With the Sacramento Real Estate market full of Short Sale Properties for Sale it is taking longer to close on the purchase of your new home. Due to the vast number of short sale properties available, the banks are starting to back up again on the approval of short sale properties.
If you are unwilling to wait a minimum of 60-90 days for an approval of your offer then a short sale is NOT for you. With the decrease of inventory available for sale in the Sacramento area, we are seeing an increase of multiple offers on our listings for sale. We are also seeing quite a few buyers who are unwilling to wait for short sale approval. This is the main reason we take BACKUP offers on our listings and ask that our buyers be held in backup position. We have seen countless buyers who are in 1st, 2nd and even 3rd backup position get their home. Patience is the name of the game in the short sale process.
If you are making an offer on a Short Sale Property, be prepared for a lengthy process. Updates are sometimes hard to come by, but working with a diligent agent who is well versed in Short Sales will help make the process quite a bit smoother and sometimes quite a bit faster.
CCSE (California Center for Sustainable Energy) and California Contractors State License Board also offers the following tips and recommends that you consider the following:
- Get three different contractor’s bids
- Check the status of Contractor’s License at https://www2.cslb.ca.gov/OnlineServices/CheckLicenseII/checklicense.aspx. License must be an active A, B, C-10, or C-46 in order to meet the eligibility requirements for the California Solar Initiative (CSI) Program
- Check the Better Business Bureau or personal references of contractor
- Look for feedback from previous customers, talk to customers who have used the contractor and conduct an internet search to find out about the Contractor and Company
- Find out what the average project costs, how much contractors charge per watt, etc. by downloading CCSE program data at https://csi.powerclerk.com/Default.aspx
- Don’t pay more than 10% or $1,000 whichever is less, as a down payment
- Hire only licensed contractors and ask to see their license
- Don’t hire the first contractor who comes along
- Don’t rush into repairs
- Don’t pay cash, and don’t let the payments get ahead of the work
- Get a written contract
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Are you still on the fence trying to decide whether to keep on renting or take the leap into home ownership? You may never again experience these low home prices combined with the lowest interest rates ever again. Check out this handy calculator to help you see the advantages of home ownership. (CLICK HERE)
If you are still unsure, you should contact a REALTOR to discuss the advantages of purchasing a home and find out how much of a loan you can qualify for.
Don’t be left sitting on the fence saying should’ve…..would’ve…..could’ve Act now and contact your Real Estate specialist.
In the past 32 years working in the real estate industry, I have not experienced a 4-1/2 % interest rate on a 30-year fixed rate loan. It is time to give a lot of thought to purchasing a home in this market.
Are you concerned that home values may decline?
Sure, it is possible but will you ever see 4-1/2% again? That equates to $450 for every $100,000 in the purchase price of your home. Can you rent for that monthly payment? I doubt it. Lets also not forget the tax benefits of owning your own home and the freedom of making your house a home for you and family.
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