- Name
- Ezra Sturgis
- Company
- OC ShortSale Arena
- E-mail
- Contact Ezra Sturgis (OC ShortSale Arena)
- Website
- http://www.ocshortsalearena.com
- Office Phone
- (949) 226-2189
- Cell Phone
- (949) 226-2189
- Fax
- (949) 218-0157
- Address
- Mission Viejo, Laguna Niguel, Irvine, Rancho Santa Margarita, Huntington Beach, San Clemente, Laguna Beach, Lake Forest, Dana Point, Newport Beach, Tustin, Brea, Orange, Fullerton, Long Beach, Anaheim, SJ Capistrano, Mission Viejo, CA, 92691
- Description
- OC ShortSale Arena - President
Short Sale Specialist & Master Negotiator;
15 Yrs. Sr. Level Manager - Major Mortgage Bank;
Realtor -- CAR, NAR, OCAR
Born and Raised - OC, CA
About Us:
The role of our Short Sale Team is to guide you through the selling of your home and the lender negotiations process, taking the time to make sure you understand every step of the transaction. We are absolutely committed to fulfilling your needs with the highest level of professionalism, expertise and service. Our commitment to your satisfaction is the foundation from which a solid business relationship is built.
We realize that people do business with people they trust. We are interested in what is best for you, the client, and are committed to establishing a long-term relationship based on trust. We pride ourselves on being knowledgeable and staying current with changes in the industry that will affect the success of your transaction. You have worked hard to be able to own the home of your dreams. I feel the responsibility to shelter those dreams and pursue the right solution diligently.
SHORT SALES - HOMEOWNERS
Most short sales are done on properties in foreclosure.
This means the homeowner is at least 3 payments behind and the foreclosure suit has been filed by one of the mortgage lenders. You should have received an NOD or Notice of Default by this point. Recently, lenders are approving more mortgages that are simply behind or "in default", and are being considered short sale candidates without actually being in foreclosure.
Also, the homeowner typically has negative equity or no equity in the home. In other words, the total balance owed on the mortgages is equal to or greater than the price at which the house can be sold. This situation is particularly prevalent in the Orange County and the Inland Empire areas, which has a large pool of homes for sale and where prices have declined 20%-40% in the past year.
In addition, the homeowner must have some type of financial hardship that is preventing him from paying the mortgage. This is commonly a job loss, medical bills, disability, divorce, or some other hardship.
Supporting Hardship Information is required to successfully close this type of transaction. A letter of termination, lay off notice, unemployment benefit letter, letter from Doctor, medical documentation, repair bills/receipts, etc.
SHORT SALES - LENDERS
For a lender, completing a short sale avoids many of the costs associated with the foreclosure process. Attorney fees, delays from borrowers filing bankruptcy, damage to the property, resale costs, property tax, home owners insurance, etc. All of these must be paid by the bank during a foreclosure. Once foreclosed upon, the house then goes to public auction, and typically would sell for approx. 67% of it's worth. In a short sale scenario, the lender is able to cut its losses by getting rid of the property faster, thus saving time, money, and any other further depreciation that may occur within a falling market.
It's strictly a business decision by the lender and loss mitigation department.
