Due to this severe decline in prices, and historically low interest rates, well priced homes and condos are selling very rapidly in Mission Viejo.  The most accurate measure of the strength or weakness of any local real estate market is the measure of Months of Inventory.  Months of Inventory is a standardized statistic of the calculation of how many months it would require to sell the current existing inventory of homes for sale.  This is basically a calculation of the ratio of the number of homes active for sell, compared to the rate at which homes are currently selling.  The larger the inventory of homes, and the slower rate of sales produces a large calculation of Months of Inventory.  Correspondingly, and small Months of Inventory represents a strong Sellers market.

Currently the months of inventory for attahced Condos in Mission Viejo is a very low 0.6, and the months of inventory for detached homes is a low 0.9.    That is to say iw would only take 2.5 weeks to sell out the entire inventory of  condos  currently for sale, if no other condos were added on the market for sale in Mission Viejo.  Tht is a supre red hot sellers market.  And likewise for detached homes.  Traditionally, a Months of Inventory of greater than 6 months is a soft Buyers market.  A figure of 4 to 6 months is considerd a Neutral market, and 2 to 4 months is a Selelrs market.  And anything below 2 Months is a hot Sellers market.   So unlike the reports in the press of a depressed real estate market, the fact is, prices are selling fast at tody’s low prices.  For more information about Mission Viejo or Orange County real estate, please feel free to contact us at:  (949) 388-3396 or email us at:  Info@eVantageRE.com.  Also, if you would like to view all Mission Viejo Condos or single family Homes for sale online, without having to speak with a Realtor at this time,  just visit our website at:  eVantageRE.com

Mission Viejo Homes are Selling Fast is a post from: Orange County Real Estate Blog

• Asking Price: $374,900 – $449,000 Range Priced
• 2 bedrooms plus Den, 2 baths
• 1,347 square feet
• Parking:  2 Cars
• Year Built 2006′
• Subdivision: Marquee Park Place
• Other:  15th Floor boasting of sweeping Panoramic City Lights views.
• Brief Description: Fabulous city lights & hill views from the 15th floor of prestigious Marquee at Park Place. Highly upgraded southwest facing unit with granite counter tops, stainless steel appliances and dark wood cabinets. Hardwood, carpet and marble flooring. Two bedrooms, plus a office / den. Guard gated, 24-hour concierge, fitness center, billiard and media rooms, pool & spa, business & conference center. Walk to restaurants and shops. Fwy close and convenient to all of OC!

If you would like more information about this fine home, or for a private showing, please feel free to contact the team at eVantage Real Estate at:  (949) 388-3396, or Info@eVantageRE.com Click Here for more information about Marquee Park Place, Irvine, CA.

3141 Michelson #1506, Irvine – Marquee Park Place New Listing is a post from: Orange County Real Estate Blog

In the past 90 days, there have been 64 detached homes that have sold in Aliso Viejo ranging in price from $370,000 for a 3 bedroom, 2 bath, 1,300 square foot home in the California Reflections tract.  And the highest priced home was sold hoe was $1,098,000 for a 5 bedroom, 5bath, 3,885 square foot estate in the Vista Vallarta tract.  Of these 64 sales, 15 sales were distressed property sales, representing 23% of the total.

For attached Condominiums, there are now 64 condos active for sale in Aliso Viejo, CA.   This properties range in price from a low of $189,000 for a 1 bedroom, 1bath, 759 square foot unit in the Canyon Villas tract, up to $599,000 for a 3 bedroom, 3 bath, 2,200 square foot townhome in the Eagle Pointe subdivision.  Of these 64 active properties, 64%, or 41 condos are currently for sale that are either Bank Owned REO or Short Sales in Aliso Viejo.

In the past 3 months, there have been 133 Condos that have sold and closed escrow in Also Viejo.  These sold condo units range in price from $149,500 for a 1 bedroom, 1 bath, 636 square foot unit in the Seagate Colony tract.  Up to $635,00 fora 3 bedroom, 4 bath, 2,635 square foot, 3 level townhome in the City Walk subdivision of Aliso Viejo.  80 of these sales, representing 60% of the total, were financially distressed sales in the past 90 days in Alio Viejo.

Also, we have just added some new and useful webpages for various subdivisions to our website.  These webpages show the Subdivision details, along with posting every property currently active for sale in the Tract, as follows:  Hillcrest Homes,  Laguna Vista, Seacrest Heights, Seascape Villas, Applause Condos and Seacove Place Condos.

Aliso Viejo Home and Condo Sales is a post from: Orange County Real Estate Blog

ORANGE COUNTY HOMES SALES AND DISTRESSED HOME SALES

As can be seen, distressed sales have grown exponentially since 2005′, and now represent almost 50% of all home sales in Orange County.  The question most people ask is when will it end?…  No one knows for sure, but based upon my experience and survey of the market, I expect distressed sales to possibly rise a bit further in 2010, and then slowly decline in volume in the following 3 years after 2010.

33% of Orange County Homeowners Upside Down on Mortgage is a post from: Orange County Real Estate Blog

 We also charted the number of total closed properties per month, and the total number of closed short sales per month for Orange County.   A couple of things to note from this chart, is that only about 50% of all listings are selling and closing in today’s market.  And short sales, are closing at a slightly worse rate than that. 

If you have any questions regarding Short Sales listed for sale, please feel to drop us an email at:  Info@eVantageRE.com.   To view all Aliso Viejo Short Sales listed for sale, Click here.

Orange County Short Sale Stats is a post from: Orange County Real Estate Blog

The Obama administration announced the new details under its Foreclosure Alternatives Program (FAP) enabling lenders and borrowers to pursue Short Sales and Deeds-in-lieu of foreclosure in cases where the property owner does not qualify for a Loan Modification. The program requires that before proceeding with a foreclosure, lenders must determine if a short sale is appropriate.

Orange County homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don’t qualify for a modification or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

The FAP plan also offers incentives to banks and Orange County homeowners.  Incentives include: (1) $1,000 for banks for successful completion of a short sale; (2) $1,500 for Orange County homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).  In addition, some Banks and mortgage servicers are now adding additional incentives for certain homeowners to cooperate with a short sale.  As an example, we recently negotiated a $6,850 cash back incentive for one of our short sale clients in Laguna Niguel.

Efforts are also being made to standardise the short sale process.  The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.

Servicers will independently establish both property value and minimum net return to the bank, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs)

In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional and no foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.

Servicers may not charge fees to borrowers/homeowners for participating in the FAP.  In addtition, the Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.  The short sale provisions of this program begin on May 14th 2009 and is in effect through 2012.

For more information about our Free Short Sale services, and short sale cash back incentives from mortgage banks, feel free to give us a call at: (949) 388-3396, or email us at:  Info@ShortSalesASAP.com

Banks now Offer Cash Back to Short Sale Sellers – Orange County. is a post from: Orange County Real Estate Blog

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

Report States Short Sale better than Foreclosure is a post from: Orange County Real Estate Blog

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

Foreclosure Homes for Sale in Laguna Niguel is a post from: Orange County Real Estate Blog

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

Long Beach Short Sale Realtor Success Story #26 is a post from: Orange County Real Estate Blog

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

Ladera Ranch Bank Owned Homes Listed for Sale is a post from: Orange County Real Estate Blog