Anna Boyd, CDPE El Dorado Sacramento

Inreasingly we are hearing from lenders and have witnessed also that they are putting more of their efforts in to short sales rather than taking the property back. More employees are being shifted over to the loss mitigation department (aka short sale). The loan modification process has not been the success everyone was hoping for. Even in the few times there's a successful loan modification, more than half of the property owners will go back in to default.

This turn of events should benefit everyone. The seller is able to avoid foreclosure. They can put themselves in a position to buy another home in 2 years. The lender is able to keep it out of their foreclosure statistics and avoid being a property manager. It just makes the numbers look better all the way around - and the lender improve their reputation by helping the homeowner avoid foreclosure.

When a seller is considering a short sale, it is so important to find an agent that is experienced in short sales. This is not a time to call on Aunt Sally or your best friend who happens to do real estate on the side, or your neighbor who just got their real estate license. There is just too much at stake for that.

You see a great buy online from website such as RealtyTrac and you can't believe this could be true. A 3 bedroom home in El Dorado Hills for $75,000 when most list prices for similar start at around $250,000.

Couple of things are in play here. One is that foreclosure websites would like you to sign up for their service and it can be useful if you know what you are looking for.

Second, is that the $75,000 mentioned online that is in default is the second mortgage, not the $400,000 first mortgage (a common scenario).

One way to do a quick check is to go on Zillow.com and see the Zestimate of homes surrounding. While this is not a perfect answer either, it will get you must closer to a reasonable selling price than some of the foreclosure websites.

El Dorado Hills has 315 active listings of which 132 are short sales with 90 of them already having seller accepted offers and waiting for lender approval. There are 20 REO's (bank owned) properties for sale. Home prices range from $199,900 for a 3 bed/2 bath in Crown Village to a newer 6057 sq ft home in Serrano priced at $2,700,000.

There are 52 homes for sale priced under $350,000 and 36 homes priced over $1,000,000 indicating both affordable and luxury living is available in El Dorado Hills.

There are 102 pending sales with average days on the market of 88. There are 145 sold listings in the last 3 months with average days on the market of 83. Average list price to sale price is 97.3% indicating buyers are aware the list prices are already bargain prices.

There are currently 63 active listings in this area ranging from a 2 bed/1 bath on 5 acres for $143,500 in Greenwood to a 3700 Sq Ft. home on 10 Acres in Pilot Hill for $1,498,000. Of these listings 18 are short sales of which 7 have offers accepted by seller and waiting for bank approval. There are 7 REO's (bank owned).

Average days on market for the 13 pending sales are 74.

There was 32 solds in the last 90 days with average days on the market of 80. Average percentage of list price to actual sales price is a fantastic 98%.

Visit my website, www.annaboyd.com for free MLS Search (no registration required) or call me for more information (916) 813-3534. I'm always to answer any questions you may have. Anna

Buyers are flocking to these homes. They know that "if not now, when?". This is a much sought after area with home prices that couldn't have even been dreamed up before. Add to it the excellent schools, the foothills, above the fog, easy commute to Folsom and Sacramento and you can see why the market reports are so strong.

This is the report I posted on Realtor.com yesterday:

El Dorado Hills has 315 active listings of which 132 are short sales with 90 of them already having seller accepted offers and waiting for lender approval. There are 20 REO's (bank owned) properties for sale. Home prices range from $199,900 for a 3 bed/2 bath in Crown Village to a newer 6057 sq ft home in Serrano priced at $2,700,000.

There are 52 homes for sale priced under $350,000 and 36 homes priced over $1,000,000 indicating both affordable and luxury living is available in El Dorado Hills.

There are 102 pending sales with average days on the market of 88. There are 145 sold listings in the last 3 months with average days on the market of 83. Average list price to sale price is 97.3% indicating buyers are aware the list prices are already bargain prices.