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The Top Two Trends in Short Sales for Year End

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

sacramento short saleHere is something weird. Usually at this time of year, the real estate business slows down. Typically, December real estate sales are the lowest out of any month of the year. But that's not happening this year in short-sale land. Maybe it's because I'm a Sacramento short sale agent and I deal primarily in short sales -- which means much of my business for this month and next started last summer or early fall -- but I am watching my November and December scheduled closing numbers rise.

I've had a screamin' year already. My sale numbers are through the roof. I've got absolutely nothing to complain about, knock on wood. However, December could be the biggest month out of the year for me, closed sales-wise. Perhaps that's because short sale banks may want to get these homes off their books by the end of the year.

Ho, ho, ho, for Sacramento short sale sellers and buyers.

Another trend I'm seeing is banks are back-logged and can't close buyer's loans on time. Oh, they give lip service and promise that they're pushing purchase loans in front of refinances, but if that were really the case these loans would be closing in 30 days, and they're not. I try to give the buyers for my short sale listings a head start by letting their agents know when the approval is coming. Because I generally have some kind of inkling that it's about to arrive.

This way, buyers can start their loans, submit loan applications, lock a loan rate, you know, get moving. They don't have to pay for an appraisal right away, but they should at least get their paperwork in to the lender and all supporting documents. With interest rates at such historical lows, everybody and their Uncle Joe is hopping on the mortgage refinancing bandwagon. Even I refinanced, and I'm not a refi junkie. Step away from that loan application. Put down that pen. That's what I want to say to people who are serial refinancers.

If you're trying to close escrow this month or next, pay close attention to detail and stay on top of your loan. Because it might take you 5 to 6 weeks to close your loan. If you're buying a short sale, you could need an extension for that short sale approval letter. If you need an extension, whoa, the short sale bank might charge you a per diem as high as $100 a day.

But what the hey, you probably got a smokin' deal on that short sale.

Photo: Big Stock Photo

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments(15)

Matthew Johnson
Keller Williams Premier Realty - Woodbury, MN

I hope the same holds true for what I have in the pipeline!

Nov 16, 2010 02:28 AM
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Great advice.  I have been getting hooked into the Bank of America website, too.  But, your blog is must-read for short sale agents.  Thanks. 

Nov 16, 2010 02:31 AM
Allan Sanchez
Roseville CA & Rocklin CA Short Sale Agent - Roseville, CA
Rocklin & Roseville, Short Sale Agent

It will be a Merry Christmas for you Elizabeth!  And I agree.  Short sale sellers don't seem to have a season. 

Allan

Nov 16, 2010 02:33 AM
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Elizabeth, you are certainly the exception when I read about agents and short sales and proof that we can still excel in any market!

Nov 16, 2010 02:36 AM
Colleen Fischesser Northwest Property Shop
NextHome Experience - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

I think too many lenders are bogged down w/ refi business and don't have enough help to get purchase loans through. All the more important to be working w/ a listing agent like you Elizabeth, who understands this process and can give a "heads up" to those when needed.

Nov 16, 2010 03:06 AM
Ken Barker Realtor® GRI, E-Pro Certified
Dilbeck Real Estate - Burbank, CA

Elizabeth, Good for you that you are having a dynamite year. You work hard and do a great job on your blog branding you as "Short sale queen". You are so busy and have time to blog as I see it an average of once a day on AR. Plus I know you have other blogging sites out there as well.

As to people jumping in, yes people are streaming into the market right now. Short sales, REO's and lots of standard sellers out there in our area too.

Nov 16, 2010 03:18 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Elizabeth:  December is always a busy month in the suburbs of DC.   It has got to have something to do with the Federal Government bringing people in, and shipping some out, for jobs.  This year has been even busier though.  Seems every one wants a Short Sale for Christmas.  And who are we to disappoint?

Nov 16, 2010 05:43 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Elizabeth, it has been a huge year for my team and I. Almost everyone has met their goals.

It has also been an incredible challenging year with appraisers, short sales and agents who don't know what they are doing.

 

Nov 16, 2010 06:14 AM
Akil Walker
Bennett Realty Solutions - Bowie, MD

Elizabeth,

 

I am glad to hear that this has been a great year for you and much more success! 

Nov 16, 2010 10:50 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

This has been a really nutty year. I'm not even predicting how it is going to end because I never thought it would get to where it is in the first place. I mean, who could have predicted 4% interest rates? I just wish lenders would hire more staff when they take on more business and not try to get by on a shoestring.

Nov 16, 2010 12:43 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have a new head ache with my current short sale.  But I hope to get it closed this month and today we were working on two additional offers (one is cash YEAH~~) that should close in December. 

Congratulations of your great year.

Nov 16, 2010 01:10 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have a new head ache with my current short sale.  But I hope to get it closed this month and today we were working on two additional offers (one is cash YEAH~~) that should close in December. 

Congratulations of your great year.

Nov 16, 2010 01:10 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

We can only hope that banks DO want to get those short-sales off their books by years end.  Let's hope it is a trend that follows on into 2011.

Nov 16, 2010 01:37 PM
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

Here's hoping my short sale approvals will roll in for the end of the year closings!

Nov 16, 2010 04:02 PM
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

Here's hoping my short sale approvals will roll in for the end of the year closings!

Nov 16, 2010 04:03 PM