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February 2010 Sacramento Real Estate Market Update
SACRAMENTO SHORT SALES ARE IMPOSSIBLE!!!
Not any more...
Gone... are the days of the upside down homeowner, whom after being denied a "reasonable" loan modification has no choice other than to foreclose and destroy their credit.
I repeat... Gone... are the days of the frustrated home buyer writing an offer on (typically several) short sales and waiting 4 months or longer... only to learn that the bank didn’t accept their offer.
On November 30th, The U.S. Treasury finally rolled out the details of the much anticipated Home Affordable Foreclosure Alternatives Program or HAFA . Check out a couple of the highlights of this streamlined short sale process:
- Pre-approved short sale terms (including price) before listing,
- Short sale approval of a buyer's offer in 10 business days,
- Borrower's full release from liability of mortgage debt and
- a $1500 incentive for borrower relocation!
I know, it sounds too good to be true! But the good news gets even better, according to new Fannie Mae rules, homeowners who short sale may be eligible for a new mortgage after only 2 years! If you've been denied a loan modification and have exhausted all other options, don't let the bank foreclose and risk damaging your credit for 10 years when you can short sale your home with minimal damage to your credit and still walk away with your head held high.
If you are upside down in your home, I can help you evaluate your options to avoid foreclosure. I am Dave Hallauer, a Certified Distressed Property Expert (CDPE) and Sacramento short sale agent. Helping you save your home is my first priority... minimizing the damage to your credit is our back up plan when all else fails. For more info check out our Sacramento Short Sales & Foreclosure Avoidance Services.
Foreclosure Real Estate Bidding Frenzy (yes, it’s happening again)!Of course you already know that Sacramento CA leads the nation in real estate foreclosures. But did you know that many foreclosure listings (aka: REO's - Real Estate Owned by the banks) are receiving multiple offers in the first couple of days on market? Did you know that some of these bank owned homes are even selling for 10% or more over asking price? If you are serious about buying a foreclosure home... give me a call to discuss winning strategies. I can help you negotiate a lucrative deal on a foreclosure real estate listing anywhere in the greater Sacramento area.
GREAT NEWS-Congress extends the homebuyer Tax Credit!The Senate voted to extend the $8,000 first time buyer tax credit to April 30, 2010. In addition, a new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years. Check out this
Tax Credit comparison chart for income limits and effective dates. Give us a call and we'll walk you through the home buying process!
