Fullerton, California - Short Sale Seller Case Study: The ShortSalesASAPteam of Realtors specializes in Short Sale transactions in Orange County CA. This article will outline another successful short sale negotiation conducted on a detached home in Fullerton, CA. We will not divulge all of the pertinent details in order to preserve the privacy of the seller.
The sinlge story ranch style home consisted of a 3 bedrooms, 2 baths with 2 car garage and 1,700 square feet of living area, built in 1958. This property was acquired by the seller in the Winter of 2005′. Ten months later, the property was refinanced with a 1st mortgage with loan balance of $810,000, and a 2nd mortgage of $180,000. Both loans were fixed interest rates amortized over 30 years.
Residential property values dropped about 31% since the height of the market in mid 2006′ in Fullerton and elsewhere in Orange County. This is the result of the recession and nationwide mortgage loan crisis. Due to the severe recession locally, the sellers small business income had dramatically declined. This left the property owner unable to keep current on the mortgage loans, and also eliminated the possibility of a loan modification. The owners heard about us from a work associate, so they contacted us as to conduct a short sale.
The first step, was to gather all of the bank required documents from the seller. These documents were packaged along with other market data and delivered to the Banks. After some cunning negotiations by our experts, we got the 1st and 2nd mortgage banks to preliminary agree to certain short sale terms and conditions. During this Step, the home owner lived in the property as usual with no interruptions to their daily lives. And as a result of their hardship, they were unable to make their mortgage and lived payment free.
With the Short Sale preliminary approved, we started the endeavor of Marketing the Fullerton property for sale. This was advertised in the Multiple Listing Service and we kept the short sale status as Private Data hidden from the public. The house was listed for sale for $689,900, which was approximately the market value at that time. After a period of about 24 days, we procured an offer fro a qualified buyer for $640,000. After some back and forth negotiations from our listing Realtor, we arrived at a price of $660,000.
Our short sale Realtor obtained all of the required signatures from the buyer and seller, and reviewed the loan qualification status of the buyer. Once approved, escrow was opened and our short sale team then packaged the new purchase offer, along with acquired Short Sale disclosures and Buyers loan qualification paperwork, and submitted the package to the 1st and 2nd mortgage banks. After some tough negotiations with our expert Realtor team, and associate attorney got both the 1st lender and 2nd lender to agree to the short sale offer. Once we received the bank short sale approval letters, we moved forward with the buyers closing through escrow.
At close of escrow, the entire $990,000 in total mortgage debt was terminated and the seller rented a like-kind Fullerton house and is now saving about $1,900 per month. In addition, the homeowner is now working with our credit Restoration affiliate firm and will be able to buy another home early next year.
ShortSaleASAP is licensed with the California Department of Real Estate, and our services are free to the homeowner, for we are paid by the mortgage bank(s). If you have any questions regarding Short Sales, contact our team of experts at: (949) 388-3396 or drop us an email at: Info@ShortSalesASAP.com
We are not the FHA, VA, USDA, HUD or any other government organization. The content on this blog is intended for information purposes only. 
