Starting to think about a short sale?

Are you starting to think about a short sale? Thinking you need to get out from under your home? There are alternatives for you and we can help. Read more here.

Tags: bank owned, distressed, foreclosure, loan modification, short sale, underwater

What is the current market like in Ladera Ranch?

Currently as of 11/1/2010 there are a total of aprox 180 homes on the market for sale in Ladera Ranch. Of these, 15 are bank owned, 95 are short sales or foreclosures and the remaining 70 are standard regular sale homes. What we are seeing month over month is more foreclosure and short sale homes coming on the market and less regular sale homes coming on the market. The amount of time it takes to sell a home is also increasing. Some of this may be attributed to that fact we are coming into the holiday season and typically things slow down. However, because many people are focusing on the holidays etc, now may be a great time to find a deal for yourself? Do your homework and make sure you have an idea of what the past sales have been for the last few months. You can get a good idea right here.

Tags: buying, current market, foreclosure, ladera ranch, past sales, reo, short sale

Ladera Ranch is now Short Sale Ranch?

Is it me or is Ladera Ranch turning into Short Sale Ranch. My god, I haven’t seen this many short sales in a long time. As of 9/23/10 there are a total of 184 homes for sale in Ladera Ranch with HALF of them being short sales. That’s right, 94 homes are selling as short sales and who knows how many more are coming down the pipe? In case you have been living under a rock, a short sale is where a homeowner is selling their home for less than what they own on it. The lender for the homeowner makes the final decision if they will allow the homeowner (borrower) to sell and for what price. Homeowners in a short sale are allowed zero proceeds (money) from the sale of their home and all they are basically doing is avoiding a full blown foreclosure. I am guessing that this is just the tip of the iceberg here as many more people are just making their mortgage payments to save their credit. There is no shame in a short sale unless you really care what your neighbors think.

I received an email a few weeks ago from a client inquiring about a short sale. She was at the end of a ridiculous process to see if she could get a loan mod from Chase Bank. She seemed doubtful she would get it and was now thinking ahead to a short sale.

If any of you are in a similar position or just cannot afford to continue to make house payments just to save your credit, seriously consider a short sale as it will eventually stop the misery you are feeling and get you out from your financial obligation. You can turn around and rent the same home for way less then it would cost you monthly.

We have performed dozens and dozens of short sales and many times actually were able to get a small payout for the homeowner as a parting gift from the bank. We are your solution to this problem and can easily help you and many times get you some money to leave with. Check out more information on short sales here. You can always contact us here too.

Tags: bank owned, foreclosure, loan mod, reo, short sale

Potential short sales to bankruptcy?

People think that a bankruptcy will cleanse them of their debts. That is a myth. Here is why. Yes, it’s true, that a Chapter 7 Bankruptcy will release a debtor of all debts. The problem is that most of the bankruptcy laws were changed in 2005. This law makes it much harder to file a Chapter 7 bankruptcy.

Now the judges have to steer debtors towards a Chapter 13. What does a Chapter 13 bankruptcy mean? It means that a debtor will have to repay part (if not all) of their debts. In addition, the debtor has their finances managed by the bankruptcy trustee. And, the debtor has to pay that trustee!

If a person just stops paying their debts, then they can actually pay less money than they would with a Chapter 13 bankruptcy. Let’s face it. The people who handle bad debt are so disorganized. Yes, it’s very similar to how a “servicer” handles a third party loan. Most big companies don’t have the stomach to do the hard work of collecting money. That is why they farm that hard work out to a collection agency. What does the collection agency do? They just call the person over and over again. Read the rest of this entry »

Tags: bank owned, foreclosure, reo, short sale

Buying a bank owned home?

Buying a bank owned home today is still the best deal out there but it comes with heavy competition. Many people are after the illusive bank owned home so you’d better have your homework done. What this means is that you should have already spoken with a lender and become fully underwritten and issued an approval letter. Have me or your agent include that letter and the first 2 pages of your credit report with any offers you make along with your asset verification (proof of funds) for your down payment. Hopefully, you will have a minimum of a 20% down payment or otherwise you will have a rough time getting an acceptance on a bank owned home (REO). You can still get an approval occasionally with less than 20% but then some magic needs to be created. Contact me and I can explain further. This site gives you free access to all the bank owned homes (REO) in and around Orange County California. For any lender questions, please contact our preferred lender Bill Daniels at www.billtdaniels.com.

Tags: bank owned, foreclosure, reo

Brand New Bank Owned Listing @ $257 per SqFt

(all data current as of 6/5/2010)

Price	$902,700
Beds	4
Baths	4 full, 1 part baths
Home size	3,506 sq ft
Lot Size	8,645 sq ft
Days on Market	3

Beautiful woodwork in this spectacular 4 bedroom 5 bath home. Custom Casings, Baseboards, and Crown Molding can be found throughout. Dramatic Foyer Entry w/Mosaic Floor Tile. Incredibly spacious floor plan with large Master Suite and secondary bedroom downstairs. Backyard is perfect for entertaining with built in Barbeque and outdoor Fireplace in backyard and courtyard area. Extraordinary Wood Floor bonus room w/balcony. Dual A/C units with hepa-allergy system. Custom Maple built-ins. Finished garage w/epoxy flooring. This beautiful home is located in the quiet neighborhood in Covenant hills. A private gated community.

Property Type(s): Single Family, Residential

Last Updated	6/4/2010	Tract	Mont
Year Built	2006	Community	Ladera Ranch
Garage Spaces	2.0	County	Orange
Total Parking	2

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with Mark Dowling, RED Crown Realty

Tags: bank owned home, foreclosure, reo, reo home