short sales: So...You Want to Buy a Short Sale? Be Forewarned... - 04/17/09 08:40 AM

If you are thinking of buying a short sale (or if you're an agent looking for an outlet for your short sale frustrations), PLEASE read. Understanding this information is a must.
I completely understand the allure of the short sales when you are a buyer. The prices are attractive and there are SO many of them. They have become a necessary evil of the Orange County real estate market. I get it.
If you really want to pursue a short sale, be forewarned. Know what you are getting into, understand the risks, the pitfalls, and what is required to make … (5 comments)

short sales: Microscope on the Market - Rancho Santa Margarita - 01/06/09 03:47 AM
When you are looking to buy a home in Orange County, or anywhere else for that matter, it is critical to drill down into the numbers for the sector of the market that you are looking at. Orange County numbers are wonderful benchmarks to know, but our market is made up also of submarkets within the OC. It's important to understand Absorption Rates, Average Days on Market, price per square foot, sale price to list price, etc.
For every buyer I'm working with, I try to do an analysis that really tells the story of the market they are hoping to … (2 comments)

short sales: It's a Buyer's Market - Or Is It? - 11/24/08 06:09 PM
My last post had quite a heated debate on Active Rain (which I dig BTW).  How do you educate clients about when to buy?
I did some research for a client tonight. The findings are important to share with readers here.  If you are a serious buyer or seller, this information is telling.  Please stick with the tedium of the stats because the story it tells is meaningful.
My particular buyer is looking in Mission Viejo between $450,000 and $550,000.  He wants a single family residence.  With that criteria, I hit the MLS looking for a picture of where we really … (4 comments)

short sales: Further Evidence of the Short Sale Debacle - 11/04/08 07:34 AM
I had this conversation on Twitter today and had to share it as further evidence of the common problems we see in the marketplace when it comes to the handling of Short Sales.  In case you are not familiar with Twitter, it's a social media and micro-blogging platform.
The banks aren't improving things for the local housing market, their other local assets, or the housing recovery itself with this methodology.  But, this conversation serves to continue to illustrate my point about the short sale crisis and its impact on the overall health and stability of our marketplace.  Love to hear your … (3 comments)

short sales: Skip the Bailout; I Have a Better Idea - 10/29/08 09:26 AM
There has been much discussion about the big bailout.  But in case anyone with any influence is listening - I have an idea that could make a big contribution to our market recovery.  Just call anytime and I'll share my insight with you - from the trenches.  I'll be waiting for your call.
For the rest of you that might be curious about what I have in mind, I'll share with you some of what happened to me this week.  Brace yourself because I feel a rant coming on....
As I have said countless times on this blog, short sales are … (12 comments)

short sales: Trying to Find a Good Deal In Orange County - Know Where to Look - 08/28/08 09:16 AM
As agents, we are continually hearing our clients request a 'good deal'. 
But I understand the thinking.  For a buyer, if they have to stand around a water cooler and justify jumping into this crazy real estate market, the best defense is 'I got such a great deal!'
But where are the great deals in Orange County?  I recently responded to a question on Trulia Q & A about where to write an offer on an Orange County REO.  The first answer was from an out of area agent stating that 30% under asking was a good place to start.  It … (5 comments)

short sales: Want to Buy a Short Sale - Bucket Your Seat Belt, This May Take a While - 07/15/08 04:15 PM
With the extensive media coverage, I'm surprised that I'm having an issue with the level of patience I'm experiencing on my Mission Viejo Short Sale.  Both the agent and the buyers are disappointed that I can't give them a firm response time - really?!  Come now.
I listed the property and within 4 days, I had 4 offers.  I promptly put it in back up (I hate listings that sit collecting offers and still show 'Active' but that's another conversation).  We submitted with the bank.   
It's been 6 weeks - the appraisal was just completed.  It's likely another 30 days before we … (10 comments)

short sales: Market Conditions in Rancho Santa Margarita - 05/28/08 10:44 AM
The short sale condition in South Orange County continues to have a severe impact on our market and on prices.  Until some of the Bank Owned and Short Sale inventory diminishes - we will continue to have pressure on prices.
That being said, you can see from the following graphes that the # of escrows is on the rise.  Whether that is temporary seasonal buying, or an actual improvement in our market remains to be seen but I suspect the former.

If you break down the inventory by price, the number of distress sales is even more alarming in the … (0 comments)

 
Linsey Ehle (M Realty)

Linsey Ehle

Rancho Santa Margarita, CA

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