Friday, July 17, 2009

Quoted in a Sacramento Bee article about short sales in Sacramento's Real Estate Market

If you follow me on Twitter, you likely already know that yesterday I spoke to Jim Wasserman with the Sacramento Bee regarding how short sales are becoming more common in our Sacramento real estate marketplace. He quoted me for his article in today's edition of the Sacramento Bee...the article can be found here.

During my conversation with him yesterday, he asked me if negotiating short sales in Sacramento was getting any easier. Candidly, and in general, I do not think they are getting easier to negotiate.

Yes - there are certain short sale lenders that have become more efficient in terms of the process of analyzing loans for short sales, and those that are a bit faster to issue written approval. This is definitely great if you are working with one of these efficient lenders where there is just one loan, no mortgage insurance, "purchase money" financing (as opposed to a refinanced loan), and no "investor" to deal with (the actual owner of the loan, like Fannie Mae, Freddie Mac, or some other bank than the one that is servicing the loan).

If you are not working with one of these efficient lenders, there is more than one loan or lender involved, there is mortgage insurance, a refinanced loan, or an investor to deal with - then negotiating the short sale is anything but simple. I learned a long time ago that no two short sales are alike...anyone who tells you otherwise does not know any better!

I am definitely NOT saying that short sales with these variables can not be successfully negotiated or completed (because they definitely can be successfully negotiated and closed), but there are certain complexities that will exist under these circumstances that will make the short sale negotiation "less easy." LOL

I like to think I make the short sale process seem easy for my seller clients! I have gotten 5 of my short sales approved over the last month, and I have a couple more short sale listings that should be approved over the next couple weeks. I have a great system in place to negotiate them, and am never too busy to take on another short sale listing...

1 comment:

Anonymous said...

your blog is really amazing. what goes into negotiating these shortsales, why does it take so long. I am interested in buying a condo and the majority i see listed are all shortsale!