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condo

Irvine Short Sale Statistics

by vbindi on July 14, 2009

Our Company, the ShortSalesASAP group, has complied Short Sale statistics for the city of Irvine.  Currently there are 321 Condos currently Active for Sale in Irvine, and 105 of these listing are Short Sales, representing about 1/3 of the available inventory.  These Short Sale listings range in price from $130,000 for a 1 bedroom, 1 bath on up to $1,499,000 for a 3 bedroom, 4 bath, 2,677 square foot high rise condo.  The median price for these short sale condos is $415,000.

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

Costa Mesa Short Sale – Seller Success Story

by vbindi on April 24, 2009

Costa Mesa, CA – Seller Short Sale Success Story: This article is a case study for a short sale that our team conducted on a detached home located in Costa Mesa, California.   Certain details about this property will not be revealed to protect the privacy of the previous home owner.  This single story detached home was 3 bedroom, 2 bath,  1640 square foot home, with 2 car garage, and was built about 60 years.

This ranch style home was bought many years ago, but was refinanced in the Summer of 2004′ for a loan amount of $680,000.  Then a 2nd mortgage HELOC loan was also obtained in the Winter of 2005″ for an amount of $140,000.   At the peak of the market in mid 2006′, this home had appraised for, and was worth about $875,000.  In the past 3 years though, prices have dropped about 35% in Orange county in in most of Costa Mesa.

The homeowner had a severe medical problem and was not able to work full time.  They inquired about a loan Modification, but their Debt to Income ratio was to high to qualify for a Lona Mod, given the decrease in income.  Also, due to this financial hardship the home owner was having difficulty keeping up with their mortgage payments.   They went on the Internet and found us and contacted us inquiring about a Short Sale.  The Short Sale process is broken down into 3 Phases as follows:

PHASE A: The Costa Mesa property was first put in our Short Sale Preparation Phase.   To start, our team obtains all of the required documents from the homeowner and contact the banks to present our short sale case.   Then, our negotiations personnel begins the process of negotiating the preliminary terms, price and conditions of the short sale.  Our expert team was able to obtain preliminary approval for the Short Sale from both the 1st and 2nd mortgage banks.   This Preparation Phase took about 6 weeks to complete. During that time the home owner lived in the property as usual, and was not bothered by any collection firms, other agents or prospective home buyers.  And, due to their hardship, were forced to stop making their mortgage payments and lived rent free.

PHASE B: At this stage, we started the Short Sale Marketing and Sales Phase.  Our team markets the property for sale in the Multiple Listing Service (MLS) for a price of at a price of $715,000.  After a period of about 3 weeks, we did not receive much interest, so we dropped the price to $675,000.  Within 2 weeks later, we received an offer a solid buyer for $620,000. After several days of back and forth negotiations, headed up by our short sale Realtor Nick Roshdieh, we obtained a purchase price of $645,000.

PHASE C: This final Phase of this Short Sale process is primarily the escrow closing and final bank negotiations stage.  Here we first gather the signed offer from the Buyer, and package the purchase offer, along with required Short Sale disclosures and Buyers loan qualification paperwork. We submit this  updated package to the 1st and 2nd mortgage banks, to conduct the final short sale adjustments of the terms, conditions and costs.  After some difficult negotiations utilizing our associate  attorney, we got Mortgage Banks to agree to this modified short sale offer.  Once we received the bank short sale approval letters, we moved forward with the buyers closing through escrow. The last Phase took about 43 days to complete.

When all was said and done, the entire debt on the home was removed from the back of the home owner.  Due to their financial hardship, the home owner was able to live in their property 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 badly 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 buy a home again in the near future.  Finally, we were able to convince the 2nd Mortgage HELOC loan to not come after the home owner for unpaid debt, and accept a complete satisfaction of debt for the $10,000 that we were able to negotiate for them.  If the homeowner had let this home got to Foreclosure, then the HELOC would have had a legal right to try to come after the property owner for satisfaction of the unpaid debt.

ShortSaleASAP is licensed with the California Department of Real Estate, and we are a Member in Good Standing with the Orange County Board of Realtors.  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

Rancho Santa Margarita Short Sale – a Success Story

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

Aliso Viejo Short Sale – Case Study #29

by vbindi on April 1, 2009

This Short Sale Case Study outlines another successful short sale transaction that was conducted for a detached home located in the Vista De Oro subdivision in Aliso Viejo, Ca.

ORIGINAL PURCHASE:  This large detached home was bought by the homeowner in March of 2007′ for $770,000.  This home was purchase using Zero down financing, and there was a 1st Mortgage with a loan balance of $620,000 and a 2nd mortgage with a loan balance of $150,000.   The fist loan was a fixed rate mortgage and the 2nd loan was an adjustable rate loan.

This single family detached home was 4 bedroom, 3 bath,  2,200 square foot home, with 2 car garage.  This property was sold and closed escrow in December of 2008,  via a Short Sale by the Aliso Viejo  ShortSalesASAP company.

FINANCIAL CRISIS:  Home values have decrease by about 35% since the peak in pricing in Spring of 2006′,  throughout Orange County, CA. and in Aliso Viejo as well.   This Aliso Viejo short sale property dropped in value by about 25? % From the time this home was purchased in 2007′, until it was sold at the end of 2008′.

The homeowner was having financial difficulties and was having a very hard time keeping up with their loan payments.  Their debt to income ratio was to high to qualify for a Loan Modification, and the home was upside down by about $200,000.

SHORT SALE PREPARATION: This Aliso Viejo home was initially put in our Short Sale Preparation Phase. Here we gather all of the required documents from the homeowner and contact the banks to present our short sale case.  With some hard knock negotiations, our expert team was able to obtain preliminary approval for the Short Sale along with terms and conditions.   This Preparation Phase took about 4 weeks to complete.  During that time the homeowner was able to live in the property as normal, with no interruptions from other agents or prospective home buyers, and due to their hardship, were forced to stop making their mortgage payments and lived rent free.

SHORT SALE MARKETING & SALE: the next phase was the  Marketing-Sales of the pre-approved short sale.  The home was marketed heavily and posted in the Multiple Listing Service (MLS) for a price of at a price of $649,000. After a period of about 3 weeks, the price was dropped to $599,900.  We finally found a qualified Buyer and after several counter offers, we were able to get them to offer $580,000 to purchase this home.

CLOSING PHASE: After the purchase offer was signed by the buyer and seller, we opened escrow for the new buyer.  We packaged the purchase offer, Short Sale disclosures and Buyers loan qualification paperwork. We submit the updated package to the 1st and 2nd mortgage banks.  Our post short sale specialist then expedites the delivery of these documents to the bank negotiators to finalize the short sale and obtain the approval letters in writing.

Many people ask us why a mortgage bank would accept a short sale.  Well the reasons are many, but the bottom line is that banks have determined that they loose 15% more when they are foreclose as compared to accepting a short sale.  These savings are due to reducing loss of the time value of money, avoiding property damages, eliminating foreclosure legal expenses, and minimizing bank management overhead expenses.

FINAL RESULT:  At the completion of this short sale, the homeowners mortgage debt was completely eliminated.   The homeowner lived in their home during this short sale process and did not have to make any loan  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 less damaged by the short sale as compared to a foreclosure. In addition, Fannie Mae (FNMA) altered their underwriting policy, so that a past homeowner only has to wait 2 years before they can buy another home using FNMA underwritten loans.  If the homeowner went through foreclosure, the waiting period would be  5 years !

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

Mission Viejo Bank Owned Homes for Sale

by vbindi on April 1, 2009

Bank Owned REO homes are a great buy in today’s Mission Viejo CA marketplace.  The typical bank owned home is selling for 98% of the asking price and are Sold within 17 days on average according to the statistics from the Orange County MLS.   In addition, Bank Owned detached (SFR) homes in Mission Viejo are selling at an average price of $254/SqFt , and bank foreclosure condos are selling at an average of $215/SqFt.

Many of these foreclosure homes need some modest repairs such as paint and carpet, but sometimes needed repairs can be much more.  If you are planning in buying a bank REO home, make sure you are working with an experienced Realtor, and you employ the services of a professional home inspector.  If you are planning on buying a Condo, make sure you check with your mortgage lender to see if the condo tract is approved with FHA, if you intend to use such a loan.

Below, we have listed all bank owned foreclosure homes currently listed for sale in Mission Viejo.  These homes and condos range in price from $129,900 for a 1 bedroom, 1 bath condo, up to $799,000 for a 4 bedroom, 3 bath detached home.  If you would like to see the inside of any of these homes for sale, please feel free to give us a call at:  (949) 388-3396 or drop us an email at: Info@OCBankREO.com

BANK OWNED FORECLOSED HOMES LISTED FOR SALE IN MISSION VIEJO, CA