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.

Anaheim Short Sale Realtor Report is a post from: Orange County Real Estate Blog

Anaheim CA. – Short Sale Case Study #42

Anaheim Market Conditions: Due to the severe local housing market recession, and the national mortgage loan crisis, housing values  have decreased substantially in Orange County California as well as Anaheim.  Prices have been dropping about 1% per month for the past 2.5 years, but there are now signs that prices may be leveling off.

Property and Finance Details: The Anaheim short sale property was a 3 bedroom, 2 bath, 2 car garage with 2,160 square feet of living area on a large lot.   The home was originally acquired by the homeowner  in May of 2005′  for $745,000 with 20% down, and resulted in a 1st mortgage loan balance of about $596,000.   Two months later a home equity loan (HELOC) was acquired for approximately $85,000, and was used for renovation and additions to the home.  The total loan balance was about $680,000.  3.5 years later, this home dropped in value by about  22%, and the home was upside down by approximately $100,000.

The homeowner lost their job, and was unemployed for a substantial period of time, racking up credit card debts trying to stay current on the home mortgage loans.   After a while they soon realized they were digging themselves a deeper hole, and decided to contact us to conduct a Short Sale.  Our short sale processing is broker down into three phases:

Phase 1 – Prelim Short Sale Approval: After we met with the client and answered all of the questions and concerns, we signed the short sale listing agreement with the homeowner.  Our staff then gathered all of the required documents, reviewed for completeness, packaged and delivered to the 1st and 2nd banks.  Our lead Realtor presented our short sale case to the banks, and after some skilled negotiations, we were able to obtain preliminary approval for the Short Sale with tentative terms and conditions.

During this Phase, the homeowner was living in the home as normal, free from interruptions from other agents or prospective home buyers.  Due to their job loss and subsequent financial hardship, they were living rent free.

Phase 2 – Sales and Marketing: Once we obtained preliminary approval for the short sale, we placed this Anaheim ranch style home on the market for sale. This included listing on the Multiple Listing Service (MLS) for a price of at a price of $596,900.   After a time of about 3.5 weeks, we made a price adjustment to $587,900.   Two weeks later, we received an offer from a loan qualified buyer for $565,000.   After our several days of skilled negotiation from our expert Realtor, Nick Roshdieh, we arrived at a purchase price of approximately $575,000.

Phase 3 – Short Sale Closing: In the last phase of this short sale endeavor, we acquired the signed offer from the Buyer, and our Realtor interviewed the buyers mortgage lender to make sure the buyer was qualified to purchase this home.   Out expert short sale then began the process of gathering the required Short Sale disclosures, and signatures to present to the banks.  We submitted this package to the 1st and 2nd mortgage banks, and our Realtor began to conduct the final short sale adjustments of the terms, conditions and costs. After some additional negotiations,  our specialists obtained the updated short sale approval letter from the 1st and 2nd Mortgage Banks. Once we received these bank approval letters, we moved forward with the closing of escrow. The last Phase was completed in about 32 days.

Final Results: One – the entire debt on the home was eliminated and the homeowner owed nothing.  If this home had gone through foreclosure, the HELOC in 2nd mortgage position, would have had an unsecured debt similar to a credit card, and would have most likely goen after the homeowner in court to try to obtain a judgment.  But the Short Sale prevented this from occurring.

Two – Due the homeowners job loss and financial hardship, they were allowed to live in the home rent Free for many months, until the close of the short sale escrow.

Three -  Although the homeowners credit is damaged, but is is not as damaged as it would have been if the home was lost via foreclosure.  The homeowner is now working with the credit restoration that we refer to our past clients, and they are on track to having there credit rehabilitated to a level where then can then buy another home in early 2010 if they choose.

ShortSaleASAP is licensed with the California Department of Real Estate, and our team of experts specialize in short sale transactions.  Our services are free to the homeowner, for we negotiate our fee with the mortgage bank(s).  Our conversations with our clients are kept in strict confidence.  We have published an information packed eBook called – “Should I Short Sale My Home”, and can for the time being be downloaded for FREE.   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.

Anaheim Short Sale Realtor – Case Study #42 is a post from: Orange County Real Estate Blog