Sacramento Expert Short Sale Real Estate Agent

Posts Tagged ‘county records’

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

I received a call from someone on Friday asking if a short sale  is still possible after a Notice of Default has been filed on the property.  Of course it can be done, but time is of the essence here.  At this point this means that you only have a limited time to get offers on the property submitted to the bank ( lien holder) and accepted before the home goes to foreclosure sale at the court house. 

I have actually had short sale listings submitted to the bank and passing through the hands of negotiator after negotiator awaiting an acceptance right upon until 3 days before auction sale date.  The banks want you to wait to ask for an extension on the sale date up until 3-5 days before they will extend the date, because they usually only will grant extensions up until 30 days at a time. On all of my extensions requested I have had them actually extended  ( postponed )out because of the offers submitted to them were to the point of acceptance and approval.  

The banks sometimes want to see the activity of the listing from the beginning up until an offer is submitted.  The sooner you get the Hardship Package together with the offer and submitted to the bank, the better.  Remember you only have 3 months 2o days  ( after NOD has been filed) to get the bank to accept a short sale offer before going to auction sale.

Definition of an Notice of Default:

•  Notice of Default is an instrument (legal document) filed in the public records (county records) giving constructive notice to the public that a seller is behind on their mortgage. If the payments are not made up, then the bank will foreclose on the property.
• NODs ( notice of default ) are public record for 90 days, then a notice of trustee’s sale is published in a newspaper once weekly for 20 days and on the 21st day, the property goes to auction.

If you are behind in payments and know for certain that you are unable to catch up on those payments, then I would suggest talking with an attorney to discuss your situation and what would be the best choice to make at that time to best fit your situation.  These are a few choices you should discuss with an Attorney.

• Modification of current loan
• Short Sale
• Sign over the Deed to the bank
• Foreclosure
• Bankruptcy

Again speak with someone that knows the law as Real Estate Agents do not and should not give advise pretending that they do.

Terri Wisecarver

Sacramento Real Estate

CHECK RECORDS in your County is what I would say to any renter out there.  I have a co-worker that has just been ripped off by an owner of a property in foreclosure.  Now of course I am not saying all rental owners are doing this, but this is not the first time I have heard this happening. 

With that said, my co-worker is renting a home that he had to move to because of the last rental home he was in tried to short sale (after falling behind) but it ended up going back to the bank.  Now of course he was wondering where his money had been going on this rental for the last year. This new rental he has been paying on for 3 months has just had an NOD filed and stuck to the front door.  He was shocked to see this as he stated that he and the owner had a conversation before renting this one about his previous experience.  Now of course he called the owner (landlord) and asked him about this situation and wanted to know where his rental money had been going for 3 months, and the owner stated that he did not know what he was talking about.  After he asked me to do some investigations for him I found out that the owner was in default and was 2 months behind in his mortgage.  The renter again contacted owner and demanded an explanation, as this now has put  the renter in a bad situation of having to move again, not to mention coming up with the money and find another home.

The owner tried to tell him that he was caught up on the mortgage and the bank made a mistake.  The renter feels that this too is not true  because  now there have been other people coming by to ask the renter questions, taking photos of the home etc:  I advised my friend to seek legal advise to see about getting back the 3 months rent he just paid and the owner kept in his pocket along with the $1000.00 deposit he will not get back. It looks like he has no choice at this point but to just wait to see what happens.

How many other people are getting ripped off out there?

I also set my friend up with a company that can help him clean up his credit report and manage his finances so that we could help him buy his own home in the next year or so.  He hopes that me writing about his experience will encourage any renters out there to investigate the home with county records before signing on the dotted line.  Unfortunately in this market and the economy, there are a lot of people doing desperate things. .

Please feel free to voice your opinions

Terri Wisecarver

Your Realtor in Sacramento County