Kentinsac, Home Buyer in El Dorado Hills, CA

Could you give me some pointers on short sale success rates for buyers in El Dorado Hills? I see a lot of Active SS posted but hardly any Sold as SS.

Asked by Kentinsac, El Dorado Hills, CA Fri Jan 13, 2012

Is it still a waste of time to try to buy a SS in a nice neighborhood in EDH? We are looking to buy in Spring '12. We are planning to be all cash and in the 300-500K range. I see REOs being sold quickly if a good buy, but some SS sit there for months. We don't want to waste time opportunity if buying a SS is still a low success rate. The market being what it is, REOs is still the best deals. Please advise us on what is currently true, not what we hope may happen. Thanks.

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Hi Z Team, I am the one that asked the question.
Your recent blog article "Re-entry buyers", you said EDH Dec sales were about 200 and half were destressed. Do you have a break-down of how how many were REOs and how many were SSs?
Is it really better to go with so called "Bank pre-approved SS" if we want to get a deal done reasonably fast?
Thanks,
-kentinsac
0 votes Thank Flag Link Sat Jan 14, 2012
Short sale success?
Information posted and reality may be mulitable choice reporting reflections!
Contact the most experienced, Realtor in that local area for what really occured!
0 votes Thank Flag Link Fri Jan 13, 2012
Thanks Ron. My impression is a lot can go wrong in buying a SS. Banks are understaffed, banks are fickle. BPO trips up deals. Investor or mortgage may not approve. 2nd mortgage holders has no incentive to approve SS. Banks prefer foreclosures sometimes. And some home owners are playing delay foreclosure games by listing as SS.
If they don't streamline this process, people like us will just not bother to look at SS's.
Who wants to get strung out for months in a process we have little control when a lot can change in this economy.
- kentinsac
0 votes Thank Flag Link Fri Jan 13, 2012
Yes, you've got it! The ss process is long and has zero promises. Inventory in El Dorado Hills is low, so SS are hard to avoid if you want to buy. Here are my guidelines. Ask if the loan is with one or two banks? Are the home owners under "true hardships" ? Have they had previous buyers who walked? Is the SS approved? Do they have any over due HOA fees or liens on the property? Some ss will never be approved and will foreclose. Others will close but it will take at least 4-6 months. Good luck.
Flag Fri May 18, 2012
It is good news/bad news:
Shortsales take a lot longer and are a hassle; consequently, fewer people offer on them.
REOs are quicker and less hassle so you might end up in multiple offer situation.
Choose what works for you.

Good luck and may god bless
0 votes Thank Flag Link Fri Jan 13, 2012
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