by vbindi on August 19, 2010
Bank of America is now starting a new short sale program that will target certain homeowners, in the hard hit states of California, Florida, Arizona and Nevada, according to a top level B of A official. In this new program, B of A will pre-screen home owners who have been considered for a modification under the Home Affordable Modification Program (HAMP) and a short sale under the Home Affordable Foreclosure Alternatives (HAFA) program. And these borowers have either fallen out of these programs or were declined during the qualification process.
Bank of America states that the purpose of this program is give these home owners a better alternative, then foreclosure. They intend to provide a custom program with incentives that are attractive to homeowners experiencing a true hardship. This type of proactive response will help to bring stability to the beleaguered Orange County housing market. This new test short sale program, was developed to streamline the process. In that regard, B of A will use the previous documents that the home owner had submitted, so that no new documents are needed from the prospective seller.
One of the very important beneifts of this new Bank of America short sale program, is that they will be waiving deficiencies, which is the difference between what the home sells for and how much is left on the mortgage. This is a huge benefit to any Orange County home owner who may be contemplating a short sale with a Bank of America loan. Another beneficial feature of this new short sale program, is the B of A will offer the seller a $3,000 relocation fee, for cooperating with the short sale. If the property does not sell, then B of A will consider a deed-in-lieu of foreclosure in order to satisfy the mortgage.
B of A will not be selecting which real estate agent to work with, therefore it is advised that a homeowner work with a certifeid and experienced short sale realtor. B of A will assign a short sale specialist to work with the real estate agent and the homeowner to market the property for 120 days. Letters have already been mailed to qualified homeowners, and this will be a six month trial program.
One of the major stumbling blocks to getting short sales approved, is that the for many loans, the beneficiary is some other investment institution other than Bank of America, and it is often difficult for B of A to get that investors approval in time to meet the time lines of a purchase offer. In this test program, B of A has worked with the investor before hand, to get their preliminary approval so that the short sale can close faster.
There is great need for short sales at this time. Freddie Mac recently reported that its short sale figures were up 600% from two years ago and said it had completed 22,117 short sales in the first half of 2010, up nearly 180% from 7,914 in the first half of 2009. In addition, a research firm named Core Logic, has reported taht short sales in the US have tripled since 2008. In addition, Bank of America has completed more than 25,000 short sales to date. B of A is committed to improving the short sale process, and test for new ways of completing short sales to help their customers avoid foreclosure with a dignified exit.
For more inforamtion or questions about short sales in Orange County, HAFA short sales, or the new Bank of America short sale program, feel free to contact the short sale experts at ShortSalesASAP.com or email us at: Info@ShortSalesASAP.com
by vbindi on August 13, 2010
This report is for standard sales and short sales in Anaheim . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are a total of 348 detached homes listed for sale in Anaheim , California. The median price of these active homes for sale is $369,900 and the average price per square foot is $252 . Of this total, 165 are short sale listings active for sale. . These short sale listings represent 47% of the total inventory of detached homes for sale. The median price of these short sale properties is $340,000 and the average price per square foot is $239 .
For attached condominiums, there are 191 condo units currently listed for sale in Anaheim . The median price for these listed condominiums is $275,000 and the average price per square foot is $215 . Of this total, 114 are short sale condo listings. The median price of these short sale condos is $250,000 , and the average price per square foot is $199 . The ratio of short sale condo listings to listings is 60% .
Currently, there are 328 detached homes under contract in escrow, and the median price of these pending properties is $340,000 . Of this total pending properties, 196 are short sales, which is 60% of the total detached properties in escrow in Anaheim . The median price is $328,000 .
For condominiums, there are now 168 attached units in escrow, and the median price is $215,000 . Of this number, 123 are short sales in escrow in Anaheim . These short sale condos are 73% of the total units in escrow, and the median price is $205,000 .
In the past 90 days, there have been a total of 317 detached homes that have sold and closed escrow in Anaheim . The median price of these sold homes was $345,000 and the average price per square foot was $233 . Of this total were 95 short sale properties, which was 30% of the total sales. The median price was $335,000 , and the average price per square foot was $209 .
For attached condos, there have been a total of 317 condominium sales in the past 3 months. The median price was $366,000 , and the average price per square foot was $233 in Anaheim . In addition, there were 139 short sale condos that sold and closed escrow during this same period of time, which was 44% of the total number of units sold. The median price of the sold short sale condos was $267,000 , and the average price per square foot was $197 .
As can be seen above, the ratio of Pending in Escrow short sale listings, to Pending total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties. This illustrates that short sales fail at a high rate. Property owners who owe more than their home is worth, should seek to work with an experienced Anaheim short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on August 12, 2010
This report is for standard sales and short sales in Aliso Viejo . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are a total of 104 detached homes listed for sale in Aliso Viejo , California. The median price of these active homes for sale is $565,000 and the average price per square foot is $308 . Of this total, 33 are short sale listings active for sale. . These short sale listings represent 32% of the total inventory of detached homes for sale. The median price of these short sale properties is $495,000 and the average price per square foot is $289 .
For attached condominiums, there are 129 condo units currently listed for sale in Aliso Viejo . The median price for these listed condominiums is $319,900 and the average price per square foot is $271 . Of this total, 72 are short sale condo listings. The median price of these short sale condos is $295,000 , and the average price per square foot is $263 . The ratio of short sale condo listings to listings is 56% .
Currently, there are 60 detached homes under contract in escrow, and the median price of these pending properties is $549,900 . Of this total pending properties, 28 are short sales, which is 47% of the total detached properties in escrow in Aliso Viejo . The median price is $450,000 .
For condominiums, there are now 115 attached units in escrow, and the median price is $285,000 . Of this number, 81 are short sales in escrow in Aliso Viejo . These short sale condos are 70% of the total units in escrow, and the median price is $275,000 .
In the past 90 days, there have been a total of 74 detached homes that have sold and closed escrow in Aliso Viejo . The median price of these sold homes was $575,000 and the average price per square foot was $283 . Of this total were 23 short sale properties, which was 31% of the total sales. The median price was $560,000 , and the average price per square foot was $247 .
For attached condos, there have been a total of 147 condominium sales in the past 3 months. The median price was $350,000 , and the average price per square foot was $346 in Aliso Viejo . In addition, there were 57 short sale condos that sold and closed escrow during this same period of time, which was 39% of the total number of units sold. The median price of the sold short sale condos was $316,000 , and the average price per square foot was $236 .
Property owners who owe more than their home is worth, should seek to work with an experienced Aliso Viejo short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on June 15, 2010
This report is for standard sales and short sales in Laguna Niguel . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are a total of 182 detached homes listed for sale in Laguna Niguel, California. The median price of these active homes for sale is $889,000 and the average price per square foot is $381 . Of this total, 36 are short sale listings active for sale. These short sale listings represent 20% of the total inventory of detached homes for sale. The median price of these short sale properties is $640,000 and the average price per square foot is $316 .
For attached condominiums, there are 91 condo units currently listed for sale in Laguna Niguel . The median price for these listed condominiums is $360,000 and the average price per square foot is $294 . Of this total, 44 are short sale condo listings. The median price of these short sale condos is $265,000 , and the average price per square foot is $264 . The ratio of short sale condo listings to listings is 48% .
Currently, there are 118 detached homes under contract in escrow, and the median price of these pending properties is $664,500 . Of this total pending properties, 64 are short sales, which is 54% of the total detached properties in escrow in Laguna Niguel . The median price is $599,000 .
For condominiums, there are now 116 attached units in escrow, and the median price is $266,000 . Of this number, 79 are short sales in escrow in Laguna Niguel . These short sale condos are 68% of the total units in escrow, and the median price is $260,000 .
In the past 90 days, there have been a total of 108 detached homes that have sold and closed escrow in Laguna Niguel . The median price of these sold homes was $705,000 and the average price per square foot was $309 . Of this total were 31 short sale properties, which was 29% of the total sales. The median price was $655,000 , and the average price per square foot was $277 .
For attached condos, there have been a total of 102 condominium sales in the past 3 months. The median price was $278,000 , and the average price per square foot was $251 in Laguna Niguel . In addition, there were 36 short sale condos that sold and closed escrow during this same period of time, which was 35% of the total number of units sold. The median price of the sold short sale condos was $250,000 , and the average price per square foot was $217 .
As can be seen above, the ratio of Pending in Escrow short sale listings, to Pending total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties. This illustrates that short sales fail at a high rate. Property owners who owe more than their home is worth, should seek to work with an experienced Laguna Niguel short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on May 19, 2010
This report is for standard sales and short sales in San Juan Capistrano . This article is brought to by the short sale broker at Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are a total of 93 detached homes listed for sale in San Juan Capistrano , California. The median price of these active homes for sale is $1,329,000 and the average price per square foot is $505 . Of this total, 9 are short sale listings active for sale. . These short sale listings represent 10% of the total inventory of detached homes for sale. The median price of these short sale properties is $829,000 and the average price per square foot is $266 .
For attached condominiums, there are 40 condo units currently listed for sale in San Juan Capistrano . The median price for these listed condominiums is $220,000 and the average price per square foot is $233 . Of this total, 18 are short sale condo listings. The median price of these short sale condos is $200,000 , and the average price per square foot is $217 . The ratio of short sale condo listings to listings is 45% .
Currently, there are 65 detached homes under contract in escrow, and the median price of these pending properties is $675,000 . Of this total pending properties, 31 are short sales, which is 48% of the total detached properties in escrow in San Juan Capistrano . The median price is $562,000 .
For condominiums, there are now 40 attached units in escrow, and the median price is $140,000 . Of this number, 30 are short sales in escrow in San Juan Capistrano . These short sale condos are 75% of the total units in escrow, and the median price is $125,000 .
In the past 90 days, there have been a total of 44 detached homes that have sold and closed escrow in San Juan Capistrano . The median price of these sold homes was $810,000 and the average price per square foot was $295 . Of this total were 8 short sale properties, which was 18% of the total sales. The median price was $589,000 , and the average price per square foot was $244 .
For attached condos, there have been a total of 54 condominium sales in the past 3 months. The median price was $150,000 , and the average price per square foot was $172 in San Juan Capistrano . In addition, there were 24 short sale condos that sold and closed escrow during this same period of time, which was 44% of the total number of units sold. The median price of the sold short sale condos was $125,000 , and the average price per square foot was $149 .
As can be seen above, the ratio of Pending in Escrow short sale listings, to Pending total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties. This illustrates that short sales fail at a high rate. Property owners who owe more than their home is worth, should seek to work with an experienced San Juan Capistrano short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com. For information about the new Government HAFA program for short sale, visit: www.gotHAFA.com
This analysis is brought to you by the professionals of the ShortSalesASAP company, who specialize in short sale negotiations, marketing and sales here in Orange . This article will report the statistics for Active for Sale and Sold standard listing properties, as compared to short sales. Currently, there are 195 detached homes listed for sale in Orange , California. The median price of these homes for sale is $579,999 and the average price per square foot is $320 . 58 of these active listings are short sales, which represent 26% of the total inventory of detached homes for sale. The median price of these short sale properties is $400,000 and the average price per square foot is $246 .
There are now 48 condominiums listed for sale in the City of Orange . The median price for these listed condominiums is $209,000 and the average price per square foot is $249 . Of this total, 24 are short sale listings. The median price of these short sale units is $250,000 , and the average price per square foot is $226 . The ratio of short sale condo listings to the total listings is 50% .
For homes under contract, there are 175 detached homes in escrow on this date, and the median price is $489,000 . Of this total, 87 are short sales in escrow, which is 50% of the total detached properties in escrow in Orange , and the short sale median price in escrow is $440,000 .
For condominiums in escrow, there are now 71 attached units under contract, with a median price of $259,900 . Of this number, 44 are short sales, which calculates to be 62% of the total pending units, and the median price is $240,000 .
In the past 3 months, there have been a total of 158 detached homes that have sold and closed escrow in Fullerton . The median price was $505,000 and the average price per square foot was $259 . Of this total were 24 were short sale properties in the city of Orange in the past 3 months. This number of sold short sales is 15% of the total. The median price was $371,200 , and the average price per square foot was $227 .
In the past 90 days, there have been a total of 62 condo sales with a median price of $302,000 , and an average price per square foot of $222 in Orange . Also, there were 18 short sale condos sold, which was 29% of the total number of units sold in this period. The median price of the sold short sale condos was $289,000 , and the average price per square foot was $209 .
As can be seen above, the ratio of pending In Escrow short sale properties, to pending in escrow total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties. This high rate of failure due to the lack of knowledge by the typical short sale listing agent. This illustrates that Property owners who owe more than their home is worth, should work with an experienced City of Orange short sale company such as the ShortSalesASAP company. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on April 27, 2010
This analysis is brought to you by the broker of the ShortSalesASAP company, who specialize in short sale negotiations, marketing and sales here in Buena Park. This article will report the statistics for Active for Sale and Sold standard listing properties, as compared to short sales. Currently, there are 195 detached homes listed for sale in Buena Park , California. The median price of these homes for sale is $399,900 and the average price per square foot is $272. 40 of these active listings are short sales, which represent 26% of the total inventory of detached homes for sale. The median price of these short sale properties is $400,000 and the average price per square foot is $246.
There are now 21 condominiums listed for sale in Buena Park . The median price for these listed condominiums is $299,900 and the average price per square foot is $228 . Of this total, 9 are short sale listings. The median price of these short sale units is $280,000 , and the average price per square foot is $212 . The ratio of short sale condo listings to the total listings is 43% .
For homes under contract, there are 115 detached homes in escrow on this date, and the median price is $360,000 . Of this total, 65 are short sales in escrow, which is 57% of the total detached properties in escrow in Buena Park , and the short sale median price in escrow is $345,000 .
For condominiums in escrow, there are now 30 attached units under contract, with a median price of $285,000 . Of this number, 21 are short sales, which calculates to be 70% of the total pending units, and the median price is $280,000 .
In the past 3 months, there have been a total of 91 detached homes that have sold and closed escrow in Fullerton . The median price was $385,000 and the average price per square foot was $274 . Of this total were 24 were short sale properties in the city of Buena Park in the past 3 months. This number of sold short sales is 26% of the total. The median price was $325,000 , and the average price per square foot was $230 .
In the past 90 days, there have been a total of 11 condo sales with a median price of $329,000 , and an average price per square foot of $240 in Buena Park . Also, there were 1 short sale condos sold, which was 9% of the total number of units sold in this period. The median price of the sold short sale condos was $329,000 , and the average price per square foot was $239 .
As can be seen above, the ratio of pending In Escrow short sale properties, to pending in escrow total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties. This high rate of failure due to the lack of knowledge by the typical short sale listing agent. This illustrates that Property owners who owe more than their home is worth, should work with an experienced Orange County short sale company that uses a Lawyer to conduct bank short sale negotiations, such as the ShortSalesASAP group. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on April 14, 2010
This analysis is brought to you by the experts at the ShortSalesASAP group, who specialize in short sale negotiations, marketing and sales here in Rancho Santa Margarita . This article will report the statistics for Active for Sale and Sold standard listing properties, as compared to short sales. Currently, there are 195 detached homes listed for sale in Rancho Santa Margarita, California. The median price of these homes for sale is $724,900 and the average price per square foot is $282. 40 of these active listings are short sales, which represent 26% of the total inventory of detached homes for sale. The median price of these short sale properties is $400,000 and the average price per square foot is $246.
There are now 74 condominiums listed for sale in Rancho Santa Margarita . The median price for these listed condominiums is $249,900 and the average price per square foot is $251. Of this total, 34 are short sale listings. The median price of these short sale units is $225,000 , and the average price per square foot is $232. The ratio of short sale condo listings to the total listings is 46%.
For homes under contract, there are 104 detached homes in escrow on this date, and the median price is $500,000 . Of this total, 64 are short sales in escrow, which is 62% of the total detached properties in escrow in Rancho Santa Margarita , and the short sale median price in escrow is $499,999 .
For condominiums in escrow, there are now 161 attached units under contract, with a median price of $249,900 . Of this number, 123 are short sales, which calculates to be 76% of the total pending units, and the median price is $239,900 .
In the past 3 months, there have been a total of 95 detached homes that have sold and closed escrow in Fullerton . The median price was $625,000 and the average price per square foot was $273 . Of this total were 38 were short sale properties in the city of Rancho Santa Margarita in the past 3 months. This number of sold short sales is 40% of the total. The median price was $515,000 , and the average price per square foot was $252 .
In the past 90 days, there have been a total of 75 condo sales with a median price of $255,000 , and an average price per square foot of $245 in Rancho Santa Margarita . Also, there were 35 short sale condos sold, which was 47% of the total number of units sold in this period. The median price of the sold short sale condos was $245,000 , and the average price per square foot was $232 .
As can be seen above, the ratio of pending In Escrow short sale properties, to pending in escrow total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties. This high rate of failure due to the lack of knowledge by the typical short sale listing agent. This illustrates that Property owners who owe more than their home is worth, should work with an experienced Rancho Santa Margarita short sale realtor such as the ShortSalesASAP group. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on April 6, 2010
This analysis is brought to you by the experts at the ShortSalesASAP group, who specialize in short sale negotiations, marketing and sales here in Brea . This article will report the statistics for Active for Sale and Sold standard listing properties, as compared to short sales. Currently, there are 195 detached homes listed for sale in Brea , California. The median price of these homes for sale is $540,000 and the average price per square foot is $278 . 22 of these active listings are short sales, which represent 26% of the total inventory of detached homes for sale. The median price of these short sale properties is $400,000 and the average price per square foot is $246 .
There are now 8 condominiums listed for sale in Brea . The median price for these listed condominiums is $374,900 and the average price per square foot is $230 . Of this total, 2 are short sale listings. The median price of these short sale units is $309,950 , and the average price per square foot is $232 . The ratio of short sale condo listings to the total listings is 25% .
For homes under contract, there are 55 detached homes in escrow on this date, and the median price is $515,000 . Of this total, 23 are short sales in escrow, which is 42% of the total detached properties in escrow in Brea , and the short sale median price in escrow is $500,000 .
For condominiums in escrow, there are now 4 attached units under contract, with a median price of $385,000 . Of this number, 1 are short sales, which calculates to be 25% of the total pending units, and the median price is $335,000 .
In the past 3 months, there have been a total of 56 detached homes that have sold and closed escrow in Fullerton . The median price was $556,000 and the average price per square foot was $261 . Of this total were 13 were short sale properties in the city of Brea in the past 3 months. This number of sold short sales is 23% of the total. The median price was $531,000 , and the average price per square foot was $247 .
In the past 90 days, there have been a total of 4 condo sales with a median price of $250,000 , and an average price per square foot of $244 in Brea . Also, there were no short sale condos sold in this period of time .
As can be seen above, the ratio of pending In Escrow short sale properties, to pending in escrow total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties. This high rate of failure due to the lack of knowledge by the typical short sale listing agent. This illustrates that Property owners who owe more than their home is worth, should work with an experienced Brea short sale realtor such as the ShortSalesASAP group. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on March 30, 2010
This is another of the Short Sale market updates for residentail real estate market here in Orange County, CA. This report is brought to by the professionals at Short Sales ASAP, for real estate that is Active for sale, pending in Escrow, and Sold in the past 90 days, for all residential properties as compared to short sales. Currently there are 5,635 detached homes active for sale, and 1,246 short sale properties active for sale. The ratio of Short Sales to the Total is 22.1% .
There are now a Total of 3,260 attached condos listed for sale, and 1,119 of these active listings are short sales. This represents a ratio of Short Sales to Total condo listings of 34.3% .
Currently there are a grand total of 3,981 detached homes under contract in Escrow in Orange County. Of this total, 2,177 are short sales, which represents a ratio of 54.7% for Orange County .
In addtion, there is now a Total of 3,185 condominiums currently pending in Escrow, and 2,084 short sales in escrow, for a ratio of short sales to the grand Total of 65.4% .
In Orange County in the past 90 days, there have been a total of 3,497 detached homes that have Sold and closed escrow. Of this amount, 809 were Short Sales sold, which yields a ratio of Short Sales to the Total of 23.1% .
Lastley, for attached condos that have sold in the past 3 months, there have been 2,464 units that have closed. Of this Total, 776 were closed Short Sale condos, which represents 31.5% of the total.
There are some interesting observations to make, First, notice the large increase in the Ratio of Short Sales to Total when you compare Active for Sale to Pending in Escrow. This is due to the fact that most Short Sales are bargain priced and many home buyrs today are seeking value. But the next observation is even more interesting. Notice how the ratio of Short Sales to the Total, decreases substantially when comparing Pending in Escrow to Sold in the past 90 days. This shows the high failure rate of Short Sale transactions. In the past 90 days, approximately 58% of detached Short Sale Transactions failed, and 52% Short Sale condo transactions failed to close.
The cause of this high rate of failure is many neighborhood Real Estate Agents do not have the experience to close short sales consistently. The Short Sales ASAP group are Orange County Short Sale specialists and have a closing succes rate of over 95%. For more information or questions about Short Sales, feel free to call us at: (949) 254-4774, or email us at: Info@ShortSalesASAP.com
Orange County Short Sale Experts
