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Home-Buying 101: Short Sales explained
Friday, August 1, 2008
Searching the MLS for a home in the Midtown Sacramento area lately? If so, you've probably noticed a large number of homes listed as short sales (they may be referred to as active short sale or short sale contingency or even just "AS" or "ASC")—and they're often some of the lowest priced homes in any given neighborhood. Here are some of the most common questions I get:
Q. What is a short sale?
A. The term "short sale" is used to refer to a property being sold for which the seller owes more than it will sell for in the current market. This is more common in neighborhoods that have seen significant price declines since the peak of the market in 2005, but any seller can end up in a short sale situation if they've borrowed more money against the home than it's currently worth (such as when a home owner has borrowed money and "overimproved" a home for the neighborhood it's in).
Q. How do short sales work?
A. Short sales work like this: a seller has a financial hardship (death of a spouse, loss of a job, job transfer, hospitalization, or sudden change in monthly mortgage payment) and needs to sell a home. Because they owe more than the home is worth, the seller is requesting that the bank(s) that they have a mortgage through accept less than they're owed. Most banks won't even entertain the notion of a short sale if there aren't any buyers ready to purchase the home for the current market price so, as part of the process, the seller puts the home on the market and begins accepting offers. The seller will typically accept the best offer and submit it to the bank for approval.
Q. Are these deals too good to be true?
A. The short answer is: Yes, in many cases these deals are too good to be true. Many home sellers who are in a short sale situation are selling because they're falling behind on payments or are in preforeclosure. For this reason, they're feeling a lot of time pressure to get the home sold before a bank forecloses, so they price the home lower than anything else in a neighborhood to just try to get offers to submit to the bank(s). This leads to multiple offers but doesn't guarantee that the bank will accept whatever sales price the seller accepts. The seller doesn't usually care what the home sells for because he or she won't be making any money on the sale.
Q. Do banks really go for this?
A. Sometimes. No bank is ever eager to accept less than they're owed because they're losing money in the process, and banks aren't in the business of losing money. Of course in many cases the alternative is foreclosing on a home, and that can be a lengthy, expensive process that results in the bank owning a property—and banks are often even less eager to own the home so may be willing to negotiate if they see that it's in their best interest.
But there are some big challenges when buying a short sale. For instance, unlike a foreclosure where the bank owns the property free and clear and can sell it for whatever price they want, in a short sale situation there may be other parties with a financial interest in the property. If a seller has experienced a financial hardship, there may be unpaid taxes, utilities, or contractors who've done work and are seeking payment—and any of these can result in liens against the property. In a short sale, the seller MUST prove to the bank that there is a financial hardship that requires the home be sold and all parties must agree to accept little or no payment and sign off on the sale of the property. Add to this the fact that there may be a second mortgage that will likely be completely wiped out and it becomes challenging getting everyone with a financial interest to authorize the sale. This is often a grueling, months-long process that can ultimately be for nothing if one or more parties deny the short sale request, and this is a major reason why a lot of homes that are listed as short sales eventually come off the market and reappear later as bank-owned REO properties.
Q. What do the terms active short sale and short sale contingent etc. mean?
A. An active short sale is just another way of saying that the home is active on the market as a short sale. A home listed as short sale contingent means that the seller has accepted an offer and submitted it to the bank. Until the bank responds (and this can take months), the listing agent is obligated to continue to market the home as "for sale". Once the bank has accepted an offer, then the property will be marked as "pending" and the normal escrow period begins.
Q. I've called several times about a home that's for sale online and the agent keeps telling me it's already sold. Why is it still showing up online?
A. In the Sacramento area, if a property is being sold as a short sale, until the bank accepts one of the offers that has been submitted the listing agent is required (by the rules of the local MLS) to identify it as short sale cont and it will continue to appear online on searches because the home isn't yet technically in escrow. While this may seem confusing, your Midtown Sacramento REALTOR® can help you figure out the status of properties you're interested in.
To summarize, when you see a property for sale that's listed as a short sale this means you should expect a much longer than average escrow period (so don't plan on buying a short sale if you're on a tight timeline), a counter offer on price from the bank (even if the seller has accepted your price), and the possibility that the bank will reject the short sale entirely. If you can find a great home that's either a traditional sale or a foreclosure (also called an REO), consider going with these options first. Good luck and happy house-hunting!
More questions about short sales or other homes? Give us a call at (916) 444-7577 today!
Labels: Anatolia, Citrus Heights, Curtis Park, Downtown, East Sac, Elk Grove, Fair Oaks, Home-Buying 101, Land Park, Midtown, North Natomas, Rancho Cordova, Rosemont, Roseville, Sacramento, South Natomas, West Sac
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posted by Rob McQuade @ 1:50 PM,
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I want you to use this website...
Monday, July 21, 2008
...even if you don't use my services!
I've designed these websites to be useful and usable—and I really want you to find the information (or property) you're looking for. To that end, I'd love to hear what you think. I'm constantly adding and updating the website, including new relevant info and resources. Even if I haven't blogged in a few days, I'm usually adding a new feature here and there (thanks for the feedback on the ZIP Code search tool at the left of each page, Margaret!)... But is it the type of info you want? And what else would be helpful?
Please let me know what you think. I'm listening and working to build the best, most easy-to-use Sacramento area real estate website I can. Judging by the great phonecalls and emails I'm getting it's working. But I'm not here to rest on my laurels!
Fifteen seconds of (real estate) fame
A few weeks ago I was fortunate enough to meet with the fine folks at Trulia (a real estate industry website used by a lot of consumers to find properties for sale—though it's not nearly as good as my websites! ;-D)to shoot a video with Brett Crosby at Google Analytics for other real estate industry professionals. It probably won't be of interest to you (it's a bit nerdy, I confess I'm a "real estate nerd"), but you can check out the video below. It was even picked up by ActiveRain (another industry website that many consumers use)
Oh, and if you decide you'd like some help with your Sacramento real estate needs, my team and I are absolutely here to serve you—just ask! -Rob McQuade -- (916) 444-7577.
Labels: Anatolia, Antelope, Arden, Carmichael, Central, Citrus Heights, Curtis Park, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Meadowview, Midtown, North Natomas, North Sac, Oak Park, Orangevale, Rancho Cordova, River Park, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Tahoe Park, UCD Med Center, West Sac, Woodlake
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posted by Rob McQuade @ 7:17 PM,
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Check out the new video from the 500 N Condos
New to Downtown Sacramento? Considering buying a condo or other urban property? The developer and sales team at the 500 N condos want you to consider highrise living downtown at 500 N—Sacramento's only real highrise option (for now). In fact, they've put together the video below.
And if you're interested in buying, you can check out some of the condos for sale at 500 N or check out more Downtown condos and Midtown lofts for sale.
Labels: 95811, 95814, 95816, Central, condos, developments, Downtown, highrise, lofts, Midtown, Sacramento, Sacramento Urban Properties
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posted by Rob McQuade @ 6:55 PM,
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A Sacramento loft for under $200,000? It's true at 1600 H.
Monday, July 7, 2008
I just got an update from Keith over at the 1600 H lofts and he's given me the latest pricing on a couple of the loft units (updated now at www.1600h.com):
$179,600 - Loft 201 (390 sq.ft. studio)
This unit is on the H Street side and faces north. The advantage is that it's on the quiet side but has exterior views. Sounds small (and it is), but it's livable space at a great price.
$215,990 - Loft 203 (466 sq.ft. studio)
Directly adjacent to loft 201, this unit is slightly larger but offers the same great quiet outside location.
$259,499 - Loft 212 (615 sq.ft. one bedroom)
Looking for peace and quiet? This is an interior unit that overlooks the "courtyard" (parking). Perfect if you want lots of morning sun and none of the sound of traffic. I'm not a big fan of the interior units since they don't offer much in the way of views, especially on the 2nd floor.
$459,000 - Loft 401 (1020 sq.ft. two bedroom)
Wow! This two-bedroom penthouse level loft is also on the H Street side (two floors directly above 201 and 203) and is larger than the first two units combined. Tree and neighborhood views north, lots of indirect light, convenient to the elevator and lobby area.
I was originally a skeptic of the lofts at 1600 H, but the design has proven itself and the location on the line between Downtown and Midtown Sacramento is convenient to everything—just a couple blocks to Mikuni, PF Chang's, Memorial Auditorium, Music Circus, and more dining and entertainment than you can shake a stick at. This is one of my two favorite projects right now (behind only the Sutter Brownstones in Midtown). These are more affordable than the L Street Lofts but offer similar great design.
Ready for a tour? Would you like to see everything that Midtown and Downtown Sacramento have to offer? Give me a call. Rob McQuade, McMartin Realty - (916) 444-7577.
Labels: 1600H, Downtown, lofts, Midtown, Sacramento
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posted by Rob McQuade @ 7:39 AM,
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Putting technology to work in real estate
Tuesday, July 1, 2008
When you want information, you want information. I've worked hard to build not only a great team of real estate professionals to meet my clients needs but also a network of websites and web tools for clients—and I've taken those tools to the next level to provide online real estate information for Midtown Sacramento and the greater Sacramento region.
I recently had an opportunity to work with the fine folks at Trulia (http://www.trulia.com/), the leader in online real estate content, to begin educating other real estate professionals on how to provide the kinds of information that our clients want and need. Last week I filmed a training video at Trulia's offices in San Francisco (keep an eye out on here, I'll have a link to it in the coming weeks) and today Trulia blogged about the success I've been having using their site to connect with real estate buyers and sellers in the Midtown Sacramento area.
Yup, I'm a real estate nerd. ;-)
You can see what Trulia had to say here.
Labels: Curtis Park, Downtown, East Sac, Land Park, Midtown, Sacramento, Trulia
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posted by Rob McQuade @ 2:37 PM,
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What happened to the Whiskey Hill Lofts?
Thursday, June 5, 2008
I've recently had a lot of people searching my Downtown and Midtown websites for info on the Whiskey Hill Lofts, developer Paul Petrovich's residential project behind the Rite Aid he built at 21st & S in Midtown.
The Sacramento Business Journal reported on May 23rd that the Whiskey Hill Lofts, a 30-unit Midtown loft and condo development that opened for sale in February, hadn't attracted any buyers and "is being converted into apartment units and will be rented..."
Why? I think the combination of pricing—the price per square foot at Whiskey Hill was on par with other more desirable projects in better locations within the central city, including the L Street Lofts and 1600 H (which is finishing construction and has yet to close on any of the loft units)—and location just couldn't compete with other new Downtown and Midtown developments. Meanwhile the Sutter Brownstones are still selling, in part due to their competitive prices (thanks largely to mandatory subsidies from Sutter as a condition of the hospital expansion).
Looking for a Downtown or Midtown loft or condo? Register online to create your own saved searches for free or give me a call today at (916) 444-7577. -Rob
Labels: Central, Central City Loft Living, Central City Lofts and Condos, Downtown, lofts, Midtown, Sacramento, Sacramento Urban Properties
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posted by Rob McQuade @ 12:27 PM,
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AAA's Via explores Sacramento, extolls the virtues of Midtown
Tuesday, June 3, 2008
Attention Sacramento area AAA members: Didja catch what Via, AAA's travel magazine, had to say about our fair city? May's issue featured Sacramento and the article title says it best: read Capital Gains: Sacramento is all grown up.
What's most notable is the fact that Sacramento is being defined by the core neighborhoods, Downtown and Midtown, referring to Midtown as "the city's lively eating and schmoozing hot spot."
"A wildly popular art walk through the neighborhood's galleries and boutiques on the second Saturday evening of every month has helped transform Sacramento's sundown stampede into a galloping nightlife... The 2nd Saturday Art Walk emerged from the trunk shows of a few scattered Midtown boutiques in the '90s, and now virtually every shop, cafe, and valet parking spot has an exhibition or an easel up, with music playing somewhere close by."
The author goes on to mention more than a dozen local establishments worth exploring and even talks about some of Downtown and Midtown Sacramento's most notable real estate:
"If you have a passion for Victorian architecture, tour the Governor's Mansion at 16th and H streets and the Leland Stanford Mansion at Eighth and N streets, both now state historic parks. The posh Governor's Mansion, built in 1877 and furnished with fireplaces of Italian marble, gives you a glimpse of how the Golden State's chief executives lived from 1903 until 1967, when it was briefly inhabited by California's first actor-turned-governor, Ronald Reagan. Contrast this with the grandeur of Leland Stanford's 19,000-square-foot former estate and its 19th-century-style gardens."
But a few words summed up well Sacramento in general and Midtown more specifically:
"Sacramento has become what many cities aspire to be: a great walking town. Along Midtown streets, under a canopy of Dutch elm trees, the scene hums."
And if you haven't checked out 2nd Saturday yet, you can download the 2nd Saturday artwalk map and explore the festivities—and be sure to start at McMartin Realty at 21st & K.
Labels: arts, Central, Downtown, Midtown, Sacramento, Second Saturday
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posted by Rob McQuade @ 10:34 AM,
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Kiplinger names Sacramento one of the Top 10 Best Cities in 2008
Monday, June 2, 2008
Personal finance and business magazine Kiplinger features Sacramento as one of its 2008 Top 10 Best Cities in the July 2008 edition (the only California city to make the list), citing Sacramento's lush treescape and 200+ parks, burgeoning biotech and green technology industries, and evolving educational opportunities. Midtown is once again in the spotlight:
Midtown Sacramento has evolved into a 24/7 hotspot. The area is brimming with quirky boutiques, art galleries and more than 100 restaurants.Sacramento came it at #8 with other truly livable cities, including Austin (TX) and Colorado Springs (CO). If you don't live here, maybe it's time to move!
Labels: Arden, Central, Midtown, Sacramento
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posted by Rob McQuade @ 11:16 AM,
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Brookings: Sacramento goes greener, shrinks carbon footprint
Sunday, June 1, 2008
Sacramento ranked 12th best in nation's 100 largest metro areas
In its recently released analysis, "Shrinking the Carbon Footprint of Metropolitan America", the Brookings Institution found that the Sacramento metro area decreased its per capita greenhouse gas emissions from residential and transportation uses by about 9% between 2000 and 2005, compared with a 1.1% increase across the 100 largest U.S. metro areas and 2.2% across the nation as a whole.
Newer housing options and increased demand for energy efficient or "green" features in homes (reflected in new urban developments such as 9 on F and the SoCap Lofts in Downtown Sacramento) have helped push Sacramento toward the top of the list.
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C.
Looking to reduce your carbon footprint? Some quick and easy ways to do that include using alternative transportation (bus, light rail, and bicycle), living closer to where you work and play, and choosing a home that reduces your impact on the environment. Consider urban living, explore Downtown and Midtown Sacramento. You can also find out more about green living at Sacramento Green Living.
Labels: Carmichael, Central, Curtis Park, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, green, green homes, Land Park, Midtown, Rancho Cordova, Roseville, Sacramento, South Natomas, West Sac
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posted by Rob McQuade @ 10:46 AM,
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New! Search homes and condos quickly by ZIP Code
Saturday, May 31, 2008
Now you can quickly and easily search by ZIP Code with just a click! It's easier than ever to pull up homes and condos in your preferred ZIP Code by simply clicking the » By ZIP Code NEW! link under Quick Property Searches from the menu at the left. You can scroll through the list of available ZIP Codes in Sacramento, Placer, Yolo, and El Dorado Counties to bring up a convenient list of the first 200 homes and condos for each ZIP. And, as always, you can get news listings matching ALL your search criteria sent to your email inbox daily by clicking on the link under Resources for Buyers.
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Meadowview, Midtown, North Highlands, North Natomas, North Sac, Oak Park, Orangevale, Pocket, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
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posted by Rob McQuade @ 10:42 PM,
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We're on the official 2nd Saturday artwalk map!
Friday, May 30, 2008
Andy Morin has been working hard to get the new Second Saturday artwalk website and map up and running and his hard work is bearing fruit: You can check out the NEW official 2nd Saturday website and even download an artwalk map for the upcoming event. Plus check out ForSaleinMidtown.com in the upper right-hand corner of the map. It's official, we're famous! Or you could say we're on the map. ;-)
If you haven't been out for a 2nd Saturday event in Sacramento in a while, we've grown! Midtown Sacramento is home to what has become a major art event on the second Saturday of each month (upcoming 2008 events are June 14th, July 12th, August 9th, September 13th, October 11th, November 8th, and December 13th) and just happen to be concentrated around McMartin Realty at 21st & K in Midtown. Thousands converge on the area for gallery openings and art shows throughout the central city that typically run 6-10pm. Sure, parking is a pain-in-the-backside—but it's more than worth the art, entertainment, dining, and general energy. In fact Midtown has shown up on the radar with the San Francisco crowd (check out the recent SF Chronicle article "Hip, artsy heart beats in Sacramento's Midtown").
New in 2008 is McMartin Realty's PARK YOUR ART event (you can find out more at http://www.park-your-art.com and our upcoming indoor/outdoor shows. Definitely a must-experience event! -Rob
Labels: Central, Central City Loft Living, Central City Lofts and Condos, Downtown, McMartin Realty, Midtown, Sacramento, Second Saturday
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posted by Rob McQuade @ 3:25 PM,
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Moving to Downtown or Midtown Sacramento? UC Davis needs your help!
Tuesday, May 27, 2008
If you're thinking about relocating to a walkable neighborhood like Downtown or Midtown, UC Davis needs your help!
From Emily at UC Davis:
[UC Davis is] working on a national study that's looking at activity levels of people before and after they move to walkable neighborhoods. Our study is focusing on the Sacramento region... [and] we'd like to survey new buyers/renters who will be moving in within the next 3 months or so (we need to survey them both before and after they move).You can find out more about the study being conducted and how you can get involved at http://www.des.ucdavis.edu/faculty/handy/SHIFT.htm and, of course, get in touch with me if you're planning a move to Downtown or Midtown Sacramento.
Labels: Central, Downtown, Midtown, Sacramento, UC Davis
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