Friday, March 19, 2021

Foreclosure Warning in Our State and Region! 107924606

Moratorium on Foreclosures,  Hot Real Estate Market  

Foreclosure Warning to Sacramento, Placer and El Dorado Counties

Recently, the current Administration announced an extended moratorium until June on foreclosures to help people who have been affected by the lockdowns and closure of businesses.  This is bittersweet for those people because it gives them a short term solution and relief, but sadly, many of them will lose their homes. Once the moratorium is over, the lenders will be sharpening their pencils and carrying out foreclosures in mass. My firm is getting the word out to unsuspecting homeowners to be careful not to become too entrenched in the late mortgage issue. If they are a few months late, their credit has taken a hit already, and even though they have enjoyed no payments to help themselves survive, they may be putting their equities at risk if June gets here and they run out of options due to credit issues.  

Hot Real Estate Market  

Today's real estate market is without comparison in recent times. The prices have also never been higher in our area. Properties often sell in 1 or 2 days time, with multiple offers, and buyers at times are even unwilling to ask for simple repairs or demand a whole house inspection or termite clearance. It is a tight market. (We do still get them inspections and their contingency period, it is just at their own nickel.)  The buyer's attitudes now are, not "get me a good deal," but rather, "do what it takes to not lose this house." People are over bidding, and this requires very hard looks from appraisers, who still seem to bring in the appraisals probably 90% of the time. All cash buyers eliminate this issue and sellers are hoping for all cash buyers. 

Call us today if we can help you or someone you know navigate this tricky marketplace. We do excellent work, and I have much experience solving problems for people, including handling probate, divorce, fixers, permit, code, multiple sellers, and other issues, and always getting our sellers top dollar, and helping buyers win and obtain their dream homes. 

Greg Nichols
MFN Realty
DRE # 00632894

A Licensed California Real Estate Broker

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