Here 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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