Laguna Beach Short Sale Realtor Case Study

Laguna Beach Short Sale Experts

Laguna Beach, California: Another short sale has been sold and closed by the team of experts at the ShortSalesASAP Group here in Laguna Beach, CA.  The Short Sales ASAP group is #1 in Short Sale closings in Orange County.  Short Sales are the msot complex of all residential transactions.   Only approximately 40 % of Short Sales actually sold and closed escrow in Laguna Beach in the past 12 months. Whereas, the ShortSalesASAP Group closes over 94% of our short sale listings.   It’s important that one seeks a Realtor who is an expert in short sales and has a track record of success.  Some of the details of this short sale case study will be witheld in order to protect the privacy of the past property owner.

This Laguna Beach property was a 3 bedroom, 3 bath, 1,540 square foot single family home with a majestic ocean view. This property was acquired  in January of 2006′  for $1.15Million, utilizing 10% down financing which resulted in a first mortgage loan balance of $1,035,000. The homeowner had to move back east, and tried to sell the home using traditional methods, but was not able to do so.

The real estate market here in southern California has been gone through a major price correction. Laguna Beach has suffered a large decline in real estate prices, but not as severe as other Cities in Orange County. This deep  real estate recession is due to the overheated southern California market that started in 1999, the nationwide mortgage crisis, and job losses here in Orange County. Although as of late, price declines have subsided.

The homeowner was referred to us by a past client.  Our fist meeting was to simply answer all of the homeowenrs questions and concerns regarding short sales. The property owners signed the listing agreement and short sale addendum, and our preparation team gathered all of the required documents from the homeowner. These documents were carefully packaged in the format required, and delivered to the 1st mortgage bank to present the short sale proposal. 3 weeks later, and after some cunning negotiations, our expert team was able to obtain preliminary approval for the Short Sale.

Once we obtained the preliminary short sale approval, we put this Laguna Beach property on the market for sale. It was originally listed in the Multiple Listing Service (MLS) for $950,000. After about 3 weeks on the market with very little interest, we dropped the price again to $925,000. We obtained an offer from a qualified buyer for $850,000. After some negotiations with our short sale Realtor expert, we finally arrived at a price of $872,000.

After all of the purchase contract documents are signed by the buyer and seller, our team packages theses documents along with the buyer loan qualification letter. This package was then sent to the 1st mortgage Bank. Our short sale negotiator then went to work to finalize the final terms and conditions of this short sale. After some additional negotiations, we convinced the Banks to agree to the final short sale. The property escrow then closed 35 days later.

In conclusion, the entire mortgage debt of $1,035,000 was eliminated so that the homeowner did not owe this money anymore. We were also able to negotiate $2,500 from the Bank to pay to the homeowner, which is referred to as “Cash for Cooperation”, which many banks are now offering as an incentive to homeowners to cooperate with a short sale, versus letting the property go to Foreclosure.

ShortSaleASAP is licensed with the California Department of Real Estate, and we are members of good standing with the Orange County board of Realtors. We train Agents Nationwide how to conduct short sales, and have been interviewed by CNNMoney, ABC World News Tonight, OCRegister and others. Our services are free to the homeowner, for we are negotiate our fee with 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