Short Sales – the Market of the Moment
We all know that the market of the moment is Distressed Properties, but with the inventory decreasing in the Elk Grove area over the past several months, REO listings come on the market and quickly are pending with multiple offers. Well, we have been seeing the same thing happening with our Short Sale listings in Elk Grove. I have been listing and selling more Elk Grove short sale listings than ever before, so I thought I would check the statistics on these sales.
First, what is a distressed property -
A property in poor physical condition
A property that is or will soon be in some stage of the foreclosure process
A property owned by a person experiencing a period of financial hardship or instability
A property where the mortgages exceed the current value and the owner needs to sell
Here are the numbers in the Elk Grove area for Distressed Properties on the market today -
913 Total number of Active Listings in Elk Grove (95624, 95757 and 95758)
102 Active REO listings – just above 10% of the market
219 Active Short Sale listings – approximately 24% of the market
460 Active Short Sale Contingent listings – 50% of the market
Distressed Properties are making up approxiately 84% of the market in the Elk Grove area…leaving only 16% being actual equity sales. The number of active short sale listings has been dropping each month while the number of active short sale contingent listings has increased very rapidly over this same time. This means that we are now seeing multiple offers on short sales too!
I had one short sale listing recently go on the market on a Friday at $125,000…by Monday morning we had 22 offers and the one accepted by the seller was $153,000. We are currently negotiating this offer with the bank. The best part about all this is that the banks seem to be finally getting with it on short sales; we are negotiating our short sales in a much shorter time frame and the banks seem to be getting much more cooperative!
For those agents who still don’t want to work short sales, please send them to us. We know that there is a need for compassionate hard working agents to work with these distressed sellers. We want to help them!
For more information on Short Sales
If you are a seller and wish to contact us for a FREE consultation regarding a possible short sale on your home, please call us at (916) 230-0371 or send email to Lori@ModeandDurhaM.com.
Search all Elk Grove homes here!
Search all Sacramento homes here!
Lori Mode of Keller Williams Realty, Elk Grove
DRE License #00935148
www.AllElkGroveHomes.com
(916) 230-0371
Today’s real estate market offers a new breed of seller, the short sale. Once upon a time, in the last real estate downturn, a seller had three choices when faced with not being able to payoff a mortgage:
HS
Greg Fielding
Jared Higgins
Terri Tucker
Lori Mode
Doug Reynolds
Andrew Jeffery
sallyjc
missycaulk
kareneldred
Laura Lazar Kearns - 
Kristal Kraft
Terry Osburn
james bunyon
Dave Wierzbicki
Getting Short Sales Approved
Jan 29
Posted by Greg Fielding in 4 | No Comments
Short Sale Experts Wanted
HousingStorm.com has launched a new blog focused on what it takes to get short sales approved. Agents can share resources, tips, and stories. Civilians can share experiences and learn what to expect in their own short sale experiences.
The site is http://gettingshortsalesapproved.com
We are looking for contributors to help make this the most complete, helpful short sale resource on the web. You can imagine that, with lots of you contributing, this can be one spectacular site and something we can all be proud to be a part of.
Signing Up is Easy
Getting Short Sales Approved is an example of a Group Blog…which is a simply a blog that members of the group can contribute to. By joining the group, you will become an author for this blog. Easy as pie.
As we start getting more content, we’ll be putting together a short sale weekly newsletter, which will pull generate from the blog’s RSS Feed. Meaning, that your great contributions will be promoted each week.
There is also a forum associated with this group and I would encourage all of you to participate. Judging by how many short sales there will by in 2010, this blog and forum should be very popular.
There is also one new cool feature that you can use with this group and blog: Group Documents.
If you have any documentation that the group and/or visitors could benefit from seeing, you can upload it and it will show up in the blog sidebar. Check out the letter that I uploaded.
Let’s work together to make this a great short sale resource!
You guys are AWESOME! Keep up the great work.
And, please…if you know of others who might be able to make valuable contibutions to this site, please forward this message to them and let’s get them involved.
Talk with you soon,
Greg Fielding
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