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Laguna Niguel Home Prices Holding Steady

by vbindi on January 11, 2010

Laguna Niguel, CA -  The local real estate market has gone through a severe correction that started back in the summer of 2006′.  Since that time, prices have declined approximately 30% for detached homes, and for attached Condos, prices have dropped about 38% since the peak in mid 2006′. 

Recently though, the inventory of homes for sale has declined substantially in Laguna Niguel.  Also, the rate of sales has increased during this same period of time, from mid 2006′  to today.  This strengthening demand for the Laguna Niguel real estate market has resulted in a stabilization of home prices.  Throughout most of 2009′ actual sales prices for detached homes have held steady at $310 per square foot.  And for condominiums, prices have firmed actually resend in 2009′ by about 3%, to a level of $260 per square foot today (Price per Square Foot is a much more accurate measurement of price movement than the Average or Median) 

Currently, there are 145 detached homes listed for sale in Laguna Niguel, ranging in price from a low of  $479,000 for a 3 bedroom, 2.5 bath, 1,455 square foot home in the Seagate subdivision.  On up to $7,875,000 for a 7 bedroom, 9 bath, 11,000 square foot estate in the Bear Brand Ranch neighborhood.  The Median price of all detached homes Active for sale is $849,000 in Laguna Niguel.

In addition, there are 127 attached condominiums that are currently listed for sale in Laguna Niguel.  These attached units range in price from $179,000 for a 1 bedroom, 1 bath, 760 square foot flat in the Crystal Cay tract, on up to $749,000 for a 3 bedroom, 3 bath, 2,379 square foot attached townhome in the Marina Hills neighborhood.  The median priced condo is currently $349,000.

For more information about the  Laguna Niguel real estate market and home prices, please feel free to contact us at:  (949) 388-3396  or  Info@eVantageRE.com

Mission Viejo Home Values

by vbindi on August 26, 2009

Today, there are 181 detached single family homes listed for sale in Mission Viejo, Orange County, Ca.  The lowest current detached home price is $360,000 for a 3 bedroom, 2 bathroom 1,123 square foot home offering a view of Saddleback Mountain. The highest priced home is listed for $2,995,000, which is a 5,500 square foot, 5 bedroom, 5 bathroom lakefront estate built in 1990 on Lake Mission Viejo. This property features a gorgeous view of the lake and a private dock right in the backyard. The current median price for all home Active for sale in Mission Viejo is $619,000.

There are 180 detached homes located in the city of Mission Viejo that are pending in escrow. The lowest priced property currently in escrow is valued at $209,900. It is a 2 bedroom, 1 bath, 1415 square foot home. The highest priced property currently in escrow is priced at $2,200,000. It is a 3,693 square foot lakefront estate on Lake Mission Viejo featuring 4 bedrooms and 4 bathrooms. This home has privacy plus as it is at the end of a cul-de-sac in the guard gated community of  Tres Vistas. The current median price for properties in escrow is $495,000.

In the past 90 days, there have been 192 detached properties that have sold and closed escrow in Mission Viejo. The lowest sales price for a detached property was $310,000 for a clean, upgraded 3 bedroom, 2 bathroom, 1,100 square foot home built in 1972, located just a short drive from the freeway and within walking distance to Colinas park. The highest priced property sold was a 4 bedroom + a loft, 4 bathroom, 3,316 square foot estate built in 1993. This home was priced at $910,000 and located on a cul de sac in the Anacapa community. This property features a rock pool and spa with a waterfall and a spectacular panoramic ocean view. The median home sales price is $510,000 and the average sales price in Mission Viejo within the past 3 months was $541,911. The average price per square foot was $275.59/SqFt. The average days on market was 66 days.

For more information about Mission Viejo Real Estate for sale, please feel free to call us at: 949-388-3396 , or email at: Info@eVantageRE.com or visit our website by clicking in the highlighted previous Link.

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

Should I Short Sale My Home? – Free eBook for Orange County homeowners.

by vbindi on April 10, 2009

Are you caught in today’s mortgage crisis?  If so, you are not alone for there are Millions of Homeowners trapped in a very similar situation.  Due this mortgage loan epidemic, and our vast experience in this field,  we decided to write an eBook titled - “Should I Short Sale My Home”…  This book is dedicated to help educate Orange County homeowners so they can make an informed decision regarding a Short Sale. We felt very qualified to generate this book for we are Orange Counties leading Short Sale practitioners.

This eBook is short and to the point, detailing information about the current mortgage crisis, how short sales work, and the advantages and disadvantages of a short sale for Orange County homeowners.   We though about charging for this book, but have decided to give it a way for Free.

CLICK HERE TO OBTAIN YOUR FREE COPY OF THE eBOOK -
“SHOULD I SHORT SALE MY HOME”

It is projected that over 10 Million homeowners currently have, or will have negative equity in their home in the very near future.  In other words, they will owe more on their homes than they are worth.  In Orange County, the number of homeowners projected to have negative equity is estimated at 200,000.

There is expected to a be a massive number of homeowners who are simply making the decision to sell their homes through a short sale versus staying in a home, hoping that one day it may be worth what they paid.  Late last year, CNBC financial guru Jim Cramer was telling homeowners to ‘Just Walk Away’ from their home and let it go to Foreclosure… that is a big mistake, for a  Short Sales is a better and more responsible solution then Foreclosure.  Our FREE eBook, will explain the reasons why.

According to some recent studies, approximately 40% of all Loan Modifications granted last year,  wound up in default and the homeowner either went into foreclosure or sold the home via a short sale.   Loan Modifications work for some homeowners, but in other situations, make no sense at all.  Again, our eBook will help to demystify the Short Sale process, and explain other Loss Mitigation strategies as well.

This eBook, consists of 10 Chapters, written in a direct and plain spoken  manner.  The chapters are listed below;

  • Chapter One - A National Epidemic Is Looming.   Are You Ready?
  • Chapter Two - How Bad Is It?
  • Chapter Three -Ok, I Get It. A Short Sale May Be My Best Option. Tell Me More
  • Chapter Four - What Is A Mortgage Foreclosure?
  • Chapter Five - You Have Been Warned: Foreclosure Scams
  • Chapter Six - What Are The Options For Homeowners In Foreclosure?
  • Chapter Seven - You Now Want To Short Sale Your Home: Top 10 Short Sale Questions, Answered
  • Chapter Eight - I Thought Rates Were Falling. Won’t That Help?
  • Chapter Nine - Life After Short Sale. When You Want To Buy A Home Again…FHA To The Rescue
  • Chapter Ten - Death Of The Home Equity Loan – Millions Of Homeowners Shut Out

If you have any questions or comments regarding if your Orange County home may be a candidate for a  Short Sale, please feel free to call us or drop us an email at:  Info@ShortSalesASAP.com

Dana Point CA Short Sale – Success Story #17

by vbindi on April 7, 2009

This is another successful Short Sale case study for a detached home located in Dana Point, Ca.   The details of the homeowners name, address, and exact financial details will be masked to protect the privacy of the homeowner.

This property was sold and closed escrow in March of 2009,  via a Short Sale by the OC Short Sale Team.   This single family detached home was 4 bedroom, 3 bath, 2,600 square foot home, with 3 car garage.

This roomy house was purchased in August of 2005′,  for $975,000 with a 20% down loan with Wells Fargo.  9 Months later the homeowner obtain a equity line of credit (HELOC) loan for $200,000 in 2nd position.  The first mortgage was about $780,000 and the total loan debt after the HELOC loan was $980,000.  The home went up in value about 5% from the time it was purchased until about springtime in 2006′ and then prices began to decline from there.

Since the peak in the local market in April of 2006′ prices have been dropping about 12% per year for the past 3 years.  This drop applies to most of Orange County, but has not as severe in Dana Point.   This featured short sale property has declined in value about 27% from the time it was purchased.   The homeowner had a financial hardship and a medical sikness in the family, and they were not able to keep up with their mortgage payments.

The first step in our short sale process for this Dana Point property, was to gather all of the required documents from the homeowner.  We then packaged these documents and sent them to the  banks to present our short sale case.  After some tough negotiations, our short sale specialists were able to obtain preliminary approval for the Short Sale.   During this short sale preparation period, the homeowner was able to live in the property as normal, with no interruptions from other agents or prospective home buyers.  Due to their financial hardship, the family was living in the home without making mortgage payments.

After the preliminary bank approval, the Short Sale marketing and sales effort began.  We advertised the property for sale extensively on the Internet and in the Multiple Listing Service (MLS) for a price of at a price of $789,000.  After about 3 weeks with no offer, we dropped the price to $749,000.   Then again 3 weeks later we lowered the price to $729,000 and received an offer 6 days later.   After two counter offers, we negotiated a price between the buyer and seller for $725,000.

This final step was to set up the short sale for escrow closing.   After we obtained the signed offer from the Buyer, we packaged the purchase offer, along with required Short Sale disclosures and Buyers loan qualification paperwork.   We rushed this information to the banks, and negotiated the  final short sale adjustments of the terms, conditions and costs.   After some tough discussions with our expert short sale Realtor team,  we received the bank short sale approval letters.  We then moved forward with the buyers closing through escrow. The last step was accomplished in about 32 days.

After the short sale was completed and the escrow closed, the entire mortgage debt was retired and the homeowner was forgiven from the debt of the HELOC loan.   If the home had gone to foreclosure, the $200,00 HELOC loan would have not be retired, and they could have gone after the homeowner for collection.   In addition, the homeowners credit was not as badly damaged as it would have been if the banks had foreclosed.   They are  planning on working with our associate premiere credit rehabilitation firm, so that they may buy another home within a year or less.

The OC Short Sale Team is licensed real esate Broker with the California Department of Real Estate, that specializes in short sales.  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