Sacramento Expert Short Sale Real Estate Agent

Posts Tagged ‘Sacramento’

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

BPO is an acronym for Broker’s Price Opinion.  In general, the term Broker’s Price Opinion (BPO) is a method that a Real Estate Broker (or an agent acting on behalf of their employing broker) uses to estimate the probable selling price of a Real Estate property/house.  This estimate is submitted in a report to the BPO Company that has ordered it. This basically is information of  properties that compare to the (subject) house that is being priced.  This is similar to a CMA that an agent would provide a seller to show the approximate value of their property.

These are done for numerous reasons, but I would like to tell you how they would play into a role of doing a Short Sale.  When taking a listing of a Short Sale there are many factors that play a role in the process of getting the bank to accept a short sale at all.  With that said you have listed the property for sale, received the whole hardship package from the seller, and submitted this package including an offer to purchase to the lender for approval.

The lien holder (bank) will then look over the package to make sure everything is complete, and then they will secure an agent or broker, an place an order to obtain a BPO on the property.  Basically the bank just wants to see the market value of the property and the condition the property is in.  This gives them some kind of idea if the offer submitted is really a good one compared to the BPO, and how much their bottom line will be.

Example:

• Home loan owed on a home is $700,000
• Listed the home as a Short Sale for $600,00
• Offer submitted to the bank of $600,000
• Bank orders a BPO to be done
• BPO comes in at an approximate value of  $640,000

 The bank now has a higher value than the offer, and this gives them great information on how to proceed with the offer.  They have a choice of doing a few things at this point

• They can accept the offer presented to them
• They can counter the offer
• They can reject the offer
• They can refuse to allow a Short Sale

Having done BPO’s  myself I now have a better understanding of a banks position.  If you have any questions about buying, selling real estate in Sacramento, please feel free to contact me anytime.

Terri Wisecarver 

REALTOR

Sacramento Real Estate 

Being in Real Estate  thought it would be nice to let others know of events in and around the Sacramento, Placer and El Dorado counties that can add some fun into people lifes. I know this is a bit early, but Mothers Day is just around the corner. I thought I would let you all know about the Strawberry Festival on Mothers Day weekend to plan ahead if your looking for something fun to do.

This event is on May 9 and 10th at the Placer County Fairgrounds in Roseville, Ca.  The strawberries are certified organic and come from local farmers. This event is full of fun activities for all ages. 

Fun for the kids, all day live music, shows, contests.  Beer and Wine gardens including famous Strawberry daiquiris. Filled with Arts and Craft shows and Great food.  To much to mention.

Bring your own strawberry plant to be judged and win cash prizes.

Create a poster to win some cash

Strawberry Pageant: Little miss Strawberry ages 6-12, Strawberry Princess ages 13-19 and of course the Strawberry Queen ages 19 and up.

Classic Car Showwith awards in 22 different categories.

Buy fruits and vegatables for sale to buy going in or out.

Jam tasting Contest and of course the Strawberry Shortcake eating contest with no hands.

The kids love the Petting Zoo and Pony rides. Along with this is the Fun Zone.

Pancake breakfast

Admission,

5 and under are FREE

Children 6-15 are $6

16-59 are $8

Senior 60 + up are $5

Lets make this a great day for all Mothers out there. Fun Fun Fun

If you want to know of other events local, please contact me at any time.

Terri Wisecarver

Whitman Metropolitan

Sacramento, Placer, El Dorado Real Estate

I never thought I would be talking about this subject as this also pertains to my home, and how depressing it is an can be for other sellers.  Selling real estate in Sacramento I have seen so many changes in the last 5 yrs of owning my home. I purchased low, 2 yrs later prices were climbing, 3 yr climbing more, then boom.  Now the prices are below the price I paid for my home.  I did exactly what everyone told me not to do in regards to upgrading, updating and basically making my home all that I wanted it to be.  I thought that my home would give back to me, but I was wrong.  I have learned that no matter what market you are in at the time, that your home will only bring  you what the market value is from a buyers eyes.

No matter what we think, what we do, what we want, we will only get what the market and buyer are willing to pay for the property.  Sure you might get a bit (tiny bid) more for the extra appeal you have added to the property, but you will not get back what you have put into the property.  If you sellers out there are trying to hold out on getting a higher price then you could end up loosing for in the long run. 

You can not argue with what the market says your home is worth.  The buyers make up the market, and market is the value.   So if you are truly considering selling your home then you need to be open for either adjusting your prices as time goes by in order to sell the property or do not list the home for sale at all.  With that said, I would suggest you obtain a good agent  that is willing to help you with the pricing of your home and listen to the market.

Terri

Your local sacramento REALTOR®