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UPDATE: Sacramento Short Sale 2012
Sacramento, the surrounding areas as well as the State of California is experiencing the results of homeowners that couldn’t afford to purchase a home, bad lending practices and shady deals.
You add all that up together and you have Short Sales and Foreclosures. Now, here come the Auction Companies. I’m not saying that all Auction companies are bad. Just as there are bad Real Estate Agents and bad Lenders, there are bad Auction Companies.
There have been Real Estate offices open up almost on every corner, change their names frequently to avoid problems and agents who hop around from Real Estate office to Real Estate office. Some mom and pop organizations who have no training for their agents. And others who seem to train in everything but bettering their agents to be Realtors. Then of course we had the part timers who thought there was nothing to being a Real Estate agents and managed to make a mess.
Real Estate agents who took a crash course to gain more money by submitting loan applications have been a detriment to society. There is nothing illegal by these agents double dipping in Real Estate and in Lending. But, think about this…if you are doing your job full time and continually educating and conducting business in Real Estate, there is no way you have time to also keep up with loans, loan programs and regulations. What does that say? It says to me that you dabble…do I want someone that dabbles…or do I want someone who knows what their doing?
Some of these Sacramento Home Buyers actually had dabblers finding them homes, writing up loan applications…on the biggest investment of their lives and they let a dabbler do it. I don’t understand that.
Now, the kicker here is that some of these same Real Estate agents were changing loan applications, puffing the amount of income so there Sacramento home buyer could afford to spend more. Yes, fraud! This has helped lead California into the results of Bank owned property as we see in the chart above. These people need to get out of the business and leave those professionals to do the job correctly and honestly.
So much to say about all this…I do hope you can stick with me while I try my best to give you the best advice, in my opinion that I can muster without seeming to rant.
Auctions are nothing new. But, some of these companies are new to auctioning homes. They have been dealing with auctioning estate furniture, jewelry, cars etc. but not homes. Did I hear you ask, is there a difference? YES! Many of these Auction companies saw a niche and jumped in just like the agents who saw a niche to make more money doing loans and Real Estate. I have had the opportunity of witnessing how some of the companies work, what they charge and how they operate as well as how much experience they have selling homes. It’s not a pretty picture, folks.
This is a very expensive proposition when there are other alternatives. First, the Banks don’t want to own homes but that’s exactly what is happening. Banks need to start negotiating with the homeowners and revisit these audacious loans. If this isn’t done then the Banks need to start accepting Sacramento Short Sales and stop this fervor. If the property is priced in value range pricing there is no reason for an Auction. It’s time to make some sense out of all this senselessness. Get a clue. We need to pull together here and make this a win, win instead of a continuous loose, loose.
Remember, if you don’t think this effects you, as a Sacramento homeowner…think again. This effects every single one of us. It is what is driving the real estate prices down. It is time for the homeowners to stand up and let their voices be heard. Stop ruining neighborhoods with vacant properties, weeds, mosquito filled pools…this is not good for the economy, it’s not good for the Banks, it’s not good for the homeowner and it’s not good for the neighborhood.
If you have access to the Sacramento Bee or the on-line version, here is the article link dealing with the Sale of bank-held homes in California.
I hope I have sparked your interest and concern…we need to speak-up, not put up with this and demand a better solution.
Related Articles:
Are Short Sales and Foreclosures A Good Deal?
Foreclosures, Buy or Don’t Buy?
Do You Understand Foreclosure?
Interesting article. As i read your post I remember my friend from mallorca spain who seeks for my help. He have some difficulty about selling his Property sale in South Tenerife. I hope you can help me online on how to get a potential buyer. Do you know some useful strategy on selling a property?
I’ll be waiting for your response. Thanks!
After taking a look at your links and seeing that you are from Spain, it would appear as though you are doing a great job showing the area as well as the property.
If you haven’t already done so, you may wish to advertise on Craig’s List, Trulia and Zillow as well as on some of the high powered Realtor’s blogs.  Hope that helps you and good luck. Spain is a beautiful Country and I’m sure that it will be sold in no time!
Thanks for popping-in.
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