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
by vbindi on July 12, 2009
San Juan Capistrano Short Sale Case Study #46: The ShortSalesASAP group of experts have closed another successful short sale in San Juan Capistrano. We will outline this process and withhold some of the details to respect the privacy of the short seller.
The subject property was a single story, ranch style family detached home located in San Juan Capistrano, California. It was a 4 bedrooms, 2 baths with 2 car garage and 1,900 square feet of living area, built in 1973.
This home was purchased by the homeowner in the Fall of 2005′, using 10% down financing which consisted of a 1st 80% LTV loan, and a 2nd 10% loan. The 1st mortgage had a loan balance of $620,000 and the 2nd mortgage was $77,500. Both loans were adjustable rates mortgages.
The local market conditions in San Juan Capistrano and Orange County, has suffered a severe market correction. Prices have decreased about 40% since the height of the market in mid 2006′. Southern California, has been hit hard by the recession and nationwide mortgage loan crisis. Due to the deep recession, the property owners income was negatively impacted. This prevented them from keeping current on the mortgage loans, and also eliminated the possibility of a loan modification. The owners found us on the Internet and contacted us regarding a short sale.
Our team gathers all of the bank required documents from the homeowner. We package this information along with other market data and present our 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. As a result of their hardship, the property owners were unable to make their mortgage and lived payment free.
With the Short Sale preliminary approved, we started the endeavor of Marketing the San Juan Capistrano property for sale. The house was listed for sale for $535,000, which was approximately the market value at that time. After a period of about 20 days, we obtained a purchase offer from a qualified buyer for $520,000. After several counter offers, we arrived at a price of $530,000.
Our listing Realtor acquired all of the necessary signatures, and reviewed loan qual status of the buyer. Everything checked out, so we opened escrow, and our short sale team packaged new purchase offer, along with Buyers loan qualification paperwork, and submitted the package to the 1st and 2nd mortgage banks. Our expert Realtor team got both the 1st lender and 2nd lender to agree to the short sale offer. With the bank short sale approval letters in hand, we moved forward with the buyers closing through escrow.
At close of escrow, the entire $697,500 in total mortgage debt was retired, and the seller rented a comparable San Juan Capistrano home and saving over $1,500 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
