Orange County California Real Estate Update.....What's A Short Sale?

What's A Short Sale?

A short sale occurs when the lender agrees to take less than the full amount required to pay off existing loans in full because the outstanding loan balance is greater than the proceeds realized from the sale of the property.

This sounds simple enough and is the definition most agents will give you. The problem is in the details. The terms of the approval are almost always dictated by the lender. Most sellers and many agents assume any approval is a "good approval", which is often not the case.

If you're considering a real estate short sale there are things you need to know before speaking to your lender. Consulting with a M.A.R.S. compliant, licensed professional versed in short sales and the foreclosure process is a must.

 

 

When you are buying or selling property in today's real estate market, it's important to have confidence in your real estate professional. My commitment as your local REALTOR® is to provide you with the specialized real estate service you deserve.

In this business the person with the most accurate and timely information usually wins. I truly believe that understanding all of your options is the #1 key to making the best decisions for you and your family. That's why my goal is to keep you informed on trends in the marketplace using the latest local and national statistics.

As an area expert with extensive knowledge of our local housing market and neighborhood communities, my objective is to work diligently to assist you in meeting your real estate goals.

I hope that you are able to find the answers you've been looking for here. I've provided this information so that you can make the best decision for yourself. If you owe more on your home or investment property than it is worth, I'm confident I can help you to better understand all your options.

Call for a free, no pressure, zero-obligation over the phone consultation and I'll do my best to help you understand all of your options and how best to move forward.

Larry Weichman
Weichman Realtors, Lic #00573423
Larry@OrangeCountyHomeAssist.com
(888) 476-5169

 

 

      

(714) 241-4532

1525 Mesa Verde Drive East

Costa Mesa, CA   92626-5221

 

A BETTER ALTERNATIVE TO FORECLOSURE IN COSTA MESA CALIFORNIA REAL ESTATE

A BETTER ALTERNATIVE TO FORCLOSURE IN COSTA MESA CALIFORNIA REAL ESTATE!

 

 

Due to recent government incentives, short sales are becoming the darling of the distressed-property marketplace.  A short sale keeps owners out of foreclosure, because the lenders allow the homeowners to sell their house for less than they owe.

 

Banks have really sped up the process, hiring large numbers to serve the short sale specialty.  In early 2010, one of the very largest banks had more than doubled the number of short sales it approved, sometimes as quickly as 24 days.  Compare that to last year, when short sales stalled indefinitely or took more than six months to complete.

 

The biggest roadblock to approval was often a second mortgage held by the seller.  Since the primary lender must be paid first, the second lien holder could be left with nothing, and they would basically kill the sale.  But now the Home Affordable Foreclosure Alternatives (HAFA) program provides money to primary lenders who share the proceeds with the second lien holders.  HAFA also provides up to $6,000 to those secondary lenders if they release their claim. 

 

Short sales keep borrowers out of foreclosure and reduce the impact on their credit.  While foreclosure can shave 200 points off your score, the penalty for a short sale is only half of that.  Hopefully, a boom in short sales will also bring us closer to ending the ongoing foreclosure crisis.

 

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CA for the latest news and information on the Costa Mesa real estate market.  Lic #00573423 

 

 

Posted via email from Larry Weichman's Blog (714) 241-4532

4 Bedroom Homes for Sale in Costa Mesa Offer the Additional Square Footage You Need

4 Bedroom Homes for Sale in Costa Mesa Offer the Additional Square Footage You Need

Discover the numerous 4 Bedroom Homes for Sale in Costa Mesa currently listed on the MLS, and treat yourself to an abundance of livable square footage and storage space! In Costa Mesa, you’ll notice that there’s a wide variety of fine four-bedroom houses for sale. Contact Larry Weichman now at 714-241-4532, and locate the home of your dreams, today. Utilize our complimentary MLS database search function, and you’ll be able to review numerous listings for fine homes with four bedrooms. You’ll find that they are priced around $683,015 on average, and are available at prices as low as $340,000. At their most expensive, these properties are listed at $1,700,000. What’s more, you’ll have the flexibility to view listings only when it’s convenient. Rest assured that we won’t ask you to divulge personal information or contact information.

Please click on link below for details!

http://www.searchallcostamesarealestate.com/62128-Costa-Mesa-CA-BR4-RESCity.aspx

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CA for the latest news and information on the Costa Mesa real estate market.  Lic #00573423 

Posted via email from Larry Weichman's Blog (714) 241-4532

SALVAGING CREDIT AND EQUITY IN ORANGE COUNTY CALIFORNIA REAL ESTATE

 

  

 

SALVAGING CREDIT AND EQUITY IN ORANGE COUNTY CALIFORNIA REAL ESTATE!

 

The issue of pricing strategies was recently addressed here, particularly for facing moving deadlines or selling a home that's languishing on the market.  But what if you're experiencing financial hardship or losing valuable equity in your home?

 

If you're facing mortgage default and want to avoid foreclosure, you're probably looking at a short sale, an agreement with your lender to sell your home for less than what you still owe.  This pricing strategy is challenging, because you have to list high enough to satisfy the lender, but low enough to attract buyers.

 

First, complete a short sale application from your lender and get a quote for how much they're willing to accept.  Work with a reliable real estate agent to find the sweet spot between what the lender wants and what will excite buyers, and you may be lucky enough to receive multiple offers.

 

 

If you're not defaulting, but your home has lost significant value, you're still in a tough situation.  If you bought during the peak years, you may have trouble salvaging your equity in today's market.  While painful, the best pricing strategy in this case is to ask your agent for a Comparative Market Analysis (CMA) and price your home at fair market value or below.  Again, if your price is right, you may encourage multiple offers, resulting in a higher sale price.

 

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CA for the latest news and information on the Costa Mesa real estate market.  Lic #00573423 

Posted via email from Larry Weichman's Blog (714) 241-4532