Buyers who need to close escrow by June 30th to qualify for the first-time home buyer tax credit are reluctant to buy a short sale. That's because so many of those short sales take 90 days or more to get approval. If a buyer closes escrow on July 1, the buyer loses out on the $8,000 home buyer tax credit. However, this Lincoln Crossing home is a Wachovia short sale, which means it can close way before the tax credit expires. In fact, if a buyer bought this new Lincoln Crossing short sale today, which is March 1, I'd venture to guess it would close about mid-April.
Sure, you may hear horror stories about short sales, and many of them are true. The worst short sale in this Sacramento market, hands-down, no-holds-barred, is a double Countrywide. A double Countrywide short sale is two loans that originated at Countrywide, now held by Bank of America.
That's one of the reasons why I take all my Sacramento short sale listings for 12 months. It's my standard of practice. I'd say 90% of them close before that, but at least I don't have to track when the listings expire as I have enough other pressing issues to contend with on these short sales. Clients also prefer one-year listings because they know I will not abandon them 6 months down the road if those short sales take longer to get approved.
With a Wachovia short sale, the listing period is not a concern. Wachovia has its act together and has streamlined the short sale process. If a buyer is lucky enough to find a Wachovia short sale in Sacramento or Placer County, it's a double blessing. Not only will that short sale move as smoothly as silk, but the sales price is likely to be very attractive.
Check out this Wachovia short sale in Lincoln Crossing. This is a 4-bedroom two-story, with 2 full baths and 1 half bath. The living room / dining room has Berber carpet, a chandelier and no furniture. That room has never been used.
You'll find an island in the kitchen, with a hanging pot rack over it. The pots do not stay, but the rack does. The seller says when the home was purchased in 2006 from Centex, all the upgrades were purchased as well, except the flooring in the kitchen does not extend all the way into the family room. That's because the builder had already installed Berber carpeting in the family room. But the kitchen definitely sports all the bells and whistles -- granite counters, stainless appliances, cherry wood cabinets, wood-like flooring and a pantry closet with a frosted door. There is also a breakfast area.
The family room has soaring ceilings that reach all the way to the second floor. There is a fireplace with gas logs. It's a great room concept, meaning it's open to the kitchen. This type of layout lets family members interact during meal preparation. A mom can watch her kids in the back yard while she's making lunch. A guy can cook dinner in the kitchen and still speak with his roommate who may be watching TV in the family room.
The home has 2,248 square feet, according to the county assessor. All four bedrooms are upstairs. The master suite overlooks the massive back yard and affords views of the terrain beyond the home. It sort of makes you feel like you're out in the country. Yet, the train is close, as is the Highway 25 Bypass that's being built. There is something soothing and comforting about hearing a train at night, approaching from the distance.
As an added bonus, buyers for this Lincoln Crossing home qualify for membership in the HOA. The homeowners association has a pool, spa, gym, clubhouse and offers recreational activities. It also tries to ensure conformity within the community, meaning you won't find cars stranded on the street or forgotten trash cans at the curb, like other parts of Lincoln. The HOA dues are reasonable at $115 per month.
1046 Ashford Lane, Lincoln, CA 95648, is offered exclusively by Lyon Real Estate as a Wachovia short sale at $199,000.
For more information, please contact your Sacramento short sale agent, Elizabeth Weintraub at 916 233 6759.
Photos: Elizabeth Weintraub
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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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
As the deadline get closer the horror stories and the pleading to get it closed on time will begin.
Well, not on this one, Terry. LOL. I received several calls yesterday from excited agents who are planning to show this Wachovia short sale because they realize this is not a long, drawn out process. It's fast, short and sweet.
Elizabeth, this home looks like a great opportunity for someone! I hope they snap it up quick!