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 17, 2009
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
by Vincent Bindi on November 15, 2007
Price (subject to change): $435,000
Type: Detached Home
Bedrooms: 3
Baths: 2.5
Living Area (SqFt): 1,300
No. of Garages: 2
Stories: 2
Year Built: 1995
Lot Size (SqFt): smaller
City: Rancho Santa Margarita
Area: North R.S.M.
Tract: Los Abanicos
Street: Calle De Falicidad
School District: Saddleback Valley Unified
Property Description: Hurry and let’s beat the bank, on this fantastic Short Sale detached home situated on a beautiful corner lot. It has Open light bright floor plan: with 1/2 bath and bonus room on the first floor used now as a bedroom and 3 bedrooms 2 bath. on 2nd. floor. and 2 Car Attached garage. Low home owners Association fees. Close to RSM lake, Shopping, Schools, Restaurants, Real nice location. Property need some minor cosmetic repairs.
Financing: Two sources of Government Subsidized loans are available to purchase this low priced home with Zero Down payment. These government loans offer below market fixed interest rate financing amortized over 30 years. Seller needs this short sale home sold now.
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
