More Hope for Sacramento Shortsales…
May 4th, 2008 Categories: My Stories, Pre Foreclosures, Real Estate News, Real Estate Trends, Sacramento RE Stats, Sacramento Real Estate, Sacramento Sellers, Shortsales
We just got an approval letter on a shortsale the other day; from Countrywide! In just three short weeks! It is for a client who’s home here in Folsom is in foreclosure. We had it on the market for only a week and received several offers, one full price with plenty down. The buyer, who understands the short sale process and the potential downfalls, is represented by a great agent I worked with at my old company. They absolutely no matter what have to live in that neighborhood and were willing to wait and take the risk of a bank saying no.
We now have two files with Indymac, another Countrywide, One with an Option One first and HSBC second (I usually don’t even try to work a shortsale listing with a first and a second, however the HSBC gal I talked to in their loss Mitigation department promised they would work with us).
We also have buyers in contract on a beautiful home in Orangevale who we are anticipating an approval letter from Homeq, this week… It is a screaming deal too– these kids will move in with 20 or 30k in equity… on a street where the last reo listing sold in two days, and in a market where we have probably reached a bottom!
Yes, these people have waited six weeks for an answer from the bank. We have seen at least thirty other houses since we wrote the offer, and the buyers have always wanted to keep the offer in and continue to try… It is always an exercise in patience and understanding for me; working with buyers who want to write on a short sale! …but it always seems to work out in the long run for the best; we either close on the short sale or find another home while we wait.
I really expect short sales to get easier… they have to!
Some banks, Indymac, Homeq, Countrywide, along with several other smaller lenders are getting their acts together and I look forward to being able to really move some real estate sometime soon.
The banks just must keep working on their systems and improving their timetables… there are so many more foreclosures coming! There has been another jump in California foreclosures last quarter, which means this summer, fall and winter, there may be another jump in shortsales and REO’s…
