Laguna Niguel, CA: Local home values have been hit hard due to the regional real estate correction, the national mortgage loan crisis. and the subsequent recession. Short Sales have been a growing and significant real estate transaction for homeowners who are caught in today’s mortgage loan crisis. A short sale is often times the best solution for a homeowner whose house is worth less then the debts owed on the home, or for homeowners who are not able to keep up with their mortgage payments. A Short Sale is simply a real estate sale in which the mortgage bank(s) are persuaded to agree to reduce the loan balance so that the home can be sold to a another new home purchaser, in order to cover all of the property debts and sales costs.
Currently, there are 95 Short Sale homes and condos listed for sale in Laguna Niguel, ranging in price from a low of $235,000 for a 2 Bedroom, 2 Bath condo, with 980 square feet of living are, up to $2,399,000 for a 4 bedroom, 5 bath, estate with 5,400 square feet of living area. In addition, there are 99 short sale listings under contract in Escrow.
In the past 6 months, there have been 79 short sale transactions that have sold and closed escrow in Laguna Niguel. But of concern, is there was also 105 failed short sale transactions in that same 6 month period. That translates into a success rate of only 43%. That’s a poor closing rate for such an important transaction for a homeowner in dire need of a dignified solution that is less damaging to ones credit then a foreclosure. Whats’ worse, is the California Association of Reactors recently reported that only 19% of short sales are successful statewide. Our team of experts at the ShortSaleASAP Group have a short sale closing rate of over 93%.
Many peple ask why the low rate of success statewide. The reasons are complex and many. Short Sales are the most complex of all residential real estate transactions. They present a wide variety of obstacles that can easily trip up a Realtor who is a Short Sale novice. Some of the most common issues that cause many Real Estate Agents to fail are; pricing the short sale too high or too low, weak loss mitigation negotiation skills, too small of a team causing Realtor to be spread to thin, hiring a 3rd party short sale negotiation company, not knowing how to package a Short Sale, and not managing the independent Bank BPO/Appraisal process.
Our team has a verifiable track record of success, and have closed more sort sales in Orange County then any other team. For more information, please visit our website for Laguna Niguel Short Sales, or give us a call at: 949-388-3396
