Sacramento Expert Short Sale Real Estate Agent

Archive for the ‘Short Sales’ Category

I have recently been contacted in regards to how I seem to get my Short Sale’s accepted by the banks with out waiting for months and months.  Well just to let you know, I have learned on my own through trial and error. Even now the banks I have worked with in the past are changing their instructions on submitting documention and what they require in a short sale package.  Now the lenders have their own packages set up for you and REQUIRE you to use theirs when submitting a short sale package to them. This can save at least 4 days after submission of the Short Sale package.

So as you can see, I am still learning everyday.  Communication is the key to every Short Sale including but not limited to the lender (lien holder) but also the seller and of course the Agent that submits an offer to purchase on your listing. If there is not a good communication link with the buyers agent then most likely you will loose that buyer and have to start the process over when you find out the buyer is no longer there.  Now some of this blame falls on the agents out there that are writing offers for buyers on short sales, some agents dont like short sales at all, wont write offers on them for their buyers, or just dont care enough to keep in contact with the listing agent after submission of the offer to you.

Buyers, make sure the agent that you choose to represent you has YOUR utmost interest in this transaction. It is also your responsiblity to keep in touch with your agent in regards to your offer. If you dont hear from your agent at least once a week, then I would suggest that you look for another REALTOR to represent you.

The market has been increasing in short sales, so buyer beware that you should know all the options available to you, the possible length and the process on submitting an offer to purchase on a short sale. Make sure your Agent representing you is able to answer any questions you may have.

www.twre.info

twre.info@gmail.com

Sacramento Real Estate

Well another happy seller and buyer on this one.  Buyers happy to get their new home right before the holidays. I wanted  to mention that when working short sales on the buyer or seller side how important it is to know what you are doing.  This situation could of been a problem from the beginning as there were tenants on in the property. 

 Making sure the tenants were going to be prior to closing the deal is very important to a buyer, as they will then become the landlord to these tenants after recording the sale. This could be a deal breaker to the buyers especially if they wanted to occupy the property. The lien holder on a short sale does not care about tenants on the property, they only care about closing the deal according to their acceptance of the short sale. 

I have heard from so many people that Realtors here in Sacramento do not, or are not willing to show a short sale or even list one.  Their loss was my gain on this one.  Realtors better change with the times or their business will not get any better for them.

So when your trying to sell or buy a short sale with tenants on the property make sure that the seller has given proper notice to the tenants to vacate the property, or worked out a settlement prior to closing in writing and have a back up plan in place.

Make sure the buyers are in complete understanding of what could happen in a worse case scenario which affects their ability to buy or delay moving into their new home.

In this case everything worked out great for both sides, although there were some rough area’s of concerns.  It did come down to a legal document being drawn up to get the tenants out prior to closing.  The tenants moved out 2 days prior to closing. Too close for comfort. Every Realtor needs to protect their clients best interest. Know all the facts and present this information upfront.

Terri Wisecarver

Sacramento Real Estate

twre.info@gmail.com

www.twre.info

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).

Terri Wisecarver

REALTOR®

Prudential California Realty

916-201-4007

Sacramento Real Estate

DRE# 01429634

A down hill spiral is inevitable, therefore I often have a lot of sellers asking me whom pays the back taxes I owe, and do I have to pay for you to sell my home as a Short Sale??   Of course I then begin a conversation that will hopefully give the seller more knowledge in which to base a decision on selling the home or just walking away from the mortgage.

There are of course many people that make money on the sale of a Short Sale, just like they would if anyone else was buying or selling a home.  But in the case of a Short Sale the seller does not pay the commissions, or back taxes.  Sellers are always concerned about if they are having to come up with any money at the close of escrow. At the time of the listing agreement I do ask my sellers if they owe for delinquent water,sewer and garbage because the lien holder will not pay this at closing. If it is a large amount this could be an issue. I always ask the seller to keep the utilities on because it is hard to sell property if nothing is on. This also helps when the buyer goes to do their inspections, as they will need to test the water and electric.

Everyone that is involved in the sale of any property or home will make money somehow. 

• Listing Agent, Buyer’s Agent
• The Current Lender ( They avoid the high cost of the foreclosure process )
• Title Companies ( Title Insurance for the seller and buyer)
• The buyers new Lender ( generates new interest income )
• Appraiser’s ( required by the new lender )
• Homeowner Insurance Company ( required by the lender to protect the property )
• Tax Consultants or Attorney’s ( legal advise and tax consultations )
• Buyer ( purchased the home somewhat below market value therefore gaining equity )
• Escrow Company ( processing the legal paperwork )

If you have any questions regarding the possibility of selling your home because you can not make the payments or you have a financial hardship, please contact me and I can hopefully be able to answer any questions you might have.

It never hurts to ask, it only hurts you when you don’t have all the facts or answers you were needing and wish you did.

Terri Wisecarver

Whitman Metropolitan Inc.

Sacramento Real Estate