The Underbelly of the Short Sale Business in Sacramento

By
Real Estate Agent with RE/MAX Gold DRE #00697006

fox and chickenPeople think that you can't do a short sale if you're current on your mortgage payments, and that's not necessarily true. There are short sales that can be done when the seller is current. I did such a short sale through Wells Fargo for a woman who was retiring out of the area and could not sell her home. The investor for that loan allowed her to be current. I've closed other short sales in which the sellers were current. It all depends on the investor guidelines. Many cooperative short sales allow the seller to stay current as well.

Fannie Mae and Freddie Mac are supposed to allow the same thing, but so far I haven't seen it. Also, if a seller has been granted a loan modification, the only way to get out of that loan modification program and into a HAFA short sale, for example, is to default. But when a seller stops making payments, especially in Sacramento, that seller becomes an open target for hunting season among real estate agents who have started calling themselves short sale agents.

Read more in my personal blog today about Sacramento Sellers Hounded By So-Called Short Sale Agents.

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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.

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California Short Sales, REO's, and Foreclosures
Posts to Localism
Short Sales Specialists
Lyon Realtors
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Rainer
218,050
Kimberley Kelly, SFR, HAFA, GREEN
HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA
I do Real Estate like I played polo-to WIN!

Right on Elizabeth! I have worked short sales extensively here in the Palm Springs Valley for coming into my fifth year now. I still run into hopeless short sale list agents who call themselves experts, yet obviously have no experience in the short sale world. I always feel so bad for their sellers.

Apr 24, 2013 12:07 AM #1
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I remember being the point of contact for Bank of America's outreach for their cooperative short sales in our office.  As soon as I realized that it involved cold calling people who had not necessarily expressed interest in doing a short sale, I bailed.  I made four calls and realized this wasn't for me.  I'm not that kind of agent.  If you want to do a short sale, you'll hopefully do some research and find me.  No one, as you point out, should ever be talked into one.

Apr 24, 2013 03:38 AM #2
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Accepting a short sale staying current I would assume Elizabeth that they want this mechanism to get out from being underwater in a loan, because IT STILL affects your credit rating when you choose this. I love how you debunk all the myths out there in this area....

Apr 24, 2013 09:04 AM #3
Rainmaker
2,888,126
James Dray
Fathom Realty - Rogers, AR
Exceptional Agents, Outstanding Results

Ah the rumors and how they spread.  I've heard if a lie is told over and over it becomes the truth and now you're telling us the rumor is just that?!!  Brilliant!! 

Apr 24, 2013 07:45 PM #4
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