Closing escrow in December is a tough time of the year. Right now, many of my short sale approval letters call for a closing in January, which seems to work out better all around for sellers and buyers. It doesn't work out so well for real estate agents and mortgage brokers. That's because many of those people want the money NOW. And they want the closed inventory to reflect on the end-of-year sales for 2011. Can't blame 'em for that attitude.
Looking at from a practical viewpoint, though, through the eyes of a seller or a buyer, who wants to move in December? If you're living in Minnesota, like my sister, it's snowing and freezing. If you're living in Sacramento, it could very well be raining with morning frost. Not to mention, closing escrow can be a big interference with your holidays. I mean what are ya gonna do? Pick up that Christmas tree with all of its dangling ornaments and icicles and toss it in the back of a pick-up truck?
The end of year closings will be awful this month. That's because December 30th is a Friday. If you work at a title company or escrow company and hope to go home early, lottsa luck. If you have a choice between the 29th and the 30th to close, you should pick the 29th.
I predict that the last week of the year will be a crazy week in Sacramento. You might think this is a slow time but it's not for all of those end-of-year buyers and sellers.
I have a bunch of closings this month. I am trying to schedule the bulk of them next week, but there a few sliding into the last day of the year. I am so sorry for those Sacramento short sale sellers and buyers. It probably comes down to which is more important? Closing that Sacramento short sale or getting ready for New Year's Eve? For those who are closing on December 30th, think of it this way: At least your year will be over and your short sale finished. You can start 2012 fresh. A fresh slate. A fresh life.
Just so you know, I don't pick the closing date for those short sales. The short sale bank chooses the final date to close. For whatever reasons, some of those banks want the numbers on the books for this year. Some don't. If your bank is making you close in December and you'd rather not, as your Sacramento short sale agent, you have my empathy. I understand. I'd rather see you close in January, too. But if you do want to close in December, I want whatever you want.
Here's another way to look at it. At least it's not the worst day of the year to buy a home.
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
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The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
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