I've been fortunate to help several distressed Southern California home owners over the past several years since the real estate bubble burst.
The last two days have just felt wonderful as I had the opportunity to help two different distressed homeowners by completing short sales for them rather than having their homes go into foreclosure.
These home owners realized that they were not in a position to keep their homes and so came to me for help.
With knowledge and perseverence I was able … (3 comments)
A short sale occurs when the seller sells his home and he owes more to the bank than the home is worth and cannot or chooses not to make up the difference to the bank from other funds.
I had a seller ask me the other day, why are Orange County short sales often cheaper than the regular houses?
There are a few reasons that Orange County short sales might be priced less than other "standard" sales.
First - The seller may need to sell the home and/or … (6 comments)
Though you may want a clear cut answer, the true answer is, "It depends."
It depends on your hardship, your financial situation, whether your loan was used to purchase your home or if the loan is a refinance.
Although there are many variations, this post will discuss the most common scenarios.
In most Orange County short sales, the bank will pay a large majority of the closing costs for a short sale, incuding the real estate agents' commission.
I was at lunch at a conference yesterday when I received a very unexpected message. It was from ABC News' Nightline. She wanted to know if I would be able to do an interview with one of my short sale clients in just a few hours to talk about Orange County Short Sales. A short sale occurs when the bank accepts less upon the sale of the house than it is owed. It is an alternative to foreclosure. I called her back for more details, just containing the excitement. They … (107 comments)
Almost 1/3 of the homes currently for sale in Costa Mesa are short sales.
In Huntington Beach, nearly half of the homes in escrow are short sales. This is a problem that isn't going away any time soon, and for some people it is part of their daily reality.
If you have to do a short sale on your Orange County home, there are several things you can do to torpedo your sale.
1. Don't Pay Your Homeowners' Association (HOA) Dues.
A Smooth Transaction is everyone's goal. You may not know this, but your REALTOR® is working very diligently behind the scenes to get your bank to approve your short sale. They are faxing and re-faxing the same documents to the same departments because the bank has lost the paperwork. They are waiting 40 minutes on the phone just to speak to a representative that is now answering questions about foreclosure dates and HAFA guidelines that last … (4 comments)
Short sales have become a hot topic in the last couple of years in Orange County. How many people before that were even familiar with the term which refers to the difference between what a home is worth and what is owed on the mortgage when a person owes more on their home than it's worth.
Perhaps you have heard of the foreclosure crisis and the number of foreclosures that are hitting the real estate market. But, when you really look at the numbers, the true crisis is in the … (10 comments)
It's no surprise that there are a lot of homeowners who are upside down (owe more than their home is worth) in their homes right now. Median home values in Orange County are down 40% from just a couple of years ago. Many people bought their homes with little or no money down. 6 of 10 Orange County homes purchased in 2006 are upside down The result, along with the economic troubles, has been that many homeowners have the need to sell their homes but cannot pay off … (6 comments)
Well, you might think so after seeing what they do with their Orange County short sales.
Today, I spoke with a client about selling their home as a short sale. During our discussion, I learned that Wachovia is their lender. This is actually great news for a short sale seller in Orange County.
WHY? This is great news because Wachovia has a great new program for its Orange County short sales. Local Wachovia representatives will meet with the seller and their agent to gather information. Wachovia will quickly order an appraisal or broker price … (5 comments)
Do you owe more on your home than it's worth? Not sure what to do? The Orange County short sale seller in the video below turned to Christine Donovan and The Donovan Group to help her successfully complete her short sale and avoid foreclosure.
Do you have more questions about your options? Below are links to a series for people who are "upside" down in their homes and looking to learn about their options. You Owe More on Your Orange County, CA Home than It's Worth … (2 comments)
Click for a free list of Orange County foreclosures or a free list of Orange County short sales *************************************************************************** About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate. Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 … (0 comments)
orange county short sales: Short Sale - Approved and Closed - Benefits Seller, Buyer and the Bank
- 05/24/09 11:34 AM
A couple months ago, I posted a new listing for a short sale home in Rancho Santa Margarita. This last week, we successfully closed the short sale. The home sold for about 50% of what was owed on the two loans. The bank accepted the deal, believing that fair market value would allow approximately the amount of our purchase offer. Who benefits from a short sale? The Seller benefits. When a seller who is in danger of losing a home to foreclosure is able to short sale instead, there are several benefits. 1. The seller may take a less of a hit to his credit … (0 comments)
orange county short sales: Multiple Offers in a Buyers' Market?!
- 03/06/09 05:32 PM
Ask anybody, they'll tell you housing values have sunk, the government is issuing bail out plans left and right and President Obama is touting foreclosure prevention. However, amidst all of this is a strange phenomenon. Homes are selling with multiple, competing offers.
In a buyers' market, most would expect homes to sit and have little or no competion, but that is not what is happening. Here in Orange County, when a home is well priced and is within conventional loan guidelines, it is not unsual for it to sell after receiving multiple offers. This is even truer if it is a … (4 comments)
orange county short sales: Costa Mesa Real Estate Minute September 28, 2008 - South Coast Metro Costa Mesa Market Report
- 09/28/08 04:50 PM
South Coast Metro is an area that encompasses both Costa Mesa and Santa Ana. However, the South Coast Metro area in Costa Mesa usually refers to the area east of Bear Street and north of the 405 (San Diego Freeway). It is at the junction of Orange County’s 55 and 405 freeways. It is the area of Costa Mesa closest to South Coast Plaza. In this unique neighborhood, premier office space and world class shopping vie with first class dining and performing arts venues to form a cosmopolitan blend of culture and business. Below is the South Costa Metro Costa Mesa … (4 comments)
Related Links:
Christine Donovan
Broker/Attorney 714-319-9751 DRE01267479 - Costa M
Author Bio: Christine Donovan is a real estate broker and attorney. She is a lifetime local resident of Orange County, and the head of the DonovanBlatt Team which specializes in real estate sales and purchases in the Orange County area with a focus on Costa Mesa, Newport Beach and Huntington Beach.
Saving 2 Southern California Homeowners with Short Sales in 2 Days Just Feels Good
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