Sacramento Shifts?

Having weathered the hot summer, it seems that there’s more cooling off in Sacramento real estate.

Earlier, I was writing offers left and right and getting rejections in all the same directions…but lo an behold, I am seeing a shift. In fact, I kid you not that I have gotten three acceptances in a row. These are the same buyers, same financing….everything is the same, but sellers (aka banks) seem to be coming around a little.

Two months ago I wrote an offer 11,000 over asking. The next week, I wrote one for 17,000 over. These are some significant overages, and yet, in both cases, the banks picked another buyer to work with (I suspect the winning offers were cash since my offers were otherwise clean and solid).

Yet in these recent offers, the ones that have been accepted, I notice that all of them are full price…maybe 1-2 thousand over asking, but that’s it. So what’s going on? Well, I can only venture to guess that will all of the Sacramento foreclosures out there that the banks are wanting to make things happen quicker. Previously, it was not unusual for me to not even get a response on a foreclosure offer to purchase, but just today, I got a response ONE HOUR after submission. This was unheard of earlier this summer.

One other thing I am noticing is that banks are refusing to initial items #16 and #17 in the RPA (purchase agreement). These are the clauses that have to do with arbitration and mediation. And, while I am not an attorney, I do know that this seems to be the norm with asset managers. So far, I haven’t seen any repercussions and don’t really anticipate any. After all, the banks are very clear on the fact that any foreclosed property is “as is.” This is not a trick. The Buyer’s Advisory gives buyers plenty of time and direction in making sure all inspections are done, and within that time-frame, if the buyers are unhappy with anything the inspections uncover, they can walk, deposit in hand.

All that said, the summer is coming to an end, inventory is moving quickly. There has never been a better time to buy a Sacramento house, and now, it seems the banks are getting easier to work with.

Ta ta for now,

Tamara