by vbindi on September 19, 2009
ORANGE COUNTY, CA: A recent report from the Amherst Securities Group shows that in most cases, short sales are a more effective loss mitigation approach, as they minimize loss severity, as compared to Foreclosure.
The Amherst Securities study shows that the loss severity on Short Sales is 15% to 20% less than the average losses bank take for Foreclosures. Federal officials have created financial incentive programs that now encourage banks and servicers to pursue short sales and in-lieu of Foreclosure.
In addition, and New Program has been created to help some troubled homeowners. The new Short Sale and Buy program allows some property owners to Short Sale their existing home, and buy a similar replacement home at today’s very low property values, while using a 3.5% down FHA loan. We will write about this new program as new details are published.
In addition, many banks and servicers are now passing on their Federal incentives. These Banks are now offering Cash for Cooperation of up to 1% of the Sale price, to encourage struggling homeowners to cooperate with a short sale, versus letting the home go to Foreclosure.
For information about short sales, or your home mortgage situation, please feel free to contact the Experts at Short Sales ASAP, at: 949-388-3396, or email at: Info@ShortSalesASAP.com
by vbindi on September 9, 2009
Currently there are 16 foreclosed homes and condos listed for sale in Laguna Niguel. A foreclosed property is one in which the homeowner fell behind on their mortgage payments, and the mortgage bank instituted a Foreclosure proceeding. After the 3 month Notice of Default process, and the 3 week Trustee Sale process, the property is sold in an Open Auction. If no one bids at this Auction, then the foreclosing bank winds up owning the home.
Banks are the ultimate motivated buyer. They have no emotions wrapped up in the home, and are extremely motivated to sell the home very quickly for several reasons. Therefore, most banks price their foreclosed home inventory below market value so they sell quickly.
Below is the list of all foreclosed bank owned homes currently listed for sale. These homes and condos range in price from $198,000 for a 1 bedroom, 1 bath condo, comprising of 873 square feet. On up to $775,000 for a 5 bedroom, 3 bath, 2,600 square foot detached home. Click on this Hyper-link to view all foreclosed homes currently listed for sale in Orange County, city by city.
If you would like to view any of the homes listed for sale, of if you have any questions about Laguna Niguel foreclosed homes, feel free to call us at: 949-388-3396 or email us at: Info@BankHomesMLS.com
| Type |
Address |
Bd |
Ba |
SqFt |
Price |
| CONDO |
9 Pearl |
1 |
1 |
873 |
$198,900 |
| CONDO |
24421 Avenida De Los Ninos 64 |
2 |
1 |
900 |
$220,000 |
| CONDO |
7 Avalon Cv |
2 |
2 |
1,120 |
$272,500 |
| CONDO |
21 Flamingo Ct 104 |
3 |
2 |
1,221 |
$309,900 |
| CONDO |
17 Glen Cv 2 |
2 |
2 |
1,100 |
$336,000 |
| CONDO |
27425 Newporter Way 255 |
3 |
3 |
1,597 |
$379,900 |
| SFR |
4 Tobago |
2 |
3 |
1,605 |
$413,900 |
| CONDO |
176 Cameray Hts |
2 |
3 |
1,450 |
$414,900 |
| SFR |
20 Stream St |
3 |
3 |
1,900 |
$499,900 |
| SFR |
30461 Via Alcazar Ave |
4 |
2 |
1,960 |
$589,000 |
| SFR |
24626 Los Serranos Dr |
5 |
3 |
2,100 |
$650,000 |
| SFR |
31662 Isle Royal Dr |
4 |
3 |
2,468 |
$651,000 |
| SFR |
21 Trestles |
4 |
3 |
2,719 |
$697,950 |
| SFR |
24036 Piragua Pl |
4 |
3 |
2,500 |
$759,000 |
| SFR |
30381 Via Alcazar Ave |
5 |
3 |
2,600 |
$775,000 |
by vbindi on September 4, 2009
Below is the list of all Bank REO homes and condos currently listed for Sale in Ladera Ranch, Orange County California. A Bank REO is a property that was was Foreclosed upon by the mortgage Bank, and is now owned by that same Bank. Bank Owned REO Homes most always present a great buying opportunity since many Banks today are financial difficulties and are required to quickly convert these non-performing assets into cash. Therefore, the Banks usually price these properties substantially below market in order to sell them very quickly.
In the past 3 years, the local real estate market in southern California has experienced a severe correction-recession, which includes Ladera Ranch. We are seeing signs that the market is now stabilizing in the lower end of the price scale, and appears to be a good time to buy since prices have pulled back nearly 40% from their peak in the Spring of 2006′.
To see more detail about the Bank Owned properties listed below, simply Click on the Property Address Hyperlink. If you would like see the inside of any of the homes below, or if you have questions about buying an REO Bank Home, contact one of our REO Specialists at: Info@BankHomesMLS.com or call us at: (949) 388-3396
| Type |
Address |
Bdrms |
Baths |
SqFt |
Price |
| SFR |
4 Drackert Ln , Ladera Ranch |
4 |
4 |
3,550 |
$830,000 |
| CONDO |
27 Tarleton Ln , Ladera Ranch |
3 |
4 |
1,662 |
$404,000 |
| SFR |
19 Maybeck Ln , Ladera Ranch |
3 |
3 |
1,910 |
$487,900 |
| SFR |
22 Michael Rd , Ladera Ranch |
5 |
6 |
3,730 |
$875,000 |
Garden Grove Short Sale Success Story #33 - Another short sale has been sold and closed by the ShortSalesASAP Group here in Orange County, CA. We have been sharing many of our success stories so homeowners who may be considering a short sale can get a good idea as to how they work, when done correctly. Some of the details of this short sale story will not be divulged in order to protect the privacy of the past property owner.
Property and Finance Details: This Garden Grove property was a 3 bedroom, 2 bath detached home with 1,225 square feet of living area, and was built in 1978. This home was purchased many years ago by the homeowner. They refinanced in summer of 2006′ and received a 1st mortgage loan for $365,000, with a fixed interest rate. They also obtained a 2nd mortgage HELOC loan loan for approximately 48,000, and was an adjustable rate mortgage loan.
Market Condition: The real estate market here in southern California has been gone through a major price correction. Garden Grove has been hit as well, for prices have been decreasing by about 1.2% per month since the summer of 2006′ This severe market correction is due to the overheated southern California market that started in 1999, and the nationwide mortgage crisis. Although, we now see signs that price decreases have slowed down considerably, and we may be approaching the bottom of the market cycle pricing.
These homeowners were a duel income family, and the husband lost his job, and the wife’s income was not sufficient to keep current with the mortgage payments. They tried to get a Loan Modification, but were denied due to insufficient income. Plus their home was over $150,000 upside down, and loan modification would not have mad any sense, for it could be 10 years before their home rose in value again equal to their mortgage debt.
SHORT SALE – PHASE I: First we met with the homeowner and answered all of their questions and concerns regarding short sales. We then had the property owners sign the listing agreement, and our preparation team gathered all of the required documents from the homeowner. After packaging, these documents are delivered to the 1st and 2nd banks to present the short sale proposal. 4 weeks later, and after some cunning negotiations, our expert team was able to obtain preliminary approval for the Short Sale.
MARKETING AND SALES – PHASE II: Once we obtained the preliminary short sale approval, we put this Garden Grove home on the market for sale. It was originally listed in the Multiple Listing Service (MLS) for $265,000. After about 2 weeks with not much action, we dropped the price again to $255,000. We then received an offer from a qualified buyer for $240,000. After some negotiations with our short sale Realtor expert, we finally arrived at a price of $249,000.
CLOSING – PHASE III: Once all of the purchase contract documents are signed by the buyer and seller, our team packages theses documents along with the buyer loan qualification letter. This package was then sent to the 1st and 2nd mortgage Banks. Our short sale negotiator then went to work to finalize the final terms and conditions of this short sale. After some additional negotiations with our associate Attorney, we convinced the Banks to agree to the final short sale. The property escrow then clsoed 40 days later.
IN SUMMARY: The entire mortgage debt of $413,000 was retired so that the homeowner did not owe this money anymore. We also convinced the 2nd mortgage HELOC loan to accept the several thousand of dollars we obtained for them from the 1st mortgage bank. If the homeowner had allowed this home to be lost in foreclosure by the 1st mortgage loan, then the HELOC loan would not be deleted, and would still owe this debt.
Also, due to the owners financial hardship, they were able to live in the property for 6 months without making any type of mortgage payment. The homeowner is now working with our Credit Restoration Specialist, and should be able to buy a home by early 2010′
ShortSaleASAP is licensed with the California Department of Real Estate, and we are members of good standing with the Orange County board fo Realtors. Our services are free to the homeowner, for we are negotiate our fee with 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 vbindi on April 28, 2009
Fullerton Short Sale Seller Case Study #31: Our team of Realtors who specialize in Short Sale at ShortSalesASAP, conducted another successful short sale which we will describe herein. We withhold some of the details regarding this property so as to protect the privacy of the previous homeowner.
The Property and Initial Financing: This detached home was located in Fullerton, California, and consisted of a 3 bedrooms, 2 baths with 2 car garage and 1,700 square feet of living area, built in 1958.
The ranch style home was acquired by the homeowner in the Winter of 2005′, and about 10 months later, the owner refinanced the property. After the refinance there was a 1st mortgage with a loan balance of $810,000 and a 2nd mortgage of $180,000. Both loans were fixed interest rates amortized over 30 years.
Local Market Conditions: In Fullerton, prices have dropped about 31% 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 severe recession here locally, the income from the home owners small business had dramatically declined, and consequently were suffering a difficult financial hardship. This prevented them from keeping current on the mortgage loans, and also eliminated the possibility of a loan modification. The owners heard about us from a work associate, so they contacted us as to conduct a short sale.
Step A – Short Sale Preparation: We first gather all of the bank required documents from the homeowner which includes a simply financial statement, 2 months bank statements, several Pay Stubs, Hardship letter, and bank account balances. 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 got them to preliminary agree to certain short sale terms and conditions. During this Step, the home owner lived in the property as usual with no interruptions to their daily lives. And as a result of their hardship, they were unable to make their mortgage and lived payment free.
Step B – Short Sale Marketing and Sales: With the Short Sale preliminary approved, we started the endeavor of Marketing the Fullerton property for sale. This was advertised in the Multiple Listing Service and we kept the short sale status as Private Data hidden from the public. The house was listed for sale for $689,900, which was approximately the market value at that time. After a period of about 24 days, we procured an offer fro a qulaifed buyer for $640,000. After some back and forth negotiations from our listing Realtor, we arrived at a price of $660,000.
Step C – Short Sale Closing: Our listing Realtor acquired all of the necessary signatures from the buyer and seller, and reviewed the loan qualification status of the buyer. Once approved, we opened escrow, and our short sale team then packaged the new purchase offer, along with acquired Short Sale disclosures and Buyers loan qualification paperwork, and submitted the package to the 1st and 2nd mortgage banks. After some tough negotiations with our expert Realtor team, and associate attorney got both the 1st lender and 2nd lender 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.
Final Result: At close of escrow, the entire $990,000 in total mortgage debt was retired, and the seller rented a comparable Fullerton home and is now saving about $1,900 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). Here are the benefits and some of our accomplishments regarding our short sale services:
- Over a 93% Short Sale Closing Rate.
- Local Orange County Experts with a Verifiable Track Record of Success.
- Our Services are FREE to you for we Negotiate our Fee with the Banks.
- We are Attorney Backed.
- Most often we get 2nd TD HELOC debt deleted or highly reduced.
- Can many times Negotiate a “Cash for Short Sale Cooperation” fee for the Seller.
- Associate Credit Restoration Firm which can often re-establish credit in less than a year.
- Stop Foreclosure and live in the home Rent Free dependent upon Hardship.
- Eliminate all back Property Taxes.
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
