short sales: Elk Grove Short Sales - Can I do a short sale if I am not behind in my payments?
- 02/05/12 03:48 AM
I am asked this question quite frequently by Elk Grove homeowners contemplating an Elk Grove Short sale - Will my lender approve a short sale even if I'm not behind in my payments?
The short answer is, it depends on your lender. Some lenders may require that you are behind on your payments before they will consider approving a short sale. I actually am representing a buyer on an Elk Grove short sale and after our offer was submitted to the bank, the bank came back and stated that they would not consider the short sale until the seller was delinquent … (0 comments)
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short sales: Is there a new wave of Sacramento foreclosures?
- 09/26/11 06:41 PM
Interesting article in the Sacramento Bee this morning....
New wave of foreclosures due to hit Sacramento area Read more: http://www.sacbee.com/2011/09/26/3938341/new-wave-of-foreclosures-due-to.html#ixzz1Z4d3l75V
According to the article by Rick Daysog, "A monster wave of new foreclosures threatens to engulf Sacramento's already battered real estate market as major banks move to slash their backlog of delinquent loans."
How long have we been hearing this? Yes, there is a backlog of bank owned inventory out there waiting to come on the market. And yes, we will have more short sales over the next couple of years. But are the banks really going to drop the … (2 comments)
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short sales: Elk Grove Short Sale Market Update
- 01/04/11 05:53 PM
2011 has arrived and it could be another rough year in the Elk Grove real estate market. The number of foreclosures and short sales is expected to rise in the first half of 2011. Rick Sharga, senior vice president of Realty Trac says that next year could very well be a peak year for foreclsoures.
So what is currently happening in the short sale market in Elk Grove, CA ?
This graph clearly shows that the Elk Grove short sale inventory has increased over the past year - we started the year off at 223 active short sales and on 12/31/10 there were … (2 comments)
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short sales: My Top 10 Read Blogs of 2010
- 01/01/11 06:24 PM
I have found inspiration again tonight from another Active Rain member...Tni LeBlanc with Tni's Top Ten Posts for 2010
and thank you to David Popoff for starting this with What were your 10 Best ActiveRain Post in 2010?
It is very interesting to sit back and review the amount of views each post received. I was a bit surprised by a couple of them and very happy that a couple made this list. The #1 viewed post was about Henry's Farmers Market coming to Elk Grove; the funny thing is my daughter now works at Henry's!
Here are … (3 comments)
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short sales: What is Bank of America thinking? Or will this roller coaster ever end?
- 11/30/10 05:25 PM
I received a counter offer today from Bank of America on one of our Galt short sale listings. The offer made by the buyer was at $135,000 and the counter came back at $160,000 today.
But this isn't the real problem....let me give you some history on this Galt Short Sale. The seller came to us a few months ago after not paying his payments for 18 months. We listed the home and received an offer at $135,000 within a week or so. We started negotiating with Bank of America as well as with the second. After a couple of months … (5 comments)
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short sales: When is it too late to list a Short Sale?
- 10/12/10 05:18 PM
I was contacted today by a couple who wants me to list their Elk Grove home as a Short Sale. They have been trying to work things out with Wells Fargo Bank for the past 9 months and have not been successful. They have been through the loan modification process with Wells Fargo, to find out if and when they agree to the modification their monthly payment will go up $500!
So, needless to say, they are now 9 months behind in their payment and have no way to catch them up. They are way upside down in this home. They had purchased their … (5 comments)
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short sales: Elk Grove Short Sale Open House this weekend...Saturday from 1:00 - 4:00
- 09/03/10 05:51 AM
Join me for my Open House at this Elk Grove Short Sale on Saturday, September 4th from 1:00 - 4:00. This home is not your typical Short Sale - very nice 2 story home with built in pool and priced very affordably! Don't miss out!
For your FREE Daily List of Elk Grove Short Sales sent directly to your inbox
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short sales: Another Sacramento Short Sale sold and closed!
- 09/02/10 05:46 AM
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short sales: Elk Grove Short Sale Closings Increase in 2010
- 07/23/10 07:55 AM
This chart below shows our Elk Grove Short Sale activity from April 2009 through June 2010. The light green bar is active listings, dark green is solds and the red line is pending sales.
It's exciting to see that closed sales of Elk Grove Short Sales have doubled in the past year! And pendings are way up also - 75% up! As you might expect, short sale listings have increased also. We are experiencing much more success in the area of short sales. We closed 8 short sale transactions last month alone! And received an approval in 30 days on … (0 comments)
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short sales: Is this a disturbing trend in short sale closings?
- 06/29/10 03:44 PM
Short Sales have become the predominant market in our area recently and we have had more and more success closing them. However, I have recently had 2 troubling escrows when I represented the buyer in a short sale closing. Each one has occurred after the buyer has signed and deposited money into escrow.
The first one occurred a couple of weeks ago. We were ready to close, the seller went into escrow to sign her papers and was faced with a tax consequence that she had to pay in escrow to the tune of $7,000. Seller didn't have the funds, so … (8 comments)
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short sales: What investors need to know in this market
- 03/28/10 04:51 PM
Yesterday I apoke along with Todd Newington of First Priority Financial at the annual RHA Expo in Sacramento to a large group of investors. Our class was title "What you need to know before you buy in this market". The information was very well received by the investors in the crowd, so I thought I should share it here.
Here is the information that we covered; these are screen shots of our presentation.
This shows the inventory versus the sales per quarter since 2004.
Now the same information but in relation to Bank Owned or REO (Real Estate Owned) properties. Keep in … (4 comments)
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short sales: Strategic Default - is it really an option?
- 02/15/10 08:21 AM
Is walking away the answer?
Recently I have heard a lot of people talking about "strategic defaults" and if it might be an option for homeowners who are upside down on their mortgage. This idea seems to be spreading rapidly, however I question whether this road makes sense for many homeowners. Unfortunately I don't believe that the ramifications of a "strategic default" are ever truly explained to many homeowners, leaving them with much misinformation.
So what is a "strategic default"? The homeowner simply chooses to walk away from the mortgage in a "strategic default" or simply move out and stop paying...leave … (3 comments)
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short sales: Elk Grove Real Estate Market - where is it today?
- 11/21/09 04:56 AM
The Elk Grove real estate market has really under gone some changes in 2009! If you are out there trying to purchase a home in this market now, you are probably experiencing some difficulty due to these changes.
Just a year ago, our Elk Grove inventory stood at approximately 1100 active listings in the Elk Grove area (zip codes - 95624, 95757 and 95758) and today that number has dropped to approximately 900. This number is significant in itself, but the real SHIFT has come in what makes up those numbers.
Last year at this time, the inventory consisted of approximately … (2 comments)
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short sales: Elk Grove Short Sale - just listed! 8250 Leesburg Way, Elk Grove
- 11/08/09 04:01 AM
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short sales: Elk Grove Short Sales - 2 new listings!
- 10/30/09 02:56 AM
We have just listed 2 new Elk Grove Short Sales! Both homes are incredible buys for first time home buyers!
8716 Westknoll Drive, Elk Grove 95624
4 bedroom, 3 bathroom tri level with over 2200 square feet in Camden Park
Formal living & dining rooms, spacious kitchen with large breakfast/dining bar plus breakfast nook
Separate family room with fireplace
Indoor laundry room
1 bedroom and 1 full bathroom downstairs
Needs some TLC! Listed at $199,000!
8250 Leesburg Way, Elk Grove
4 bedroom, 2.5 bathroom 2 story home 1862 square feet in wonderful Calvine neighborhood
Living/dining combination, family room … (0 comments)
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short sales: Elk Grove Short Sale - single story with built in pool on cul de sac
- 09/19/09 09:45 AM
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short sales: Elk Grove Short Sale just listed! Former model home with beautiful pool
- 09/19/09 07:28 AM
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short sales: New "Home Affordable" Site - help for homeowners
- 03/20/09 03:13 AM
The Fed yesterday launched a new website for consumers seeking information about the Obama Administration's Making Home Affordable loan modification and refinancing programs. The new website MakingHomeAffordable.gov will help consumers determine whether they are eligible for the new program.
By filling out a short questionaire, consumers may find out that they are eligible for the Home Affordable Refinance or the Home Affordable Modification, The site does warn that it can only help you determine if you are eligible for the program, but only the servicer of your loan can tell you if you qualify. The site also has a link for homeowners to stay up to … (0 comments)
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short sales: How much will a short sale cost me?
- 03/05/09 03:44 PM
This is the fourth in our series on Short Sales...make sure to check out Who is Eligible for a Short Sale? , Are There Any Credit Consequences to a Short Sale?, Your Monthly Payments and a Short Sale, and Short Sales - how long does the process take?
A short sale should not cost you anything at closing for sales costs. We strive to complete the entire short sale process without having you, the seller, bring any money to closing. In most cases borrowers pay no sales costs if the lender approves the Short Sale. All commissions, title and escrow fees, and even most … (0 comments)
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short sales: Short Sales - how long does the process take?
- 03/05/09 02:54 AM
This is the third in our series on Short Sales...make sure to check out Who is Eligible for a Short Sale? , Are There Any Credit Consequences to a Short Sale? and Your Monthly Payments and a Short Sale.
All short sale situations are unique and follow their own timeline, The actual negotiation or approval process can take as little as 2 weeks or as much as 3 months to complete. On average most short sales take between 30 - 60 days from the date the offer is presented to the lender to the date of the Short Sale approval.
Many variables are … (1 comments)
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I am asked this question quite frequently by Elk Grove homeowners contemplating an Elk Grove Short sale - Will my lender approve a short sale even if I'm not behind in my payments?
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