Archive for the 'Sacramento Real Estate Trends' Category

Sacramento Short Sale Buying Tips: Qualifying the Short Sale

Buying a Sacramento short sale will definitely become easier and easier in the next several months and the process will continue to evolve, change, and morph into a more traditional transaction for years to come.


Buying A Short Sale

Contact a Certified Short Sale Agent about buying a short sale.

However; your Buyers Agent- if they are at all experienced with with todays market- will know that there are some short sales will never close!Secondary Mortgages (any Junior Liens) that have been added after the purchase or have been refinanced (any non purchase money loans) are full recourse in California– the first will go away with the house– no matter what; if it goes to foreclosure, closes as a short sale, whatever… but non-purchase money seconds may stay intact and become non-secured debt… just like credit card debt.Short Sale qualifying is just asking questions; the right questions will allow yor agent to find shortsales that have a high chance of being approved: Your Short Sale Specialist will find out things like:1) The Kind of loans involved; recourse or non-recourse.2) If recourse; the sellers (think homeowners) financial situation, hardship status and/or their willingness/ability to make a contribution, sign a note, or otherwise pay off any secondary note holders demand (which may be full recourse).3) Which banks are involved and their policies regarding first liens, secondary liens, recourse debt, hardship rules etc.4) Know the market, the absolute market value of the home– (banks don’t like to leave money on the table) what the Broker’s Price Opinion, or Appraised value of the home will be and the amount of money the first will be short; and the policies of each bank involved–If you don’t know these things gong in, you will find them out during the process, usually weeks or months into the short sale processContact a Certified Short Sale Agent about buying a short sale right here.  Many, many times, the short sale you have fallen in love with and cannot live without may very well become an REO.There is also the chance that your short sale will, at the eleventh hour, not be approved because the banks or servicers suddenly want to include language stating the seller agrees that the lender has the right to pursue a deficiency judgment or the balance unpaid on the promissory note… Many homeowners, when they realize this problem is not going away, file bankruptcy– again, at the eleventh hour- after you and your family have been waiting months for the home of your dreams.Make sure your Buyer’s agent is also a Sacramento short sale listing agent and a Sacramento Short Sale Specialist and works with a team that specializes in these complicated and ever-changing transactions!Short sale negotiating is definitely a moving target– it is nearly a full-time job just to stay on top of educated of all the different banks, servicers, secondary investors rules of procedure and the institutional/political policy changes.Some short sales will never close! Find out why!By the way…here’s where I remind everyone that I am NOT a lawyer, and that if you have any questions or concerns about your legal situation– get an attorney! I have several great Real Estate Law, Mortgage Law, Contract Law and Bankruptcy Law specialists that I can refer you to!

Contact a Certified Short Sale Agent about buying a short sale.

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Sacramento Short Sales Will Definately Improve in 2010


Sacramento Foreclosure Solution Expert Report

Short Sale Help Is On The Way! BofA Implements The REOTrans Equator Short Sale Process Module.

Sacramento Short Sales are here to stay… and with more and more defaults and homeowners in foreclosure, short sales will become even more and more rampant in Sacramento.


Bandk of Amerioca Short Sale System

Short Sale Help

The problems with most Sacramento short sale transactions are the extremely slow communication, processing, negotiating and approval of short sale files.Even though their are several banks that have been really good to work with; Wachovia has been good for a long time, Chase is becoming a breeze; Wells Fargo is getting things lined up, and now even Freddie Mac and Fannie Mae are pledging to help the Short Sale Process to become smoother.

Click here for Sacramento short sale help.

The “writing is on the wall” for 2010 to become the year that servicers, banks, institutions and secondary investors all get their act together to help make the short sale process more mainstream, less painful, confusing and stressful for buyers!

Over the last few years; often times, after Sacramento buyers have written offers on two, three, even four or more short sales without success, they just quit looking at short sales altogether and look for an REO or equity sale…

We will Surely look back at 2010 as the year the game changed… as more and more banks implement systems to make the Short Sale Processmore streamlined, easier to manage and even transparent; more like traditional real estate transactions! Sacramento’s real estate market will see a huge change as Bank of America gets its act together and starts closing short sales faster and more consistently

Click here for Sacramento short sale help.

The new Equator Short Sale Processing Module  (formerly known as REOtrans) has been launched as the industry’s first short sale processingonline portal. The amount of people I talk to here in the Sacramento area just amazes me; its like one of every three or four people I visit with about their mortgage have a BorA or Countrywide BofA

Although Equator has declined to name the lender, the new Internet based platform, as recently reported by the San Francisco Chronicle, will be used by Bank of America. A representative from BofA recently told the Chronicle that they were using the Equator platform to manage the short sale process. Great news, as Bank America is hands down the WORST bank to deal with on short sale files right now! 

The Short Sale platform will allow everyone involved in the transaction to work together, in real time with access to all documents, processing requests etc. and will be a huge asset in helping to shorten the time frames of short-sale approvals.

As reported in DSNews:

“This is the first time that short sales have been handled through an electronic platform,” said Equator CEOChris Saitta. “With our new system, everyone works together in real time, dramatically improving communication and approval timeliness for our client, its borrowers, vendors, and real estate agents.”

Just think– The short sale process becoming more like traditional real estate!

Click here for Sacramento short sale help.

If you are a buyer or a homeowner with questions about your options, Contact me today for Sacramento Short Sale Help!

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The Rise of The Sacramento Short Sale


Sacramento Foreclosure Solutions Expert Report

Sacramento Short Sales now 21.5% of Market

Well First of all, Let’s just quickly define short sales:

A real estate short sale is a sale of property in which the sale proceeds fall short of the balance owed on the property’s loan or loans.


Sacramento’s Real Estate Market has recently been a perfect storm for short sales.

There have always been short-sales. Since the beginning of real estate.  Market prices go up and market prices go down, and when a homeowner has to sell when they are upside-down… well, you get the picture.

Homeowners can have many reasons to sell their home in a Short Sale; any time there is a reduction in market value along with the need for relocation, sickness, job loss, death or divorce, there is no other way besides just letting the bank take it back.  So Short Sales are the best solution to keep a homeowner out of foreclosure when it is clear they cannot keep the home…

But in this economy, Sacramento shortsales most often occur when a homeowner just cannot pay the loan payment on their property. With Sacramento unemployment at 12.3% and a 41 month long drop in median home prices that has taken over 55% off  the 2005 highs in Sacramento County.  Sacramento Short Sales are now over 20% of the market!

Short sales in Sacramento have become a popular pre-foreclosure option to keep homeowners out of foreclousure, when loan modifications just don’t provide a solution to foreclosure.

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Folsom real estare, Granite Bay real estate  and El Dorado Hills real estate specialists: TheHoytGroup!

HoytGroup Tools:


FEATURED FOLSOM HOMES FOR SALE Some of the Best Folsom Homes listed with all the companies, special deals, Great Features, you might call this our favorites list…

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FOLSOM SHORT SALES sometimes the best values if you are patient!


We are your folsom real estate specialists– our buyer inquiries have been averaging over 12 per day– even right before christmas! With at least three open houses per week, over thirty websites and a team of seasoned professionals (over 100 years of realestate expernce combined) the hout group is you Folsom Real Estate Leader!

Forth Hoyt CRS, RDCPro
SRES, e-PRO, Master’s Club


Certified Preforeclosure Specialist

Our Mission Statement:

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About our clients;
their dreams,
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My team works constantly to improve our systems and services;


Going well beyond the standard level of service provided by most agents, we are continuously changing, growing and updating in our pursuit of excellence; we remain focused on education, training and renewing our commitment to quality. We strive to provide the best service,the best advertising, the best, most up-to-date exposure techniques, most in-depth market knowledge and the best Real Estate advice around…Period!

As we guide you through the real estate process, we’ll get you the best deal in the least amount of time, with the fewest hassles, and we’ll have fun doing it! We’ll provide a level of service that makes it very easy for you to refer your friends and family to us!

Give us a call!


Forth Hoyt CRS, RDCPro
SRES, e-PRO, Master’s Club
Certified Preforeclosure Specialist

The Hoyt Group
Keller Williams Realty

DRE# 01319540
[email protected]
Monthly e-newsletter

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Cold Front Moves In For Sacramento Real Estate Market …


Sacramento Cold Real Estate Market

Cold Sacramento Real Estate Market

If Sacramento area real estate buyer trends have any resemblance to the national trends, things may be heading into a long, slow spell…

Even with mortgage interest rates are at their lowest levels in five weeks, a seasonally adjusted index of home purchase applications was at its lowest level since 2000, the Mortgage Bankers Assn. said in a report yesterday.

The closely watched Freddie Mac report on rates also came out Thursday, showing 30-year fixed home loans at an average of 4.91% this week for borrowers paying 0.7% in up-front points and fees to lenders.

So even though mortgage rates are so low, home sale mortgage applications are declining —

So even with the government’s $8,000 tax credit for first-time home buyers has been extended, and a $6,500 credit for many move up buyers, the numbers are way down…

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Sacramento Market May Not Be Helped Much By Extension Of Tax Credit

Sacramento Average Real Estate Sales Price


A consensus poll of real estate agents with Keller williams realty in the Sacramento area revealed today that the tax credit pulled forward demand, got people to buy earlier, and that there will likely be a lull in buyer traffic at the end of 2009 into 2010.

The tax credit for first time buyers remains the same, $8,000, but now current homeowners who buy a new residence can qualify for a tax credit of $6,500 under the program.   First time homebuyers are defined as not owning a home in the past three years.  Current homeowners are those buyers who have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. This means someone who sold their home 2-years ago but lived in it for 5-years before they sold are eligible for the tax credit if they buy a new home. 

Add the fact that we are going into the slow time of the year, It seems that buyer activity here in the Sacramento valley for first time and move up buyers alike may definitely be going into a bit of a dormant stage.


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Sacramento Real Estate “Less Favorable” in report… May Not Be Helped Much By Extension Ot Tax Credit


All Sacramento County Real Estate

Sacramento real estate market called Less Favorable in think tank report…

Urban Land Institute, a Washington D.C. think tank reported yesterday in its “Emerging Trends in Real Estate 2010” report that there may be problems ahead for Sacramento real estate market. 

Jonathan Miller, a consultant for PricewaterhouseCoopers who wrote the report,said ”On balance here, I guess it’s a sober year for 2010 and maybe not much better in 2011,” in a telephone news conference from the convention. “It all depends on how the economy behaves and if the consumer comes back. We don’t expect much of a resurgence.”

In the report, Sacramento was described as less favorable because of “concerns about government gridlock, rising taxes and an inhospitable business climate”.


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Sacramento Trustee Sale Postponements and Face to Face Requirements


Sacramento Trustee Sales Report

Foreclosure Solution Expert Report

Foreclosure sale postponed

I was visiting with a good friend the other day who attends the Sacramento trustee Sales downtown (Yes, they really have a live auction, some days there are three separate sales going on simultaneously at 720 9TH ST; downtown Sacramento) he said he is still seeing more than 7 out of ten sales being postponed.  For some reason or another banks and serivcers are pretty much imposing their own foreclosure moratorium, at least here in Sacramento County.

I am a Home Retention Counselor with Titanium solutions and the assignments have been picking up. I used to get one or so a week, but lately have been getting at least five assignments a week, even though I only cover four Zip Codes with Titanium. Titanium Solutions contracts with loss mitigation departments to contact homeowners who for some reason or another have fallen out of touch with their servicer.

In almost every case, the homeowner has at one time either started a loan modification,agreed to look into a loan modification or they have short sale file started and then had somehow fallen out of contact with the right department at the bank. That’s where Titanium comes in– I will go knock on the door, leave a note, look up past phone numbers etc., and normally I am successful at getting the homeowners back in touch with the bank.

Lately though, I have run across situations where the homeowner has been in touch with the bank and working diligently either on a short sale or a loan modification. I talked to a lady in Folsom the other day who had just hung up the phone with her servicer about a half hour before I showed up.  Her file was perfect, needed no updating and was in review. Another evening last week in Granite bay, I sat down with homeowners who had a short sale file in and being negotiated and was supposed to have a short sale approval letter that week,

It makes me wonder, why are these servicers doing that?

In my research for an answer, I came across information that suggests that the major banks, who have still got TARP money are being pressured to make some kind of FACE TO FACE contact with their borrowers before they can use foreclosure as a means of recovery.

So by having it documented that a bank representative has come by face to face, the banks now have the foreclosure solution available to them, should the short sale or loan modification fail.  (the Titanium Script that I must use with borrowers clearly states that I am a representative of their servicer and a debt collecter and that any information gathered will be used for that purpose).

Could that perhaps have anything to do with the Sacramento Trustee Sale Postponements? Are the two related in any way or just coincidence?

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BofA Suffers Huge Loss- More Foreclosures…


Bank of America (BOA) announced today that it suffered a $2.2 billion loss in the third-quarter quarter.  Contributing to that was a $1.2 billion dividend payment to its preferred shareholders, including the U.S. government, credit losses within some of its consumer-related businesses, and $402 million after it agreed to eliminate a loss-sharing agreement it had struck with the government earlier this year.  “Obviously, credit costs remain high, and that is our major financial challenge going forward.”  Most of this quarter’s losses were in Bank of America’s mortgage and credit card businesses, which together lost more than $1 billion during the July-September period. 

BOA funded $95.7 billion in first mortgages, selling purchase or refinance loans to nearly 450,000 borrowers, including $23.3bn in mortgages to 154,000 low- and moderate-income borrowers during the quarter.  About 39% of all the first mortgages were for purchases. Year-to-date at the end of Q309, BOA modified the mortgages of approximately 215,000 customers, and an additional 98,000 BOA mortgage customers are in the trial stage of a Making Home Affordable Modification Program (HAMP) workout. The overall results were slightly worse than Wall Street was expecting.  Analysts had anticipated that the company would suffer a loss of 21 cents a share, according to Thomson Reuters, but in fact lost 26 cents a share.

Foreclosures up

Since government intervention began in September 2008, foreclosure sales remain stunted, dropping 8.6% from the previous month and 40.6% from a year ago. But the percentage of foreclosures sold to third parties, who are usually investors, grew by 215% from last year and 3.27% from August, according to ForeclosureRadar’s monthly foreclosure report.  Arizona leads all states with an increase of filings by 36.1% in September, followed by Florida (29.6%), Texas (24.3%), and Michigan (18.22%).  Filings in California increased only 1.08% in September, but the volume has grown by 123% from last year. 

Urban areas were hit hardest and spurred the increases.  In Arizona, the statewide increase was fueled by a massive 81.3% increase in Phoenix foreclosures.  Foreclosures in Las Vegas jumped 47.4%; Atlanta had a 39.9% increase; Chicago’s rates climbed 36.2%; and Houston had a 33.2% spike in foreclosures, according to ForeclosureListings.comRealtyTrac says foreclosure filings in Q309 increased to a level unseen since it began reporting the figures in January of 2005.

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