Sacramento Expert Short Sale Real Estate Agent

Archive for September, 2009

Upside Down Short Sale, Turned Upright

September 7th, 2009 |

Author: TWRE

Being upside down seems to be the case with most sellers in Sacramento these days. Short Sales, Short Sales, Short Sales….. This home was listed as a Short Sale because of course the seller was in a financial situation that forced the sale of the property. I was lucky in a sense that I was only dealing with one lien holder on the property. This makes it so much easier to negotiate the sale. Actually there were two liens that I worked with, but one was for the new window’s that were put in a couple years ago. Of course Smud financed these windows which enabled them to become a lien against the property. This lien would have to be paid off by the first lien holder on the property no matter if the house went to foreclosure, or was sold as a short sale. The seller seems happy to avoid the word FORECLOSURE on a credit report, but sad that their once purchased dream home is gone.

Now a home that was once a dream for one person became a loss, but turned around and became a dream again for another first time home buyer. Now this home will get all the new touches the new buyer has to give to make their new home their own. Of course this buyer is also happy to get get the Tax Credit that is almost ready to expire. As it seems buying Short Sales is becoming more popular in Sacramento as REO’s ( foreclosures, real estate owned, bank owned).