New Rocklin Foreclosure Wave?
New Rocklin Foreclosure Wave?
It’s been the real estate buzz for a few months now. Where’s all the Rocklin home inventory and where did all the foreclosures go? It’s turned into a mini seller’s market lately as inventory has significantly dropped…down 33% from last year. Buyer’s are in a frenzy. Multiple offers on all of my listings and sellers are getting at or over list price.
Foreclosures in Rocklin and the rest of California have been stalled while banks held back foreclosures during their robo-signing settlement. Now, that California has settled, foreclosure starts are up 28% in January as reported by Lender Processing Services. Inventory will again rise as these foreclosures turn into bank owned listings and more Rocklin seller’s start the short sale process.
What does this mean for Rocklin home buyers are sellers? If you’re trying to buy a house in Rocklin but not having much luck, hold tight! More inventory is coming and there will be less competition. Make sure you are working with an experienced Rocklin real estate agent who knows how to make your offer look attractive and get accepted.
If you are thinking about selling your Rocklin home, now’s the time. Take advantage of this small window of opportunity with less competition to sell your home before foreclosure competition decreases values and the number of buyers interested.
If you are behind on your mortgage payments, you may be part of this new foreclosure wave. Consider a Rocklin short sale. A short sale will stall the foreclosure and give you more time to stay in your home. You may get move-out assistance and a short sale is less damaging to your credit. You’ll be able to buy a new house much faster after a short sale than a foreclosure. See if you qualify for a Rocklin short sale.
Read more about the new wave of foreclosures.
New Rocklin Foreclosure Wave?
Folsom Short Sale with Bank of America Sold by Agent Allan Sanchez
Folsom Short Sale with Bank of America Sold by Agent Allan Sanchez
Take a look at my newest Folsom short sale, just sold last week. 1572 Thurman Way was a short sale with Bank of America. With 3 bedrooms, 2.5 baths, and an office, it was a great buy at $310,000. This Folsom short sale had multiple offers. One reason was because it was such a cute home. The other reason is because the inventory of homes available in Folsom is low! There is about 1.7 months of inventory in Folsom. Can you believe that’s down 63% from the same time last year?
I’ve sold over 100 Bank of America short sales and foreclosures. As the largest bank, they are the leader in the short sale process that other banks eventually follow. They are constantly changing the way they process and approve short sales in order to make the process more efficient. If you have a loan with Bank of America and are curious about a short sale, make sure you speak with a Folsom short sale agent with experience selling Bank of America short sales. Traditional real estate agent’s don’t understand what is involved in negotiating with a short sale lender, submitting a complete offer package, and following up in order to be heard amongst the thousands of others currently trying to short sale their home.
See if you qualify to sell your Folsom home as a short sale.
Folsom Short Sale with Bank of America Sold by Agent Allan Sanchez
Posted by Folsom Real Estate Agent – Allan Sanchez
Complete Your Rocklin Short Sale Before The End of 2012
Complete Your Rocklin Short Sale Before The End of 2012
If you think a Rocklin short sale may be your smartest move, now is the time to get the short sale ball rolling. As if those underwater on their mortgage don’t have enough to worry about, important deadlines are now approaching. Rocklin short sales usually take anywhere from 3-7 months to complete. When a bank rights off a debt due to short sale, that’s considered taxable income for the seller and the seller will receive a 1099. Through the end of 2012, the IRS is forgiving this amount. It’s possible that the government will extend this rule beyond the end of the year, but nothing is certain at this point.
Rocklin short sale sellers should now begin their research regarding the short sale process. By the time you prepare your home, find a Rocklin short sale agent, obtain an offer, negotiate with the bank, and close escrow…..well, you can see how the time adds up. Being subject to higher taxes for a short sale, will greatly affect your ability to recover from your Rocklin short sale in a reasonable amount of time.
See if you qualify to sell your Rocklin home as a short sale.
Complete Your Rocklin Short Sale Before The End of 2012
Posted by Rocklin Real Estate Agent – Allan Sanchez
Buy a House in Elk Grove – Where’s the Inventory?
Buy a House in Elk Grove – Where’s the Inventory?
It’s funny how many Elk Grove buyers think it’s a buyer’s market. That’s just not the case. Inventory is the lowest it’s been in since 2004! With just over 1 month of inventory, Elk Grove buyers are having a hard time finding a house. My listings are getting multiple offers and selling quickly. It’s turning into a seller’s market!
Does low inventory mean the bottom of the real estate market? It’s possible. Prices in Elk Grove didn’t go down this month and probably won’t go down for the next couple months. In fact, prices went up almost 3% in the last month. However, they are down almost 6% overall from this time last year.
I don’t usually make predictions but here is my opinion on the Elk Grove real estate market: There will be low inventory through this summer. Elk Grove homes will continue to get multiple offers and prices will remain steady. This Fall and Winter, the banks will release more foreclosures and more Elk Grove sellers will realize the need to short sale their home. The inventory will increase and sales will slow due to the slow selling season. Prices may dip slightly or stay steady. One thing is for sure, house values will not start substantially increasing in 2012.
What does the low inventory mean for Elk Grove buyers and sellers? For sellers, it means it’s a good time to sell. You’re house will sell quickly and you’ll have your pick of the most qualified buyer increasing your chance of a smooth sale. As an Elk Grove buyer, you should team up with an experienced Elk Grove real estate agent who can advise you on the best way to get your offer accepted. Here are my tips for scoring a great house in Elk Grove despite the competition:
- The highest price doesn’t always win. Sellers consider other offer terms as important as the price. Length of escrow time, transfer fees, loan type, and the buyer’s flexibility will all contribute to the sellers decision.
- Submitting your offer first is important. On well priced Elk Grove homes with multiple offers, sellers and their agent can be overwhelmed be the amount of offers received. Submitting your offer first insures you’ll be noticed and shows you’re serious about buying.
- A complete and neat offer is key. This falls on the shoulders of your Elk Grove real estate agent. Your offer should be sent to the seller and their agent in one complete package. It should be typed, easy to read, and not have missing signatures and dates. Your lender pre-approval (dated in the last 30 days) or proof of funds should be included. An incomplete or messy offer is a turn-off for the seller and shows lack of organization.
- Ask the sellers what they are looking for. This is another job for your real estate agent. Maybe the sellers need to rent back for a month or two. Perhaps a quick escrow is more important to them. If it’s an Elk Grove short sale, the seller may want to know how committed your are to waiting for a short sale approval. Writing your offer to fit the needs of the seller carries a lot of weight and will help you get your offer accepted.
- Pick an experienced Elk Grove real estate agent. Your agent is a reflection on you. Your Elk Grove real estate agent should have at least five years experience. Real estate should be their only job and they should have at least 100 sold homes under their belt. Experienced real estate agents understand how to best write your offer and give you the greatest chance of getting accepted.
Buy a House in Elk Grove – Where’s the Inventory?
Posted by Elk Grove Realtor – Allan Sanchez
How I Became a Roseville Short Sale Specialist
How I Became a Roseville Short Sale Specialist
In 2005, Roseville real estate was at an all time high. As a long-time Roseville real estate agent, I’d never been busier. I sold 10-20 houses a month and my phone rang off the hook! I distinctly remember November 2005 when that all came to an end. There was an almost instantaneous shift in the market. Buyers were no longer willing to pay the price sellers were asking. Sellers weren’t willing to take less. It was a real estate stalemate!
The next six months, I spent a lot of my time counseling Roseville sellers on where the market was headed…down! Of course I couldn’t have predicted it would fall up to 65% in some areas. Still, I saw so many homeowners who were mortgaged to the max and soon realized the need for Roseville short sales.
I’ve always taken my career as a Roseville real estate agent very seriously and I’ve had high sales to prove it throughout my career. I’ve lost count of the actual number of homes I’ve sold but I’m guessing somewhere around 700. One of the ways I’ve been able to do that, is by focusing my attention to where there is the greatest need. Most agents don’t do that. They sell what they are comfortable selling and don’t venture out and expand the scope of their work. In 2006, I realized the need for Roseville short sales.
I have to admit, my first few Roseville short sale attempts were like walking through quicksand! In my defense, the banks didn’t even know how to handle short sales and were unprepared for the volume they would have to process. In the early days, it took forever to get a negotiator assigned to the short sale, impossible to get anyone to return calls, and slim-to-none that the buyer would actually stick around to see it close. That’s where most Roseville real estate agents decided they wouldn’t touch short sales with a 10 foot pole!
I kept at it, learned the process, made connections, and transformed myself into a Roseville short sale specialist. It was by no means easy but now I’ve done it and am very comfortable with Roseville short sales and working with banks like BofA, Wells Fargo, Chase, and many smaller banks too. I’m able to answer seller’s questions, update all parties regularly, negotiate with the bank, and obtain short sale approvals in less time than most.
As much as I’d love to go back to selling only traditional equity sales, it’s not going to happen anytime soon. There is still a lot of shake out that needs to happen, people still need to move, and Roseville short sales are here to stay for at least the next few years.
How I Became a Roseville Short Sale Specialist
Posted by Allan Sanchez – Roseville Real Estate Agent