â€œHow Long Does a Short Sale Take Once the Property is Listed for Sale?â€ CALIFORNIA SHORT SALES FAQ's for Rocklin, Roseville, Granite Bay, Folsom, El Dorado Hills, Lincoln and Sacramento CA
As a Short Sale Listing Agent serving places like Rocklin CA, Granite Bay CA, Folsom CA, Roseville CA, El Dorado Hills CA, Citrus Heights CA, Sacramento CA and Lincoln CA... And others in the area, I get many questions regarding the process, lenders, what course of action should be taken... There are an endless number of questions that come up. So, I decided to start a BLOG series in 2011 regarding those Short Sale questions that I get asked. Here s a link to 10 questions and my answers BLOGGED previously.
That said here is the next question I am hearing often from Sellers & the General Public:
"How Long Does a Short Sale Take Once the Property is Listed FOR Sale?" ANSWER â€“ My short answer to this common question is to quote my latest stats to the seller or person asking the question.Â My current stats are as follows for Rocklin, Roseville, Lincoln, Granite Bay and Folsom California.Â The fastest a home we listed for sale closed from listing to recording the new buyer this year has been 119 Days.Â My current average for Short Sale properties SOLD is between 135 and 150 days from listing to recording of the sale.Â 3 to 6 months ago the average was a 150 to 180 day timeline.Â The averages are always moving of course.
So what does this mean for a seller?Â Well, it means that you will probably have 3 to 4 more months in your home if you are still living in the property.Â It also means that your home will not sell before the end of this school year if you put your home up for sale today.Â Another important item to consider is that these timeframes mean you only have a very limited time left to take advantage of the 2007 Debt Relief Act which currently prevents short sale sellers from having a CAPITAL GAINS TAX burden on the difference between the amount owed and what the net proceeds of the sale are to the lender.Â These are considered â€œGIFT FUNDSâ€.Â Previous to the 2007 Debt Relief Act, this amount was subject to being taxed and paid by the seller.
Need to know more? Â Call Ken 916-751-1800 or email us
We are proven Short Sale & Real Estate Specialists in Rocklin / Roseville / Granite Bay/ Lincoln/ Folsom CA
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Patterson Realty and Ken Patterson are synonymous with underwater mortgage
assistance and short sales in Rocklin, Roseville & Granite Bay CA.
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