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February 25, 2011

Sacramento Short Sales Market Watch-February 2011

Filed under: mortgage sales — Tags: , , , , , , , , , , , — Stephen McMullen @ 10:36 pm

The Sacramento Short Sale market has seen a large growth in total listed Sacramento Short Sale single family homes and pending short sale transactions. The average sq ft has stayed relativley uniform in the recent months and I do not see that will alter in the coming future. The months of inventory presently have taken a immense increase in Sacramento County among Sacramento Short Sale properties. The accompanying information will apply actual statistics taken from Trendgraphix reports.

Sacramento short sales are on the rise and I anticipate this course will carry on as we move forward in 2011-2012. In Sacramento County, Sacramento Short Sale single family residence properties on the market in January of 2010 comprised at 1300 homes listed for sale compared to January of 2011 at 2180 homes. This is a astounding 60% increase in a twelvemonth period. Can you conceive if we have the same percentage increase in the coming twelvemonths towards January of 2012 ?

The percentage of sold Sacramento Short Sale properties has actually seen a significant decrease from 284 properties sold out of 1300 properties listed in January of 2010. This is compared to 302 sold Short Sale listings out of 2180 listed Short Sale homes in January of 2011. With the potential of mortgage rates increasing we could see this decrease in sales continue through the year. Mortgage rates remain volatile, rates have increased for much of the first quarter but in the last couple of weeks have actually seen a decrease. This is a direct reflection from the continued volatility in the economy in general.

Pending Sacramento County Short Sales have increased in percentage from January 2010 to January of 2011. We have had 469 pending Short Sales in Sacramento in January of 2010, compared to 990 pending Sacramento Short sales in January 2011. The average square foot in Sacramento County remained relatively consistent with an average of $113 in January 2010 compared to $109 a sqaure foot in January 2011. The months of inventory saw vast gains with over 7.2 months of inventory as of January 2011, this is equated to 4.6 months of inventory in January 2010.

There has been some significant changes take affect since the beginning of 2011 that directly affect Sacramento Short Sale sellers. The passing of the SB931 law, funding of the new “Keep Your Home California” program coming through, and recent changes to the HAFA program all will impact how Sacramento Short Sales progress in 2011. Also changes made internally to Short Sale lenders processes have taken affect as well. The Equator system, which is by far the biggest short sale portal used by several different lenders has seen significant improvements. Short sale lenders are beginning to move their processes along in a more effective and sensible manner. Of course this does not come without exception, there are still plenty of lenders that are not particularly delightful to deal with. It is important to work with a Sacramento Short Sale Agent that has seen the processes from various lenders. It is kind of like having a translator that can speak several different languages rather than just one.

The SB 931 law took effect in January of 2011. This law protects Short Sale sellers from deficiency amounts on a first lien purchase money loan. There are criteria in which the homeowner must meet, the complete written law and these criteria are posted on my Sacramento Short Sale Resource website http://shortsale-sacramento.com . As well, funding has come through for the new program “Keep Your Home California” this program assists Short Sale sellers with relocation assistance, it also provides assistance to those who have fallen behind in their mortgage payments. Of course there are criteria in which applicants must meet in order to be provided assistance. Also, the lender in which the homeowners mortgage is with must cooperate with the program. This program outlined can be found on my website http://shortsale-sacramento.com as well.

For more information on the Sacramento Short Sale Market visit my resource website, Sacramento Short Sale Market Watch To evaluate if a Short Sale will fit your needs please see my Short Sale resource What Is A Short Sale

September 2, 2010

Making Lots Of By Reading Short Sales Articles

Filed under: mortgage sales — Tags: , , , , , , , , , , , , — Lisa Udy @ 2:51 pm

In the economic situation faced by everyone today more and more people are losing their homes. Unable to make the payments the lenders are foreclosing on the property and reselling it. Some people are able to avoid the foreclosure by making a short sale. There are many Short Sales Articles on the market that will explain this procedure.

When choosing to have a short sale, the owner puts the property on the market, open to any offers presented. When an offer, which is always less than owed, is received it is presented to the lender. They have the option of accepting the offer or going ahead with a foreclosure. There is usually a minimum amount set by the mortgage holder.

This kind of sale is beneficial to both the mortgage holder and the homeowner as well as the buyer. It allows the homeowner to get out from under the burden of payments that are impossible to maintain, allows the lender to avoid the lengthy requirements of a foreclosure and gives the buyer a great bargain. While there is a loss to the lender, it is a situation where it is better to take what you can get rather than lose even more.

Contacting a real estate agent is the first step for a home owner, deciding on going this route, to do. This real estate person will notify other agencies about the property and the situation. The procedure is the same as if it were a regular sale, where prospective buyers come and inspect the property, then make an offer. Usually there is a minimum set by the mortgage holder but this can usually be negotiated.

Many banks are happy to see this kind of sale even though they often take a tremendous loss on the loan. When there is no foreseen possibility of the people in the house to make up back payments, or even make current ones, something has to be done. A bank or lender is only a representative of investors and must do everything possible to protect those investments or to take the smallest loss possible.

Investors are concerned about the number of foreclosure properties that are on the market. This makes these, and future foreclosures, difficult to sell, hence the acceptance of the short sale idea. For the prospective buyer this is a wonderful opportunity to obtain excellent properties at a low price, for the home owner it is a chance to get out from under an impossible debt and, for the lender, it is a chance to recoup at least some of their money.

A number of programs have been put forth by the government to try to stem the tide of foreclosures but they have not been very effective. Therefore, the short sale seems the best alternative for the homeowner, the bank or lender and the buyer. Many people, who have the funds, are purchasing homes with this type of short sale as an investment or rental. Eventually, when the economy recovers, home values will again rise and their investment will pay off.

Please help Carolyn Capalbo gain her reputation back by visiting the Carolyn Capalbo press release.

August 11, 2010

The Benefits Of Short Sales Articles

Filed under: mortgage sales — Tags: , , , , , , , , , , , — Lisa Udy @ 3:40 pm

If you are searching for short sales articles you will probably have no trouble finding them. In today’s real estate market the short sale has become more and more popular and are being initiated by many banks as well as many home owners looking to prevent a foreclosure. These types of sales can offer great opportunities, however there are a number of pitfalls as well.

In essence, a short sale is the act of selling a home for less than the loan is valued. Many owners go the short sale route as a way to sell their home quickly before a foreclosure. The bank will determine the sell price however, which can come well short of the actual value of the loan.

For example, someone bought a house during the bubble years of the real estate market and paid 500 thousand dollars for it. With the market in the condition it is in today, that same house may only sell for half that on the open market. This home’s owner probably owes far more than the 250 thousand he or she can sell for. In a short sale, the bank determines the sell price and the owner is often responsible for what is left.

For people looking for a great deal on a home, a short sale can be a great way to get more home for the money. It must be noted however that these homes, like foreclosures, as often sold “as is” and frequently need some level of repair. Those that can do those repairs themselves are in great shape, otherwise the cost for repairs must be considered along with the asking price.

This type of deal usually takes a bit longer to close. This is due to increased paperwork and tougher negotiation. Of course the bank gets the final word on price, and banks are traditionally slow in this regard. Anyone looking to purchase a short sell should be ready for the deal to take up to twice the time of a traditional sell.

More people seem to be losing their jobs and their steady income, and this is resulting in more and more short sells on the market. Many of these current owners would prefer to take a loss than to fall in to foreclosure and suffer the ramifications that follow.

So is it clear that a short sell can be a good way to get into a home, either for a first time buyer or someone looking to upgrade. Still the need for patience will be required. There are tons of short sales articles just a click away that offer more details on the process.

Feel free to search short sales at Logan Real Estate News or Logan Utah Homes. Save your favorite listings and contact Lisa Udy for more information.

August 6, 2010

Making Real Money With Real Estate

Filed under: mortgage sales — Tags: , , , , , , , , , , , , — Lisa Udy @ 6:10 pm

How many times have you turned on your television late at night and been bombarded with the latest real estate program that all but guaranteed you everything you ever wanted. Television, radio, and print alike are each swarming with advertisements created by these self-appointed masters who promise to guide you to wealth beyond your wildest dreams. And certainly it can be done in real estate, yet for the few who succeed there are so many more who fail, and still the late night guys manage to stay in business.

The secret to their success is that in fact a number of people do achieve real success. They are the ones provided clips and quotes and testimonials. They are otherwise average people just like everyone else. They purchased so-and-so’s program and it worked for them, so surely it will work for everyone else, right? Sadly, your chances for success are much smaller than your chances for failure.

So how do they do it if they are not unique in some way? While there are probably many different and valid answers to that question, a likely reason is a lack of fear. Many have nothing to lose and everything to gain and thus are willing to take greater risks than many of their peers. And risk is a key aspect of real estate.

Certainly you could buy property and rent it. Many see this as a way to increase their cash flow, and it can work. Still there are expenses such as landscaping, regular maintenance, lawyers, forms, property improvements and more that cut in to the monthly profit. These expenses are real. Doing some or all of this work yourself could help, but many either don’t know how or don’t want to.

You could dive in to the foreclosure pool and swim with the sharks. There is lots of many yet to be made on these types of properties, however you buy “as is” and will often need to invest a considerable amount of money to sell. “Flipping” as it is known, requires or at least benefits greatly those who are savvy in real estate or have the knowledge to perform the work themselves.

Still another way to get in to the game is by becoming a part of an investment group. This is a great way to make money, although you will make less due to the spreading of profits, however the risk is spread out as well. This might be a good way to go for the beginner who has a bit of spendable cash available.

So the late night guy or gal on television isn’t exactly misrepresenting the truth. Sill, they don’t usually focus on the risk and the hard work involved in making money through real estate. It can be done though, if you have the stomach for it.

Increase your knowledge from the expert Lisa Udy by checking out her website and visit Hyde Park Utah Homes or Providence Utah Homes

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