The Worst Sacramento Short Sale

Daisies Vase-300x200A bouquet of daisies can brighten up just about any old dreary situation — whether it’s a Sacramento short sale that’s driving you nuts, the fact you’re living back home with your parents as 36.4% of Sacramentans adults aged 18 to 31 are according to 2011 Census Bureau data, or maybe you feel too sick to go to work because you’re just plainly sick of work. I have a lot of daisies growing in my yard in Land Park, which I didn’t plant, but they’re thriving in the back yard gardens just the same. So, I hope you like the photo I shot of the daisies I picked.

Daisies perk me up. You can’t help but smile when looking at them. Daisies are probably the happiest flower there is. Even when they’re twisted and growing weirdly to reach upwards toward the sun because some person, I’m not saying who, has not weeded the crap around them, daisies are still joyful. Dancing. Spreading glee.

Unlike the poor soul who called yesterday about doing the worst short sale ever. I looked up the property in the tax records first because that tells me a lot about the seller, the property and what’s happened over the years. Let’s say this condo is in Roseville. It was enough to ascertain that the homeowner had probably been involved in a loan modification for a while. Yup, I was right about that. Plus, he last made a payment 2 years ago. Those things are actually pretty good aspects for a potential short sale in Sacramento.

On the other hand, an interrupted bankruptcy not yet dismissed, another bankruptcy petition on the horizon and a hard-money second mortgage without a loan number, which has most likely been charged off, are not good things. A homeowner can’t do a short sale when a bankruptcy is pending. His Sacramento short sale agent can’t negotiate a second mortgage without a loan number. Hard-money lenders play hardball, if they play at all due to the nature of recourse. And, let’s not even talk about the potential for federal income tax liens or that the homeowner’s association is threatening to sue for $25,000.

Buyers will pay for a lot of things in a short sale. Some buyers will even pay delinquent HOA dues on behalf of the seller, but it’s got to make financial sense. I finally had to ask the caller if he would like to look at the situation objectively. I mean, let’s just isolate one aspect such as the delinquent homeowner dues. First, I don’t know how a homeowner’s association can claim it is owed $25,000 when the dues are around $300 a month. Are they demanding a percentage of equity?

But let’s just say that number is correct. This person’s Roseville condo is worth about $150,000. So the question is if a buyer is paying $150,000 in cash to buy this condo, is there an incentive to pay an additional $25,000? The Sacramento market is hot, but it’s not that hot. The seller agrees. He has questions he needs answers to and more information before choosing a course of action.

Actually, his short sale could be worse. I can think of more things that would make it worse, but why make myself or anybody that miserable? If you’re wondering about a short sale or maybe just selling a home in Roseville, you can call Elizabeth Weintraub at 916 233 6759, and we’ll analyze your situation together. Every short sale is different. Even the worst ones.

*Some of the facts have been changed to protect the homeowner’s privacy.

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