Posts tagged as:

foreclosure

Huntington Beach Bank Foreclosure Real Estate report.

by vbindi on January 26, 2012

This article was written by the Distressed Property team at eVantage Real Estate, who specialize in short sale and bank owned homes here in Huntington Beach . This article will report the statistics for Active for Sale and Sold standard listing properties, as compared to Bank Owned foreclosure properties. Currently, there are 251 detached homes listed for sale in Huntington Beach , California. The median price of these homes for sale is $729,000 and the average price per square foot is $405 . 13 of these active listings are Bank Owned REO’s, which represent 5% of the total inventory of detached homes for sale. The median price of these bank foreclosure properties is $526,000 and the average price per square foot is $321 .

For homes under contract, there are 171 detached homes in escrow on this date, and the median price is $599,000 . Of this total, 11 are bank foreclosures in escrow, which is 6% of the total detached properties in escrow in Huntington Beach , and the bank owned property median price in escrow is $565,250 .

In the past 3 months, there have been a total of 205 detached homes that have sold and closed escrow in Huntington Beach . The median price was $584,000 and the average price per square foot was $342 . Of this total were 13 were Bank Owned properties in the city of Huntington Beach in the past 3 months. This number of sold bank foreclosures is 6% of the total. The median price was $427,500 , and the average price per square foot was $283 .

If you would like more info regarding bank foreclosure properties for sale, click the following link to visit our website at: Huntington Beach Bank Owned Homes & Condos. If you would like to speak with a real estate professional, or see the inside of any Foreclosure property, feel free to call: (949) 388-3396, or email us at: Info@eVantageRE.com.

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San Clemente Bank Foreclosure Real Estate report.

by vbindi on January 19, 2012

This article was written by the Distressed Property team at eVantage Real Estate, who specialize in short sale and bank owned homes here in San Clemente. This article will report the statistics for Active for Sale and Sold standard listing properties, as compared to Bank Owned foreclosure properties. Currently, there are 198 detached homes listed for sale in San Clemente California. The median price of these homes for sale is $797,000 and the average price per square foot is $384. 10 of these active listings are Bank Owned REO’s, which represent 5% of the total inventory of detached homes for sale. The median price of these bank foreclosure properties is $590,100 and the average price per square foot is $270.

For homes under contract, there are 102 detached homes in escrow on this date, and the median price is $650,000. Of this total, 10 are bank foreclosures in escrow, which is 10% of the total detached properties in escrow in San Clemente and the bank owned property median price in escrow is $624,900.

In the past 3 months, there have been a total of 104 detached homes that have sold and closed escrow in San Clemente. The median price was $640,000 and the average price per square foot was $271. Of this total were 11 were Bank Owned properties in the city of San Clemente in the past 3 months. This number of sold bank foreclosures is 11% of the total. The median price was $496,000 and the average price per square foot was $214.

If you would like more info regarding bank foreclosure properties for sale, click the following link to visit our website at: San Clemente Bank Owned Homes & Condos. If you would like to speak with a real estate professional, or see the inside of any Foreclosure property, feel free to call: (949) 388-3396, or email us at: Info@eVantageRE.com.

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San Juan Capistrano Bank Owned Homes Real Estate report.

by vbindi on January 12, 2012

This report is for standard sales and bank owned foreclosure properties in San Juan Capistrano , and is brought to you by the Broker at eVantage Real Estate. Currently, there are a total of 80 detached homes listed for sale in San Juan Capistrano , California. The median price of these active homes for sale is $1,149,000 and the average price per square foot is $333 . Of this total, 5 are bank owned listings active for sale. These foreclosure listings represent 6% of the total inventory of detached homes for sale. The median price of these bank owned properties is $399,900 and the average price per square foot is $242 .

Currently, there are 50 detached homes under contract in escrow, and the median price of these pending properties is $599,000 . Of this total pending properties, 4 are bank owned REO properties, which is 8% of the total detached properties in escrow in San Juan Capistrano . The median price is $569,800 .

In the past 90 days, there have been a total of 55 detached homes that have sold and closed escrow in San Juan Capistrano . The median price of these sold homes was $575,000 and the average price per square foot was $260 . Of this total were 13 REO foreclosure properties, which was 24% of the total sales. The median price was $400,000 , and the average price per square foot was $235 .

For more information about bank owned foreclosure properties, please visit our website at: San Juan Capistrano Bank Owned Homes & Condos. For Questions, or if you would like to see the inside of any Foreclosure property, feel free to call: (949) 388-3396, or email us at: Info@eVantageRE.com.

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Mission Viejo Bank Owned Condos Market Update.

by vbindi on January 5, 2012

This report is for standard sales and bank owned foreclosure Condominiums in Mission Viejo , and is brought to you by the Broker at eVantage Real Estate. Currently, there are a total of 81 condo units currently listed for sale in Mission Viejo . The median price for these listed condominiums is $272,000 and the average price per square foot is $221 . Of this total, 12 are bank foreclosure condo listings. The median price of these bank REO condos is $214,900 , and the average price per square foot is $205 . The ratio of bank owned condo listings to total listings is 15% .

For condominiums, there are now 75 attached units in escrow, and the median price is $229,900 . Of this number, 10 are bank foreclosure Condos in escrow in Mission Viejo . These bank Owned condos are 13% of the total units in escrow, and the median price is $239,900 .

For attached condos, there have been a total of 67 condominium sales in the past 3 months. The median price was $260,000 , and the average price per square foot was $214 in Mission Viejo . In addition, there were 18 bank foreclosure condos that sold and closed escrow during this same period of time, which was 27% of the total number of units sold. The median price of the sold bank owned condominiums was $209,500 , and the average price per square foot was $201 .

For more information about bank owned foreclosure properties, please visit our website at: Mission Viejo Bank Owned Homes & Condos. For Questions, or if you would like to see the inside of any Foreclosure property, feel free to call: (949) 388-3396, or email us at: Info@eVantageRE.com.

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Lake Forest Bank Foreclosure Real Estate report.

by vbindi on January 4, 2012

This article was written by the Distressed Property team at eVantage Real Estate, who specialize in short sale and bank owned homes here in Lake Forest . This article will report the statistics for Active for Sale and Sold standard listing properties, as compared to Bank Owned foreclosure properties. Currently, there are 106 detached homes listed for sale in Lake Forest , California. The median price of these homes for sale is $519,000 and the average price per square foot is $265 . 6 of these active listings are Bank Owned REO’s, which represent 6% of the total inventory of detached homes for sale. The median price of these bank foreclosure properties is $534,900 and the average price per square foot is $257 .

For homes under contract, there are 83 detached homes in escrow on this date, and the median price is $444,900 . Of this total, 6 are bank foreclosures in escrow, which is 7% of the total detached properties in escrow in Lake Forest , and the bank owned property median price in escrow is $369,900 .

In the past 3 months, there have been a total of 107 detached homes that have sold and closed escrow in Lake Forest . The median price was $453,000 and the average price per square foot was $249 . Of this total were 15 were Bank Owned properties in the city of Lake Forest in the past 3 months. This number of sold bank foreclosures is 14% of the total. The median price was $417,000 , and the average price per square foot was $233 .

If you would like more info regarding bank foreclosure properties for sale, click the following link to visit our website at: Lake Forest Bank Owned Homes & Condos. If you would like to speak with a real estate professional, or see the inside of any Foreclosure property, feel free to call: (949) 388-3396, or email us at: Info@eVantageRE.com.

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Fewer Orange County Homeowners Have ‘Underwater Mortgages’

by vbindi on July 13, 2010

A smaller percentage of Orange County homeowners were saddled with “underwater mortgages” in the second quarter as more homes entered the foreclosure process even as price declines slowed, real estate website Zillow.com said Monday.

Fewer homeowners with so-called underwater mortgages — where the amount owed on the mortgage exceeds the home’s value — is nevertheless a positive for the housing market as it could portend fewer defaults and foreclosures down the road.

The percentage of American single-family homes with mortgages in negative equity fell to 21.5 percent in the second quarter from 23.3 percent in the first quarter and 23 percent a year ago, according to the Zillow Real Estate Market Reports.

These underwater mortgages are one of the biggest banes of homeowners since negative equity makes many of them unqualified for home loan refinancing and prevents some from selling.

“While fewer homeowners were underwater in the second quarter than the first, it is not yet time to break out the champagne bottle,” Stan Humphries, Zillow chief economist, told Reuters in an interview.

“While some of the downward pressure on negative equity is coming from stabilization in home value trends, the larger factor is the enormous volume of foreclosures occurring within the stock of homes in negative equity,” he said.

Article from MSNBC via Reuters. Written by Julie Haviv

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Report States Short Sale better than Foreclosure

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

Foreclosure Homes for Sale in Laguna Niguel

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 BdBaSqFt Price
CONDO9 Pearl11873$198,900
CONDO24421 Avenida De Los Ninos 6421900$220,000
CONDO7 Avalon Cv221,120$272,500
CONDO21 Flamingo Ct 104321,221$309,900
CONDO17 Glen Cv 2221,100$336,000
CONDO27425 Newporter Way 255331,597$379,900
SFR4 Tobago231,605$413,900
CONDO176 Cameray Hts231,450$414,900
SFR20 Stream St331,900$499,900
SFR30461 Via Alcazar Ave421,960$589,000
SFR24626 Los Serranos Dr532,100$650,000
SFR31662 Isle Royal Dr432,468$651,000
SFR21 Trestles432,719$697,950
SFR24036 Piragua Pl432,500$759,000
SFR30381 Via Alcazar Ave532,600$775,000

Ladera Ranch Bank Owned Homes Listed for Sale

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

TypeAddressBdrmsBathsSqFtPrice
SFR 4 Drackert Ln  , Ladera Ranch 443,550$830,000
CONDO 27 Tarleton Ln  , Ladera Ranch 341,662$404,000
SFR 19 Maybeck Ln  , Ladera Ranch331,910$487,900
SFR 22 Michael Rd  , Ladera Ranch 563,730$875,000

Garden Grove Short Sale Realtor

by vbindi on May 3, 2009

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

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