt for a Short Sale and get out from under their mortgage.
Investors are eager and anxious as are first time home buyers since it is not rocket science to know that rents will be climbing and now is the time for investors as well as those home buyer who are currently renting.
Homeowners are realizing that it is better on their credit to list the house as a short sale rather than experience a foreclosure.
Typically, with good credit a homeowner who hires a Realtor ® to list their home as a Short Sale will have to wait 2 years before qualifying to buy a house again versus 3 years if their home was a foreclosure. This is always subject to change so you need to consult a professional for the latest guidelines.
With the onset of the current administration and several years of the banks finally figuring out that they lost more more money on Foreclosures, Short Sales are the new game in town.
Many of the banks SAY they have been working on streamlining Short Sales so hopefully, home buyers will not be experiencing the long delays of years past.
Not only does it require a knowledgeable Realtor ® to close a Short Sale but it also requires a cooperative bank/lender/servicer or third party.
Remember, once the homeowner accepts the home buyer’s offer on a Short Sale, the MLS will show Active Short Cont. Agents that don’t keep the MLS up-to-date are not a service to anyone. It is important that we all make this as easy as possible for both the homeowner and home buyers.
The accepted offer is sent to the bank, any additional offers are merely BACK-UPs.
So, get ready…get set
SHORT SALE is the new game in town
Click below on each link to see ALL the Short Sale homes for sale in a few neighborhoods.
Auburn CA Short Sale homes for sale
Carmichael CA Short Sale homes for sale
El Dorado Hills CA Short Sale homes for sale
Elk Grove CA Short Sale homes for sale
Fair Oaks CA Short Sale homes for sale
Folsom CA Short Sale homes for sale
Granite Bay Short Sale homes for sale
Lincoln CA Short Sale homes for sale
Natomas Short Sale homes for sale
Rancho Murieta CA Short Sale homes for sale
Rocklin CA Short Sale homes for sale
Roseville CA Short Sale homes for sale
West Sacramento CA Short Sale homes for sale