From the monthly archives:

September 2009

Report States Short Sale better than Foreclosure

by vbindi on September 19, 2009

ORANGE COUNTY, CA:  A recent report from the Amherst Securities Group shows that in most cases, short sales are a  more effective loss mitigation approach, as they minimize loss severity, as compared to Foreclosure.

The Amherst Securities study shows that the loss severity on Short Sales is 15% to 20% less than the average losses bank take for Foreclosures.  Federal officials  have created financial incentive programs that now encourage banks and servicers to pursue short sales and in-lieu of Foreclosure.

In addition, and New Program has been created  to help some troubled homeowners.  The new Short Sale and Buy program allows some property owners to Short Sale their existing home, and buy a similar replacement home at today’s very low property values, while using a 3.5% down FHA loan.  We will write about this new program as new details are published.

In addition, many banks and servicers are now passing on their Federal incentives.  These Banks are now offering Cash for Cooperation of up to 1% of the Sale price, to encourage struggling homeowners to cooperate with a short sale, versus letting the home go to Foreclosure.

For information about short sales, or your home mortgage situation, please feel free to contact the Experts at Short Sales ASAP, at:  949-388-3396, or email at:  Info@ShortSalesASAP.com

Foreclosure Homes for Sale in Laguna Niguel

by vbindi on September 9, 2009

Currently there are 16 foreclosed homes and condos listed for sale in Laguna Niguel.  A foreclosed property is one in which the homeowner fell behind on their mortgage payments, and the mortgage bank instituted a Foreclosure proceeding.  After the 3 month Notice of Default process, and the 3 week Trustee Sale process, the property is sold in an Open Auction.  If no one bids at this Auction, then the foreclosing bank winds up owning the home.

Banks are the ultimate motivated buyer.  They have no emotions wrapped up in the home, and are extremely motivated to sell the home very quickly for several reasons. Therefore, most banks price their foreclosed home inventory below market value so they sell quickly.

Below is the list of all foreclosed bank owned homes currently listed for sale.  These homes and condos range in price from $198,000 for a 1 bedroom, 1 bath condo, comprising of 873 square feet. On up to $775,000 for a 5 bedroom, 3 bath, 2,600 square foot detached home.   Click on this Hyper-link to view all foreclosed homes currently listed for sale in Orange County, city by city.

If you would like to view any of the homes listed for sale, of if you have any questions about Laguna Niguel foreclosed homes, feel free to call us at:  949-388-3396 or email us at:  Info@BankHomesMLS.com

Type Address BdBaSqFt Price
CONDO9 Pearl11873$198,900
CONDO24421 Avenida De Los Ninos 6421900$220,000
CONDO7 Avalon Cv221,120$272,500
CONDO21 Flamingo Ct 104321,221$309,900
CONDO17 Glen Cv 2221,100$336,000
CONDO27425 Newporter Way 255331,597$379,900
SFR4 Tobago231,605$413,900
CONDO176 Cameray Hts231,450$414,900
SFR20 Stream St331,900$499,900
SFR30461 Via Alcazar Ave421,960$589,000
SFR24626 Los Serranos Dr532,100$650,000
SFR31662 Isle Royal Dr432,468$651,000
SFR21 Trestles432,719$697,950
SFR24036 Piragua Pl432,500$759,000
SFR30381 Via Alcazar Ave532,600$775,000

Long Beach Short Sale Realtor Success Story #26

by vbindi on September 8, 2009

Long Beach Short Sale Case Study #26: The ShortSalesASAP team of experts have closed another short sale in Long Beach CA.   We close over 95% of our Short Sales, but unfortunately, only about 20% of short sales close statewide.   We will outline this short sale process, but withhold some of the financial and property details to respect the privacy of the short seller.

The subject property was a single story, ranch style family detached home located in the Los Altos community of Long Beach.  The home was a 3 bedroom, 1 bath,  1,200 square feet,  built in 1956.

This home was purchased in the Spring of 2006′ for $575,000.    The financing consisted of a 10% down payment, with a $460,000 1st mortgage with Wells Fargo, with a $57,500 2nd mortgage with Citbank.  This is commonly called a 10/10/90 loan, in the which the 1st loan was a fixed rate loan, and the 2nd was an adjustable rate mortgage.

The local market conditions in southern California and Long Beach has suffered a severe market correction.   Property values have dropped about 40% since the height of the market in Spring of 2006′.  Southern California, has been hit hard by the nationwide mortgage loan crisis and regional recession.  Due to this factors,  one of the spouses lost their job, and the other had their bonuses curtailed.  This big drop in income, caused the property owners to become delinquent on the mortgage payments.   Their debt to income ratio was to low to qualify for a loan modification.  The property owners contacted us regarding a short sale in the Fall of 2008′.

Our short sale Realtor met with the owners and gathered the necessary short sale documents that the Banks require.  Our team packages this information in the format that the Banks require,  along with other market data and presented the short sale case to the Banks.  After some expert negotiations with the 1st and 2nd mortgage holders, we negotiated preliminary terms and conditions for the short sale.

With the Short Sale preliminary approved, we started the Marketing of this Long Beach home for sale.  The house was listed for sale for $365,000, which was the market value at that time. After a period of about 22 days, we obtained a purchase offer from a qualified buyer for $350,000.  After one  counter offer, the buyer and seller agreed upon a price of $359,000.

Our listing Realtor obtained all  signatures, and reviewed loan qual status of the buyer.   Escrow was opened,  and our short sale team packaged the  new purchase offer, along with Buyers loan qualification paperwork, and submitted the package to the 1st and 2nd mortgage banks.  Our negotiation specialist persuaded both the 1st lender and 2nd lender to agree to the short sale offer.

At close of escrow, the entire $517,500 in total 1st and 2nd mortgage debts were retired.  In addition, our expert negotiator was able to obtain a $2,500 cash rebate for the home seller, paid by the the 1st mortgage bank, which is referred to as “Cash for Cooperation”.  The seller rented a similar Long Beach home and saving over $1,200 per month. In addition, the homeowner is now working with our credit Restoration affiliate firm and will be able to buy another home early next year.

ShortSaleASAP is licensed with the California Department of Real Estate, and our services are free to the homeowner, for we are paid by the mortgage bank(s). If you have any questions regarding Short Sales, contact our team of experts at:   (949) 388-3396 or drop us an email at: Info@ShortSalesASAP.com

Ladera Ranch Bank Owned Homes Listed for Sale

by vbindi on September 4, 2009

Below is the list of all Bank REO homes and condos currently listed for Sale in Ladera Ranch, Orange County California.   A Bank REO is a property that was was Foreclosed upon by the mortgage Bank, and is now owned by that same Bank.  Bank Owned REO Homes most always present a great buying opportunity since many Banks today are financial difficulties and are required to quickly convert these non-performing assets into cash.  Therefore, the Banks usually price these properties substantially below market in order to sell them very quickly.

In the past 3 years, the local real estate market in southern California has experienced a severe correction-recession, which includes Ladera Ranch.  We are seeing signs that the market is now stabilizing in the lower end of the price scale, and appears to be a good time to buy since prices have pulled back nearly 40% from their peak in the Spring of 2006′.

To see more detail about the Bank Owned properties listed below, simply Click on the Property Address Hyperlink.  If you would like see the inside of any of the homes below, or if you have questions about buying an REO Bank Home, contact one of our REO Specialists at:  Info@BankHomesMLS.com or call us at:  (949) 388-3396

TypeAddressBdrmsBathsSqFtPrice
SFR 4 Drackert Ln  , Ladera Ranch 443,550$830,000
CONDO 27 Tarleton Ln  , Ladera Ranch 341,662$404,000
SFR 19 Maybeck Ln  , Ladera Ranch331,910$487,900
SFR 22 Michael Rd  , Ladera Ranch 563,730$875,000

Costa Mesa Bank Owned Homes for Sale

by vbindi on September 4, 2009

This report lists all of the Bank Owned REO homes and condos currently listed for sale in Costa Mesa.  A Bank Owned REO home is a property that has gone through the 3 month, and 3 week Foreclosure process, and is now owned by the Bank.  Banks are typically unwitting owners at this point, and most often price the homes at below market value so they will sell very quickly.

Below is a list of all of the Foreclosed  Bank Owned homes currently active for sale in Costa Mesa.  The homes and condos range in price from a low of $254,400 for a 2 bedroom, 3 bath , 1,282 condo, on up to $545,000 for a 5 bedroom, 4 bath, 2,821 square foot detached home located in central Costa Mesa.

Our small team of Realtors specialize in purchasing Bank Owned REO properties at below market value for our clients, and we have a proven track record of success.    If you would like more information about any of the Foreclosed homes listed below, or if you want to see the inside of any of these Costa Mesa REO properties listed for sale, please feel free to call us at:  (949) 388-3396 or drop us an email at:   Info@BankHomesMLS.com.  If you would like more details on the properties listed below, simply click on the Address Hyperlink shown below.

TypeAddressBdrmsBathsSqFtPrice
CONDO 405 Bryson Spgs 53  , Costa Mesa 231,282$254,400
CONDO 3431 Timber Lk 46  , Costa Mesa 321,317$265,000
CONDO 114 Yorktown Ln  , Costa Mesa 321,240$289,900
CONDO 748 Wingate Bay 5  , Costa Mesa 221,017$308,888
CONDO 2518 Elden Ave B2  , Costa Mesa 331,364$331,650
CONDO 785 W 18th St C1  , Costa Mesa 231,227$344,900
CONDO 2674 Orange Ave A2  , Costa Mesa 331,431$350,000
CONDO 2526 Poplar Ln  , Costa Mesa 331,500$427,900
SFR 151 MESA Dr  , Costa Mesa 221,225$439,000
SFR 2758 De Soto Ave  , Costa Mesa 421,729$478,900
SFR 132 Virginia Pl  , Costa Mesa 542,821$545,000

San Clemente Home Prices

by vbindi on September 3, 2009

Today, there are 311 detached single family homes listed for sale in San Clemente, Orange County, Ca.  The lowest priced detached home is listed at $349,900. It is a 3 bedroom, 2 bathroom, 1,685 square foot home located right on top of the golf course and featuring a peek-a-boo view of the ocean. The highest priced home is listed for $9,900,000 and this estate property comprises of a brand new 7 bedroom, 10 bathroom, 13,000 square foot estate located on a 37,750 sq foot lot in the Cotton Point Estates. The home offers an array of features including a 36 seat theater and a separate guest residence. The current median price for all homes Active for sale in San Clemente is $989,000.

There are 110 detached homes located in the city of San Clemente that are pending in escrow.  The lowest priced property is valued at $382,500. It is a charming 2 bedroom, 1 bath, 1040 square foot home built in 1946.  The highest priced property currently in escrow is valued at $2,500,000. This property offers 3,200 square feet of living space, 3 bedrooms and 3 bathrooms. It is located in the guard gated community of Cyprus Shore and boasts a marvelous panoramic ocean view. The median price of homes currently under contract in escrow is $699,000 in San Clemente.

In the past 90 days, there have been 151 detached properties that have sold in San Clemente.  The lowest sales price was $360,000 for a single story 2 bedroom, 1 bathroom, 1,050 square foot home built in 1964.  The highest priced property sold was a 5 bedroom, 4 bath, 4,500 square foot estate valued at $4,700,000. This property is located in the desirable gated community of Silver Oaks and features a large, lush yard and a panoramic canyon view.  The median home sales price is $700,000 and the average sales price in the city within the past 3 months was $845,264 for the past 3 months.   The average price per square foot was $336.41/SqFt, and the average days on market was 112 days.

Click on the following hyperlink, for more information about San Clemente Real Estate, or feel free to call us at: 949-388-3396

Irvine Bank Owned Homes for Sale

by vbindi on September 2, 2009

We have compiled an exclusive list of all Bank Foreclosed homes currently listed for sale in Irvine, CA.  These Bank Owned REO properties consist of attached Condos and detached single family homes ranging in price from $222,000 up to $1,719,900.  Our team at REOBenefit has a proven track record of success in getting great buying value for our clients with a high rate of closing success.  If you would like more information on any of the homes listed below, or if you want to see the inside of any of these Irvine REO homes for sale, please feel free to call us at:  (949) 388-3396 or drop us an email at:   Info@BankHomesMLS.com

If you would like more details on the properties listed below, simply click on the Address Hyperlink shown below.  Click on the following link if you want to search for any homes listed for sale in Irvine.

TypeAddressBdBaSqFtPrice
Condo 2105 Apricot Dr 2105  , Irvine 22910$222,000
Condo 162 Greenfield  , Irvine 321,267$333,900
Condo 38 Hollowglen 25  , Irvine 221,125$350,000
Condo 2210 Scholarship  , Irvine 11868$359,000
Condo 8 Sunstream  , Irvine 221,100$429,000
SFR 19 Amoret Dr  , Irvine 431,900$589,050
SFR 5232 Skinner  , Irvine 432,300$649,900
SFR 21 Orangetip  , Irvine 432,300$729,900
SFR 12 Rutherford  , Irvine 332,200$830,000
Condo 3141 Michelson Dr 1504  , Irvine 232,063$839,800
SFR 52 Crimson Rose  , Irvine 342,651$1,125,000
SFR 35 Hidden Trl  , Irvine 453,675$1,719,900