Since short sales represent a large number of transactions in Folsom and El Dorado Hills, people keep asking about the short sale process.  We are listening and prepared a video that spells out what you can expect during a short sale from an experienced agent.  Knowing what to expect is very comforting during what can be an unsettling time in your life, so take a look.

In Folsom CA in May 2011, only 88 homes sold. Of those sold homes, 49%  were "distressed". This is slightly down from 50% in April 2011. In El Dorado Hills CA in May, only 57 homes sold. Of those sold homes, distressed sales accounted for 49% which is up signicantly from the previous month.   In Sacramento County CA, 65.6% of the 1,766 homes that sold in May 2011 were "distressed" which is also slightly down from the previous month. 

These "distressed" sales fall into 2 catergories, namely short sales and bank owned homes.  Banks use foreclosure as a last resort so the number of approved short sales in increasing. These numbers tell you that if you are having trouble paying your mortgage, you have lots of company.   

The term "distressed" applies to a home that is in some stage of the foreclosure process. Today, 1 out of every 7 (by some counts it's actually 1 in 6!) homeowners in America is behind on mortgage payments. Some have received a Notice of Default (NOD) and some have just missed one or more mortgage payments. Either way, if you missed at least 1 payment, you are considered in default and therefore "distressed".

Through our experience handling distressed properties at Smith Real Estate/REMAX Gold, we've found that homeowners today have more questions than answers about their circumstances. We created this site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales. Short sales are not for everyone and yet a short sale may be the best course of action for some homeowners.

As we get interest, we will hold our next Distressed Homeowner in Folsom, CA. The reason we hold these seminars is that there are potential ramifications to distressed homeowners that may apply, depending on which course of action you pursue. We want people to know about these so that you don't get a surprise in January when a 1099 arrives or even several years from now.  Contact us for more information about attending our next seminar.

You may also have noticed that we are offering you several FREE Reports to explain your options and help you decide on the best course of action for you and your family. The idea of losing a home can be overwhelming, and it is vital for you to have all the facts necessary to make an informed decision. Adding our educational seminars is another way we are reaching out to help you.

Choose your agent wisely. You want someone experienced in negotiations and who has the sensitivity to what it feels like to be a distressed homeowner.  Luckily, we are both of these and are committed to your getting out of this distress and moving on with your life.

If you would like to know more about your options or an upcoming seminar, please call me us (916) 939-2040. We will address your inquiry with the level of care and respect that you deserve.

We are here to help. You simply need to reach out and ask.

 Jim & Sheryl Smith, CDPE