Ladera Ranch Short Sale | Specialist Case Study

The following is another successful Short Sale conducted on a single family detached home located in the Meriden Tract of Ladera Ranch, CA. This 3,568 square foot home was a 4 bedroom, 4 bath with 3 car garage. This property was sold and closed escrow in September of 2008, via a Short Sale by expert team of ShortSalesASAP.

This large home was purchased by the homeowner in December 2006′ for $1,200,000. Their 1st Mortgage had a loan balance of $960,000 that was serviced by Countrywide Mortgage. In addition, they had a 2nd Mortgage with a balance of $240,000 serviced by Wells Fargo. Both loans were on fixed rate programs.

Orange County real estate prices have drastically decreased in the past 2 years throughout Southern, CA. In the past 2 years this home has dropped in value by about 28%. Due to a financial hardship they were having difficulty keeping up with their mortgage payments. They researched into a Loan Modification, but decided to conduct a Short Sale since they still would have been upside down $325,000 after the Loan Modification.

This Ladera Ranch home was initially put in Phase 1 of our Short Sale Preparation. In this phase we gather all of the required documents from the homeowner and contact the banks to present our short sale case. With some aggressive negotiations, our expert team was able to obtain preliminary approval for the Short Sale. This Preparation Phase took about 4 weeks to complete. During that time the homeowner was able to live in the property as normal, with no interruptions from other agents or prospective home buyers. In addition, the homeowners were able to live mortgage free for the duration of the short sale process.

Phase 2 was the start of our Short Sale Marketing and Sales Phase. This is where we market the property for sale extensively on the Internet and in the Multiple Listing Service (MLS). The home was listed for a price of at a price of $925,000. After a period of about 2 weeks, we obtained a solid offer from a qualified buyer for $850,000. After successful negotiations with our expert team, we aquired a purchase price of $875,000.

Phase 3 is the final phase and the closing of the Short Sale. After obtaining the signed offer from the Buyer, we packaged all required Short Sale disclosures and Buyers loan qualification paperwork and submitted the updated package to the 1st and 2nd mortgage banks. After extensive negotiations with our expert short sale Realtor team, our attorney and bank officials, we got both the 1st and 2nd Mortgage Banks to agree to approve the short sale offer of $875,000. Once acquiring both short sale approval letters, we moved forward with the buyers and closed escrow. The last Phase was completed in about 27 days.

In the end we were able to wipe the entire debt on the home and removed from the homeowner from any future liens or judgments. The homeowner was able to live in their home during this short sale process and did not make any mortgage payment. They were also able to rent a comparable home for substantially less then what their payments used to be. The homeowners credit was not as badly damaged as it would have been if the banks had foreclosed and they are now working with our credit restoration affiliate to repaired their score to a level where they should be able to buy a home again .

ShortSaleASAP is licensed with the California Department of Real Estate. Our services are 100% free to the homeowner, as we are paid by the mortgage bank(s) at the close of escrow. 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