Sacramento Real Estate Views

Time to Sell Short in Rocklin Decreases

Quarter over Quarter Results

The time it takes to get a short sale* closed in Rocklin has decreased by 68 days from the first quarter to the second quarter of 2010.

That’s a 32% decrease in the time it takes to get a borrower on their way out of a bad financial investment.

With the government providing a solution to the failed loan modification program, short sales have become easier than ever to get closed.

The HAFA program has put the banks on notice that the government would rather not see any more foreclosures.  Due to this, banks are approving short sales even with an notice of default filed and a trustee’s sale scheduled.

Now, we’re also seeing some lenders, most in fact, approving short sales without the borrower being late on ANY payments.

Wells Fargo/Wachovia has come out and told me personally that a borrower doesn’t have to be late to be considered for a short sale.

On their portfolio holdings, Chase has said that they don’t want ANY foreclosures.  None!

While the individual borrower is not portfolio, I can tell you that Chase is pretty easy to work with in approving short sales.  So is Bank of America.

This is the best possible scenario for homeowner who can see that the underwater mortgage they are holding onto is a bad investment.  You can now get out of that bad investment without completely destroying your financial situation.*

Values Hold Steady

So far, values have held steady in the Rocklin area this year.  This appears to be the direction the market is going in the short term.

Don’t look for wild or even gradual appreciation anytime soon.  (for an appreciation scenario, click here)

For the next few years at least, it appears that, unless something crazy happens with our local and statewide economy, that our market will stay steady if not lose a little more value now that the homebuyer tax credits have expired.

This makes holding onto a mortgage that is underwater an even worse decision.  If the market were looking to appreciate in the short term, then we’d have a “wait and see” attitude toward it.

No economic analyst worth their weight in tomatoes is saying that real estate values will increase in the short term, 2 to 4 years, and when they do begin to appreciate, it won’t be 8% or 10% per year but more like 2% to 5% per year or around the national average.

Not good for those who purchased from 2000 to 2007.  Unfortunately, a large part of the new homes sold in Rocklin per purchased in that time frame.

Are you thinking about selling your home short? or If so, please fill out the form below and we’ll get back to you promptly.

Thanks for visiting!

I Need Short Sale Info!

1. Your Name(required)
2. Email (email required)
3. Phone(required)

 

cforms contact form by delicious:days

*Selling your home short comes with financial consequences.  Before making a decision to sell your home short, please consult your personal financial advisor.

No related posts.

Tags: Rocklin, Roseville, sacramento, short sales

This entry was posted on Tuesday, July 27th, 2010 at 9:57 am and is filed under Short Sale Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website

Receive an email if someone else comments on this post?

Spam protection by WP Captcha-Free