For condos under contract, there are 225 total condominiums that are Pending or Backup in escrow.  Of these,  116 are Shorts Sales in Escrow, which represent nearly 1/2 of the Pending inventory.   These Short sale condos range in price from $130,000 for 1 bedroom, 1 bath,  up to $1,575,000 for 3 bedroom, 4 bath, 2,685 high rise condo in Irvine.

In the past 90 days, there have been 270 Condos total that have sold and closed escrow in Irvine, CA.   Of this total, 45 were Short Sale condominium closings which represents approximately 17 percent of the closings in the past 3 months.   These closed units range in price fro $232,000 for a 1 bedroom, 1 bath unit on Alicante Aisle, up to $700,000 for a 2 bedroom, 2 bath, 1,674 square foot condo on Scholarship drive.  The median priced short sale condo sold in Irvine in the past 90 days was $375,000

Today, there are a total of 277 detached homes currently Active for sale in Irvine.  Of this total, 38 are Short Sale listings which represents jsut 14% of the total inventory of homes for sale in Irvine.  These detached SFR short sale homes for sale range in price from $399,900 for a 2 bedroom, 2 bath home in the Vista Filare tract, up to $4,080,000 for a 5 bedroom, 6 bath, 8,700 square foot estate in the Turtle Rock community.

For SFR homes under contract, there are a total of  171 currently in Escrow..  Of this total, 63 are Short Sale listings pending in Escrow which represent 37% of the total Pending inventory.  These short sale homes in Escrow range in price from $290,000 for a 2 bedroom, 2 bath condo in the Bowen Court tract, on up to $1,800,000 for a 5 bedroom, 5 bath, 4,75 estate in the Vicara community.

In the past 3 months, there are a grand total of 275 detached homes that have sold and closed in Irvine.  Of this amount, 44 are Short Sale homes that have sold which represent 16% of the total closing inventory for Irvine in the past 90 days.  These detached homes range in price from $365,000 for a 2 bedroom, 2 bath, 1,133 square foot home in Orangetree community, up to $1,780,000 for a 5 bedroom, 6 bath, 4,33 square foot estate in the Amberhill subdivision of Irvine.  The median price of these short sale homes that have sold in the past 90 days is $675,000.

Our Company, the ShortSalesASAp group, specializes in Short Sale negotiations, marketing and sales in Irvine and surrounding communtites.   We have over a 94% closing rate success.  We maintain an ongoing retainer with a California Attorney who specializes in Short Sale contractual issues.  Our services are free to our clients for we negotiate our fee with the mortgage banks, and we also pay for our own Lawyer fee’s, so there are no out of pocket costs to our clients.  For more inforamtion about short sales in Irvine, please feel free to contact us at:  (949) 388-3396, or visit our website:  Irvine Short Sale Services,  or email us at:  Info@ShortSalesASAP.com

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

SUBJECT PROPERTY:

FINANCIAL NUMBERS: Due to the dramatic drop in real estate prices that has hit southern California, including Irvine, this home has dropped in value by more then 32% since the refinance in late 2005′.   The homeowner had a financial hardship and was having trouble keeping up with their mortgage payments, so they investigated a Loan Modification.  They could not qualify for one, for the debt to income ratio was to low.    Also, the loan modification did not address the fact that the home had loan debts and other liens that were more then $50,000 more then the home was worth. They contacted us in July of 2008′ to learn about the Short Sale option, and selected us to conduct the short sale.

PREPARATION PHASE I: This Irvine home was initially put in our Short Sale Preparation Phase.  In this phase, we gather the documents from the homeowner and contact the banks to establish and present our short sale case. This Preparation Phase took about 4 weeks to complete, and during that time the homeowner lived in the property as usual with no interruptions from other agents or prospective home buyers.

SALES AND MARKETING PHASE: The Short Sale Marketing-Sales Phase is where we placed the property on the market in the Multiple Listing Service (MLS) at a price of $625,000.  After a period of about 4 weeks, we obtained a buyer. After several counter offers,  we obtained a purchase price of $615,000.  This Phase took 4 weeks to complete.

BANK NEGOTIATIONS PHASE: The Short Sale Bank Negotiations Phase began after we obtain the signed offer from the Buyer.  Here we packaged the purchase offer from the Buyer, with required Short Sale disclosures, along with the Buyers loan qualification documents. We submit the updated package to the 1st and 2nd mortgage banks, to conduct the final short sale negotiations. After some tough negotiations  with our expert short sale Realtor team, our attorney and the bank officials, we got both the 1st and 2nd Mortgage Banks to agree to the short sale offer. Once we received the bank short sale approval letters, we moved forward with the buyers closing through escrow. The last Phase was completed in about 3 weeks.

CONCLUSION: The result was that the entire debt on the home was removed from the homeowner. The homeowner was able to live in their home during this short sale process and did not make any mortgage payments payments. They were also able to rent a comparable home for substantially less then what their payments used to be. In addition, the homeowners credit was not as damaged as it would have been if the banks had foreclosed. They are now working with our credit restoration affiliate and their credit rating should be repaired to a level where they should be able to once again buy a home in Irvine by the end of 2009′ .

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

Irvine Short Sale – Case Study #63 is a post from: Orange County Real Estate Blog

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Property Description:   UPGRADES THROUGHOUT. THIS HOME INCLUDES SEPARATE ENTRANCES; 1 TO THE UPSTAIRS LOFT AND 1 FOR THE DOWNSTAIRS UNIT. KITCHEN WITH STONE COUNTERS AND STAINLESS STEEL APPLIANCES. HARDWOOD FLOORING AND PLANTATION SHUTTERS. WOODBURY AMENITIES. NEAR TOWN CENTER. GARAGE WITH EXTRA STORAGE SPACE. 

Financing:    Conventional financing with 10% or 20% down is available.  Interest rates have recently dropped to 6.6% with No Points for Jumbo loans greater then $417,000.    Seller needs to sell  this Short Sale property quickly and is priced as such..

Contact:  To view this Short Sale home, feel free to Call Us at:  949-388-3396, or email us at:  Info@SearchOCHomes.com , or Text Message at:  949-283-4679.  We’re easy to talk too.  Let us negotiate a great price for you on this Short Sale property for sale in Orange County.  Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at:  www.OCBargainHomes.com

Irvine Short Sale Condo – Big Price Reduction ! is a post from: Orange County Real Estate Blog

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Property Description:   Great looking single level home in desirable location with private enclosed front yard.  Walk to schools, parks and library.  New kitchen, bathrooms, and high beam ceilings. dual pane windows, newer sliding doors, skylights, hardscape, central heating and air and more.  No stairs and no association dues.  Seller needs this home sold soon.  It’s in good condition and sold in it’s ‘As Is’ condition.

Financing:    Conventional financing with 10% or 20% down is available.  Interest rates have recently dropped to 6.6% with No Points for Jumbo loans greater then $417,000.   

Contact:  To view this Bank Foreclosed home, feel free to Call Us at:  949-388-3396, or email us at:  Info@SearchOCHomes.com , or Text Message at:  949-283-4679.  We’re easy to talk too.  Let us negotiate a great price for you on this short sale property for sale in Orange County.  Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at:  www.OCBargainHomes.com

Short Sale SFR Home – Great Price – Irvine, CA. – OCShortSaleTeam.com is a post from: Orange County Real Estate Blog