Great news for home buyers and even to investors; Sales of homes facing foreclosure in the Sacramento region rose unexpectedly during the second quarter of 2011 as lenders looked to streamline the short-sale process. Repossessed or foreclosed homes are properties owned by banks, they would act as lenders and would sell these properties to potential buyers below market value. They do this to attract more buyers and potential investors, banks would want to avoid maintaining such properties for a long time, they would just sell it below market value so they could dispose it immediately.
According to a survey done by RealtyTrac, a total of 4,912 homes in some stage of the foreclosure process were sold in Sacramento County during the three months ending June 30, a 10.8 percent increase from the year-earlier period.
The Irvine based survey added that another 1,082 foreclosure or repossessed homes for sale closed in Placer County during the second quarter (April to June), an 11.3 percent jump. Foreclosure or repossessed homes for sale leaped 20.8 percent to 359 in Yolo County and were up 16.3 percent to 528 in El Dorado County.
Repossessed homes for sale in the entire region now make up more than half of the real estate sales activity doubling the total short sales in the market industry. It is a fact that foreclosed homes for sale prices have fallen down 50 percent since the start of the recession. This scenario is one of the most logical reasons why home buyers prefer to buy repossessed homes, because of its affordability compared to other real estate property found in the market today.
Meanwhile, short sales in the entire region are picking up steam because the banking pipeline is clogged with foreclosures. This will last for at least three more years,
maybe more in Sacramento alone. Short sale is a sale of
real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties.
In doing so, the abovementioned real estate transactions can be done properly with a realtor’s guide. You need to get a realtor to help you out understand everything in the deal. Make sure you get the best real estate agent to avoid problems in the long run though. In getting one, you must first make sure that your target realtor has the proper credentials to be your realtor.
Ask if he is a licensed one, keep in mind that a realtor without license can’t practice such profession, you may tell your target realtor to let him show you his license just to make sure that he is a licensed one. Secondly, you have to check his credentials, check his website and look for his transaction history through his website. You may also seek help from your colleagues and friends who may know him personally as well. Gauge his strength and weaknesses by asking your friends about how he deals with them and how he reacts during hardships and uncertainties done by the real estate deal. Lastly, trust your potential realtor. They know what they are doing so better leave everything to them without distracting what they do.
Looking for Sacramento Homes for sale? Then visit us at www.TheSacramentoRealEstateListings.com! We offer very affordable Sacramento Homes for Sale without sacrificing quality! Visit us now!
No comments:
Post a Comment