A Short Sale Success Story #35 - We are proud to share another one of our success stories for a Short Sale we completed for a detached single family home in Rancho Santa Margarita. Some of the details of this short sale transaction will not be shared so we can protect the privacy of the past property owner. This property was sold via a Short Sale in the winter time of 2009′ by the ShortSalesASAP team.
Property and Finance Details: This Rancho Santa Margarita was a 3 bedroom, 3 bath, 2,370 square foot, 2 car garage, property that was built in 1997. This detached home was purchased by the homeowner in the summer of 2006′, for $765,000. This home was purchase using a zero down 80/20 loan. The 1st mortgage loan was $612,000, with Wells Fargo with a fixed interest rate loan. The 2nd loan was for $153,000 and was an adjustable rate mortgage (ARM) with WAMU.
Market Condition: The real estate market here in southern California has been hit hard. More specifically, home prices in Ranch Santa Margarita have been dropping about 1% per month since mid 2006′. This severe market correction is due to the overheated southern California market that started in 1999, and the nationwide mortgage crisis.
The property owners of this short sale were a dual income family, and the spouse lost here job in late 2007. The interest rate on the 2nd mortgage adjusted higher, and the homeowner could no longer keep up with their mortgage payments. They looked into a Loan Modification, but even in the most optimistic scenario, they still would have been about $175,000 upside down on their home mortgage. Once they decided to conduct a Short Sale, they contacted us in Spring 2008′.
Preparation Stage: We first met with the homeowner and answered all of their questions and concerns. The listing agreement was signed, and our preparation officer gathered all of the required documents from the homeowner. After review and packaging, we delivered these documents to the 1st and 2nd banks to present our short sale proposal. 5 weeks later, and after some cunning negotiations, our expert team was able to obtain preliminary approval for the Short Sale. During this phase, the homeowner was able to live in the property as normal, with no interruptions from agents or buyers.
Sales and marketing Stage: With the preliminary short sale approval in hand, this Rancho Santa Margarita home was tentatively placed on the market for sale. It was originally listed in the Multiple Listing Service (MLS) for a price of at a price of $660,000. After a period of about 3 weeks with no offers, the price was dropped to $620,000. 2 weeks later we obtained an offer for $575,000. After negotiations with our short sale listing agent, Nick Roshdieh, we had the buyer agree to a price of $590,000.
Closing Stage: With the final purchase offer in hand, we packaged the purchase offer documents, along with the buyer loan qualification letter. This package was sent to the Banks and our short sale negotiator then went to work with the Banks to finalize the final short sale terms. After a couple of calls from our Attorney Associate, we got the Banks to agree to the final short sale. Once we received these bank approval letters, we moved forward with the closing of escrow.
In summary: The entire mortgage debt of $760,000 was deleted from the owners name . Due to the owners financial hardship, they were able to live in the property for 5 months without making any type of mortgage payment. They now line in a nicer rental home in a similar location, and are saving over $1,800 per month. Their credit was not as badly damaged as would be if the banks Foreclosed. Plus, they are now working with our Credit Restoration Specialist, and should be able to buy a home by late 2009′ or early 2010′
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
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