What a busy week we had last week…here are the stats:
Single Family Residential
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Active:
San Benito County-143 of which REO/Bank Owned-22 or 15%
Hollister-82 of which REO/Bank Owned-14 or 17%
Pending:
San Benito County-207 of which REO/Bank Owned-47 or 23%
Hollister-172 of which REO/Bank Owned-39 or 23%
Absorption Rate:
San Benito County-.69 months supply of inventory or 21 Days
Hollister-.48 months supply of inventory or 14 Days
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Solds for the week: 17
High: $1,225,000 Equity Sale, New Conv. 1st
Low: $79,900 REO/Bank Owned, All CASH
Full-Price or Over-Asking: 7 or 41%
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Sale Type
REO/Bank Owned: 11 or 65%
Short Sale: 1 or 6%
Equity Sale: 5 or 29%
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Financing Type
New Conv. 1st: 9 or 52%
FHA Loan: 4 or 24%
All CASH: 4 or 24%
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And a personal note… earlier this month I had some dear friends of mine who lost their home to foreclosure. Sadly they took the advice of a family member and were scammed. By the time they realized it, they had lost their home.
Please…if you or anyone you know is in this situation..there are options and I am here to help. My advice and guidance is at no charge.
Single Family Residential
____________________________________________________________
Active:
San Benito County-143 of which REO/Bank Owned-22 or 15%
Hollister-82 of which REO/Bank Owned-14 or 17%
Pending:
San Benito County-207 of which REO/Bank Owned-47 or 23%
Hollister-172 of which REO/Bank Owned-39 or 23%
Absorption Rate:
San Benito County-.69 months supply of inventory or 21 Days
Hollister-.48 months supply of inventory or 14 Days
____________________________________________________________
Solds for the week: 17
High: $1,225,000 Equity Sale, New Conv. 1st
Low: $79,900 REO/Bank Owned, All CASH
Full-Price or Over-Asking: 7 or 41%
____________________________________________________________
Sale Type
REO/Bank Owned: 11 or 65%
Short Sale: 1 or 6%
Equity Sale: 5 or 29%
____________________________________________________________
Financing Type
New Conv. 1st: 9 or 52%
FHA Loan: 4 or 24%
All CASH: 4 or 24%
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Wow! A big week for closings….
I know, I know, anyone reading this has got to be saying…yeah right..a painless short sale? But it is true that a short sale can be painless provided that rules are followed and a few tools are used.
One of the most important rules that I impliment is that my sellers are in the game. I explain that at times it may seem that I am demanding, and asking for more and more documentation (ie. paperwork), but I am just the messenger and at the mercy of the bank. If they want it, I am going to get it to them promptly. As long as my sellers know that up front before I even take the listing, that this may not seem easy for them…I will do everything I can to help them. But, they need to be ready to jump when I ask and they always need to be immediately available whether by email (preferably) or phone.
As far as tools…I have a number of them in my short sale arsinal. From brochures explaining the difference between a short sale and foreclosure, to my method for completing and submitting the short sale package.
And I must admit with my background in escrow…it helps to know the “lender lingo” and when the lender asks for something, if you get it to them NOW..your file will not go back to the end of the line, but proceed forward.
So what can be done to help make the Short Sale process run smoother?
The obvious answer would be to have the banks streamline their system. But I think that many banks have done that now, making the process easier than it ever has been. I think as agents we need to do what we can to make the process easier for them and our clients. That means having a complete package ready in our possession and being prepared to hand the lender what they need immediately. If the lender asks for an updated paystub…you should have that in hand unless it is not yet available. I instruct my sellers to deliver to me updated paystubs, bank statements, etc. as they receive them…so I don’t have to ask.
And the big question……Why do I want to do short sales?
We actually…I hate to date myself here, but back in my escrow days…. I have done short sales for over 20 years. At a time when escrow actually did the negotiating with the bank (how many of you remember that??) So short sales are nothing new, they are just more prevelant than they have ever been due to the drop in the market. But back to the question…plain and simple…I want to help people. This is a time when they need help the most. I have seen too many people that were “helped” by others, only to lose their homes to foreclosure. I can help them with the process and we can make the journey together to get their home sold. It’s also a good thing for our neighborhoods and communities…a sold sign is much better than a deteriorating foreclosed property.
Now for a market update….here are the stats:
Single Family Residential
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Active:
San Benito County-133 of which REO/Bank Owned-18 or 14%
Hollister-73 of which REO/Bank Owned-11 or 15%
Pending:
San Benito County-216 of which REO/Bank Owned-52 or 24%
Hollister-179 of which REO/Bank Owned-41 or 23%
Absorption Rate:
San Benito County-.62 month’s supply of inventory or 19days
Hollister-.41 month’s supply of inventory or 12days
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Solds for the week: 11
High: $820,000 New Conv. 1st, Equity Sale
Property appraised for $750,000! Buyer paid $70,000
over appraised value.
Low: $140,000 FHA Loan, REO/Bank Owned
Full-Price or Over-Asking: 6 or 55%
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Sale Type
REO/Bank Owned: 5 or 45%
Equity Sale: 6 or 55%
Short Sale: none
___________________________________________________
Financing Type
New Conv. 1st: 6 or 55%
FHA Loan: 2 or 18%
All CASH: 1 or 9%
VA Loan: 1 or 9%
USDA Loan: 1 or 9%
Single Family Residential
____________________________________________________________
Active:
San Benito County-133 of which REO/Bank Owned-18 or 14%
Hollister-73 of which REO/Bank Owned-11 or 15%
Pending:
San Benito County-216 of which REO/Bank Owned-52 or 24%
Hollister-179 of which REO/Bank Owned-41 or 23%
Absorption Rate:
San Benito County-.62 month’s supply of inventory or 19days
Hollister-.41 month’s supply of inventory or 12days
____________________________________________________________
Solds for the week: 11
High: $820,000 New Conv. 1st, Equity Sale
Property appraised for $750,000! Buyer paid $70,000
over appraised value.
Low: $140,000 FHA Loan, REO/Bank Owned
Full-Price or Over-Asking: 6 or 55%
____________________________________________________________
Sale Type
REO/Bank Owned: 5 or 45%
Equity Sale: 6 or 55%
Short Sale: none
___________________________________________________
Financing Type
New Conv. 1st: 6 or 55%
FHA Loan: 2 or 18%
All CASH: 1 or 9%
VA Loan: 1 or 9%
USDA Loan: 1 or 9%
Single Family Residential
Active:
San Benito County-133 of which REO/Bank Owned-20 or 15%
Hollister-72 of which REO/Bank Owned-11 or 15%
Pending:
San Benito County-218 of which REO/Bank Owned-51 or 23%
Hollister-102 of which REO/Bank Owned-42 or 41%
Absorption Rate:
San Benito County-.61 month’s supply of inventory or 18 days
Hollister-.71 month’s supply of inventory or 21 days
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Solds for the week: 10
High-$345,000 REO/Bank Owned, New Conv. 1st
Low- $165,000 REO/Bank Owned, FHA Loan
Full Price or Over Asking-7 or 70%
Sale Type
REO/Bank Owned-7 or 70%
Short Sale-3 or 30%
Equity Sale- none
Financing Type
New Conv. 1st-5 or 50%
FHA Loan-4 or 40%
All CASH-1 or 10%
