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If the Foreclosure Rate is 1 in 9 in Sacramento, Why Aren't There More Short Sales?

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

Foreclousres in Sacramento

A reader from my Homebuying website at About.com sent me this graphic, along with several others showing more closeup images of foreclosures in various cities. They didn't all use the same "close up" so I didn't include them. That would be misleading to show a graphic enlarged 200% versus 100%. But still, that's a lot of foreclosures in the Sacramento area. This map is indicative of 1 in 9.

If you are headed toward foreclosure, you might want to call a Sacramento short sale agent for help. Nothing beats getting legal and tax advice as those are two areas an agent cannot address. But a short sale agent in Sacramento who specializes can be invaluable to you. Be sure to choose an agent who has closed at least 100 short sales. There are very, very few of us like that. But the more short sales we close, the more we know about each bank and the problems that can come up. I've been closing Sacramento short sales for 6 years.

When I assess a potential seller for a short sale, I can accurately predict most of the time which way that short sale will go. I know how long it will take, and the type of short sale the seller should pursue. There are many types of short sales. Due to SB 458, a bank can no longer require a seller to make a contribution and the bank must release the seller from liability. If you qualify for a HAFA short sale, you might get a relocation payment of up to $3,000.

The best way to do a short sale is to begin the complete short sale process just as soon as you think you might not be able to make your mortgage payment. But even if the Notice of Default is filed, it is generally not too late. If you're looking for a Sacramento short sale agent, call Elizabeth Weintraub at 916 233 6759 or, even better, shoot me an email. My email address is elizabeth at golyon.com. If I can't help you for some reason, I'll point you in the direction of somebody who can.

Image compiled at Google, creator unknown.

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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 (6)

Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I STILL think a lot of agents don't want to deal with SHORT SALES and they suggest their sellers take the EASY way out and wait out a FORECLOSURE.

I've had rental prospects who tell me their agent is telling them to check on rentals as they may have to move in 3 months and need to save up their CASH for first month rent and security deposit.

Some agents are LAZY

Jul 24, 2011 03:30 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Hey Wallace: I don't know if it's that agents are lazy as much as they are uninformed or maybe even afraid of short sales. And they should be afraid of short sales if they don't know what they are doing. There is too much that can go wrong.

Jul 24, 2011 03:35 AM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Glad I live in the 46th lowest state for FSSR (foreclosure, short sale, repossession)

Jul 24, 2011 04:03 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
Elizabeth, that map is very informative and people in these dire straits need to start discussing a SOLUTION with the short sale sooner rather than later.
Jul 24, 2011 04:10 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Our Northern Virginia market has seen the decline of foreclosures and rise of Short Sales.  I wonder if it will stay that way with the talk of all that "bank shadow inventory."

Jul 24, 2011 05:22 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Yes, Andrew, you are probably pretty lucky because your 4 million residents didn't turnover their property at such high rates nor tap them as ATM machines because you didn't have the outrageous equity gains like we had on the West Coast. Of course, California alone has almost 10 times the population of Maine.

Hi Gary: Even if they're not in dire straits -- and you know I've never really liked that band -- they still need to strategize before things get out of hand.

Hi Chris Ann: We're seeing an uptick in short sales but more people are still dumping their underwater homes than selling them. Shadow inventory is vanishing in bulk sales and rent backs.

Jul 24, 2011 11:35 AM