Over the next few days I’ll be posting some questions Janet and I get from short sale sellers and our best practice answers.
What is a
Short Sale?
In the world of Real Estate, a short sale refers to the sale of real
property
for an amount less than the amount owed on the property. In the short
sale
scenario, the bank agrees to accept less than the full balance due on
the debt,
and usually ‘forgives’ all or a large portion of
the difference.
How will the Short Sale affect
my credit?
Short Sales are still a relatively new concept. Banks have the option
of
submitting the short sale to the credit bureau as "Paid in Full" or
"Settled for less than full balance". As far as your credit score is
concerned, there is no evidence whatsoever to support that a short sale
will
lower your credit score. Some have the idea that this is like a
bankruptcy or a
foreclosure. That's far from the truth! In a short sale, the lender is
simply
allowing you to pay less than you owe!
If you are currently behind on your mortgage or facing foreclosure, the
short
sale will actually help your credit! How? Because once you are approved
for the
short sale, all collection activity will STOP and you will avoid
foreclosure!
Who benefits from the Short
Sale?
Short sales are a win-win situation. Lenders, Mortgagees and Realtors
all
benefit from the successful short sale. Mortgagors get the majority of
their
money back, Mortgagees get the relief they need and are able to sell
their
property and avoid foreclosure, and Realtors can facilitate the
transaction and
receive compensation (commission) from the sale of the property.
Janet O'Brian is a Certified Short Sales Specialist in California is ready to help you with your Situation… Short Sale
| Monthend Numbers | |||||||||||||
| Jan '12 | Dec | Nov | Oct | Sep | Aug | July | June | May | Apr | Mar | Feb | Jan '11 | |
| Listed | 601 | 599 | 732 | 797 | 813 | 679 | 631 | 646 | 620 | 561 | 690 | 443 | 550 |
| Pending | 581 | 522 | 572 | 568 | 585 | 542 | 468 | 502 | 518 | 487 | 504 | 414 | 392 |
| Sold | 416 | 476 | 467 | 557 | 545 | 413 | 369 | 392 | 374 | 384 | 389 | 299 | 297 |
| % CHG Month over Month | |||||||||||||
| Listed | 0.3% | -22.2% | -8.9% | -2.0% | 16.5% | 7.1% | -2.4% | 4.0% | 9.5% | -23.0% | 35.8% | -24.2% | |
| Pending | 10.2% | -9.6% | 0.7% | -3.0% | 7.4% | 13.7% | -7.3% | -3.2% | 6.0% | -3.5% | 17.9% | 5.3% | |
| Sold | -14.4% | 1.9% | -19.3% | 2.2% | 24.2% | 10.7% | -6.2% | 4.6% | -2.7% | -1.3% | 23.1% | 0.7% | |
| % CHG Current Month over Same Month Last Year | |||||||||||||
| Listed | 8.5% | 7.3% | 20.9% | 32.1% | 21.0% | -1.9% | -7.0% | -2.0% | -0.6% | -27.6% | -6.1% | -57.3% | -25.6% |
| Pending | 32.5% | 23.0% | 27.3% | 32.7% | 9.4% | 8.3% | -1.5% | -15.3% | 5.4% | -43.3% | -34.3% | -50.5% | -41.8% |
| Sold | 28.6% | 11.3% | 25.5% | 38.8% | 10.8% | 9.0% | -11.7% | -19.6% | -11.5% | 14.8% | -31.6% | -21.1% | -24.2% |
Current Statistics tracking the Real Estate Market in the Antelope Valley, Palmdale & Lancaster Core areas. Homes For Sale
| Month to Date and Projected Opened Escrows* | |||
| Total Active | 1,487 | ||
| Total Active Core Area | 1,066 | ||
| Total Active REO's | 212 | ||
| Total Short Sale | 463 | ||
| Pending MTD/Projected | 270 | 461 | |
| Sold MTD/Projected | 193 | 329 | |
| Percent Sold Over List Price | 49.74% | ||
| Sold Last Month / % of Difference | 416 | -20.86% | |
| Last Year Month / % of Difference | 297 | 10.85% | |
| Active Listing Mix (Core) | |||
| REO % of TTL | 19.89% | ||
| Short Sale % of TTL | 43.43% | ||
| REO+SS % of TTL | 63.32% | ||
| Traditional Sale % of TTL | 36.68% |
Absorption Rate*
Current Month 4.2 Months
At Last Months Rate 6.9 Months
Historical High Active Listing - 5300+ Mid 2007 - Within the last 3 years our Low Active Listing were under 700 in Nov '09
Richard & Janet O'Brian Real Estate Agents in California work with buyers of all types, from first time, to investors, please let us work for you! Call us today. If you are looking for an aggressive Team to find and fight for the best deal call us or visit out website http://www.homesbyjr.com/. Or Keller Williams Realty AV
Janet O'Brian is a Certified Short Sales Specialist by the National Association of Realtors® (SFR) and is ready to help you with your situation Short sale Help. She can Stop Foreclosures Now!
(Quick Mapping Links for Core Areas)
Palmdale
Lancaster
Ana
Verde
Ritter
Ranch
Quartz
Hill
Leona
Valley
Lake
Hughes
Lake
Elizabeth
*The Core Nunbers do not include outlying segments of the Antelope Valley or out-of-area properties. Lancaster, Palmdale, Quartz Hills, Leona Valley, Antelope Acres, Lake Elizabeth, Lake Hughes, Littlerock, Lake Los Angeles, Green Valley and Juniper Hills are included in the core grouping. All figures are Single Family Residential only.
Keller Williams Realty AV Ranked #1 in the Antelope Valley 661.733.0508 to list your home.
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