Anaheim CA. - Short Sale Realtor Success Story - The ShortSalesASAP brokerage firm specializes in Short Sales in Anaheim and throughout Orange County, CA. We will outline a completed Short Sale for a detached home located in Anaheim, Ca. that was listed, negotiated and sold by Realtor expert, Nick Roshdieh. Certain details of this short sale such as; property address, exact loan amounts, and names will not be quoted exactly to respect the privacy of the previous homeowner.

Anaheim and Orange County Market Conditions: Because of the severe local housing market recession, and the national mortgage loan crisis, housing values have decreased substantially in Orange County California as well as Anaheim. Prices have been dropping about 1% per month for the past 2.5 years, but there are now signs that prices may be leveling off.

Subject Property and Finance Details: The short sale property being featured was a 3 bedroom, 2 bath, 2 car garage with 2,160 square feet of living area on a large lot. The home was originally acquired by the homeowner in May of 2005' for $745,000 with 20% down, and resulted in a 1st mortgage loan balance of about $596,000. Two months later a home equity loan (HELOC) was acquired for approximately $85,000, and was used for renovation and additions to the home. The total loan balance was about $680,000. 3.5 years later, this home dropped in value by about 22%, and the home was upside down by approximately $100,000.

The homeowner lost their job, and was unemployed for a substantial period of time, racking up credit card debts trying to stay current on the home mortgage loans. After a while they soon realized they were digging themselves a deeper hole, and decided to contact us to conduct a Short Sale. Our short sale processing is broker down into three phases.

Preliminary Short Sale Approval: After we met with the client and answered all of the questions and concerns, we signed the short sale listing agreement with the homeowner. Our staff then gathered all of the required documents, reviewed for completeness, packaged and delivered to the 1st and 2nd banks. Our lead Realtor presented our short sale case to the banks, and after some skilled negotiations, we were able to obtain preliminary approval for the Short Sale with tentative terms and conditions. During this Phase, the homeowner was living in the home as normal, free from interruptions from other agents or prospective home buyers. Due to their job loss and subsequent financial hardship, they were living rent free.

Short Sale Marketing and Sales: Once we obtained preliminary approval for the short sale, we placed this Anaheim ranch style home on the market for sale. This included listing on the Multiple Listing Service (MLS) for a price of at a price of $596,900. After a time of about 3.5 weeks, we made a price adjustment to $587,900. Two weeks later, we received an offer from a loan qualified buyer for $565,000. After our several days of skilled negotiation from our expert Realtor, Nick Roshdieh, we arrived at a purchase price of approximately $575,000.

The Short Sale Closing: In the last phase of this short sale endeavor, we acquired the signed offer from the Buyer, and our Realtor interviewed the buyers mortgage lender to make sure the buyer was qualified to purchase this home. Out expert short sale then began the process of gathering the required Short Sale disclosures, and signatures to present to the banks. We submitted this package to the 1st and 2nd mortgage banks, and our Realtor began to conduct the final short sale adjustments of the terms, conditions and costs.

After some additional negotiations, our specialists obtained the updated short sale approval letter from the 1st and 2nd Mortgage Banks. Once we received these bank approval letters, we moved forward with the closing of escrow. The last Phase was completed in about 32 days.

In Summary: One - the entire debt on the home was eliminated and the homeowner owed nothing. If this home had gone through foreclosure, the HELOC in 2nd mortgage position, would have had an unsecured debt similar to a credit card, and would have most likely goen after the homeowner in court to try to obtain a judgment. But the Short Sale prevented this from occurring. Two - Due the homeowners job loss and financial hardship, they were allowed to live in the home rent Free for many months, until the close of the short sale escrow. Three - Although the homeowners credit is damaged, but is is not as damaged as it would have been if the home was lost via foreclosure.

The homeowner is now working with the credit restoration that we refer to our past clients, and they are on track to having there credit rehabilitated to a level where then can then buy another home in early 2010 if they choose.

The ShortSaleASAP Team is licensed with the California Department of Real Estate and are members In Good Standing with the Orange County Board of Realtors. Our team of experts specialize in short sale transactions. Our services are free to the homeowner, for we negotiate our fee with the mortgage bank(s). Our conversations with our clients are kept in strict confidence. We have published an information packed eBook called - "Should I Short Sale My Home", and can for the time being be downloaded for FREE. 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.

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

The following case study outlines a successful short sale the was conducted for a detached home located in the Parklane Tract of Irvine, CA. This 4 bedroom home with 2,080 square feet of living area was sold and closed escrow in January of 2009, via a Short Sale by ShortSalesASAP. This single family home was purchased by the homeowner in February of 2002′ for $405,000. In 2005, the owner refinanced and also obtained a Equity Line of Credit loan (HELOC) with a total new loan balance of approximately $650,000. The 1st Mortgage was held by Virtual Bank with an adjustable rate mortgage balance of $508,000. The HELOC loan was with WAMU, which was an interest only loan with a balance of about $142,000.

Due to the dramatic decline in real estate prices in Southern California, this home had dropped in value by more then 32% since the refinance in late 2005′. The homeowner had financial difficulties and was having a hard time keeping up with their mortgage payments. They investigated a Loan Modification but could not qualify for one due to their debt to income ratio. In addition, the loan modification did not address the fact that the home had loan debts and other liens that were more then $50,000 more then the home was worth. After contacting us in July of 2008′ and learning about the Short Sale option, they selected us to conduct the short sale of their property.

In Phase 1 of the short sale preparation, we gather the documents from the homeowner and contact the banks to present our short sale case. After many hard hours of work, we obtained preliminary approval of the short sale terms and conditions for both 1st and 2nd mortgage banks. This Preparation Phase took about 4 weeks to complete. During that time the homeowner lived in the property as usual with no interruptions from agents or prospective home buyers. In addition, they were able to live mortgage free for the duration of the short sale process.

Phase 2 of the short sale process is the Marketing and Sales Phase. This is where we placed the property on the market in the Multiple Listing Service (MLS) at a price of $625,000. After about 4 weeks, we acquired a qualified buyer. After several counter offers, we obtained a purchase price of $615,000.

Phase 3 is where we finalize the final short sale terms and conditions and close the escrow. After we obtain the signed offer from the Buyer we package the purchase contract and gather the required Short Sale disclosures with the Buyers loan qualification documents and submit it to the bank. After submitting the updated package to the 1st and 2nd mortgage lenders we wrapped up the modified terms of the short sale. After some aggressive negotiations with our expert short sale team, attorney and bank officials, we got both the 1st and 2nd Mortgage Banks to agree to the short sale payoff. Once we received the bank short sale approval letters, we moved forward with the buyers closing through escrow. The last Phase was completed in about 3 weeks.

In the end we removed the entire debt and the homeowner was relieved of their liens. The homeowner was able to live in their home during this short sale process and did not make any mortgage payments. They were also able to rent a comparable home for substantially less then what their payments used to be. In addition, the homeowners credit was not as damaged as it would have been if the banks had foreclosed. They are now working with our credit restoration affiliate and their credit rating should be repaired to a level where they should be able to once again buy a home in Irvine by the end of 2009′ .

ShortSaleASAP is licensed with the California Department of Real Estate. Our services are completely 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

This Case Study chronicles another successful short sale transaction that was completed for a detached home in Aliso Viojo Ca. The home was purchased by the homeowner in March of 2007′ for $770,000, and was located in the Vista De Oro tract. At the time, this home was purchased using Zero down financing. They had a 1st Mortgage of $620,000 and a 2nd mortgage of $150,000. The first loan was a fixed rate and the 2nd loan was an adjustable rate.

The single family detached home was a 2,200 square foot, 4 bedroom, 3 bath home with 2 car garage. This property was sold and closed escrow in December of 2008, via a Short Sale by the Aliso Viejo ShortSalesASAP company. Due to the current financial crisis our economy is in, the home values have decreased by about 35% since the peak in pricing in Spring of 2006′. Orange County, CA. has been affected as well as the Aliso Viejo area. This Aliso Viejo short sale property decreased in value by about 25% from the time this home was purchased in 2007′, until it was sold at the end of 2008'.

Unfortunetly, the homeowner was having a very difficult time keeping up with their loan payments. They were upside down $200,000 and their debt to income ratio was to high to qualify for a Loan Modification.
In the Short Sale Preparation Phase we gather all of the required documents from the homeowner and contact the banks to present our short sale case. With some extensive negotiations, our expert team was able to obtain preliminary approval for the Short Sale along with terms and conditions. This Preparation Phase took around 4 weeks to accomplish. During that time the homeowner was able to live in the property, with no interruptions from other agents or prospective home buyers. In addition, they were able to stop making their mortgage payments and live rent free.

The next phase in the short sale process is the Marketing and Sales portion. The home was heavily marketed and posted in the Multiple Listing Service (MLS) at a price of $649,000. After 3 weeks, the price was dropped to $599,900. We obtained a qualified Buyer and after several counter offers, we were able to get them to offer $580,000 to purchase this home.

In the closing phase, we have the the buyer and seller sign the purchase contract and opened escrow for closing. At this time we packaged the purchase offer, Short Sale disclosures and Buyers loan qualification paperwork and submit the updated package to the 1st and 2nd mortgage banks. Our post short sale specialist then expedites the delivery of these documents to the bank's negotiators to finalize the short sale and obtain the approval letters in writing.

If you are wondering why a mortgage bank would accept a short sale, the reasons is pretty simple. The bottom line is that banks have found that they loose 15% more when they foreclose as compared to approving a short sale. These savings are due to reducing loss of the time, value of money, avoiding property damages, eliminating foreclosure legal expenses, and minimizing bank management overhead expenses.

At the completion of this short sale, the homeowners mortgage debt was completely eliminated. The homeowner lived in their home during this short sale process and did not have to make any loan payments which helped them during these financial hardships. They were also able to rent a comparable home for considerable less then what their payments used to be. In addition, the homeowners credit was less damaged by the short sale as compared to a foreclosure. Moreover, Fannie Mae (FNMA) altered their underwriting policy, so that a past homeowner only has to wait 2 years before they can buy another home using FNMA underwritten loans. If the homeowner went through foreclosure proceeding, their waiting period would be 5 years!

ShortSaleASAP is licensed with the California Department of Real Estate. 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

Another successful short sale closing will be explained herein. This detached home was located in Mission Viejo in the Cordova south tract in Mission Viejo, and was sold via a Short Sale by the ShortSaleASAP team. It was originally purchased by the homeowner in July 2006' for $620,000 with a 10% down loan. The property had 2 mortgage loans (80% and 10%) both with adjustable rate mortgage loans with a total outstanding balance of $550,000. Due to the severe financial and real estate recession that has plagued southern California, and specifically Mission Viejo, this home has dropped in value by more then 35% since it was purchase in 2006'. This Mission Viejo home was upside down by about $150,000. The homeowner had a financial hardship and was having trouble keeping up with their mortgage payments.

The homeowners attempted to obtain a Loan Mod, but the reduction in payments was not enough to solve their issues. In addition, the loan modification did not address the fact that the home had loan debts of more then $150,000 above what the home was worth. They contacted us in July of 2008' to learn about the Short Sale option, and selected us to conduct the short sale.

PHASE I: This Mission Viejo home was initially put in our Short Sale Preparation Phase in which we gather the documents from the homeowner and contact the banks to establish and present our short sale case. This Preparation Phase took about 6 weeks to complete, and during that time the homeowner lived in the property as usual with no interruptions from other agents or prospective home buyers.

PHASE II: Then the Short Sale Marketing-Sales Phase began in which we placed the property on the market in the Multiple Listing Service (MLS) at a price of $425,000. After a period of about 2 weeks, we made a small drop in the price, and we obtained a buyer. After several back and forth negotiations, we arrived at a purchase price of $405,000. This Phase took 4 weeks to complete.

PHASE III: At this point, the Short Sale Bank Negotiations Phase began. Here we packaged the purchase offer from the Buyer, required Short Sale disclosures, along with the Buyers loan qualification documents. We submit the updated package to the 1st and 2nd mortgage banks, to conduct the final short sale negotiations. After many heated discussions with our expert negotiation staff, our attorney and the bank officials, we got both the 1st and 2nd Mortgage Banks 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. The last Phase was completed in about 5 weeks.

The result was that the entire debt on the home was removed from the homeowner. The homeowner was able to live in thier home during this short sale process and did not make any payments. They were also able to rent a comparable home for substantially less then what their payments used to be. Finally, the homeowners credit is negatively affected, but no as much as would have occured if banks had foreclosed. They are now working with our credit restoration affiliate and their credit rating should be repaired to a level where they can once again buy a Mission Viejo home in 10 months from now, and they will be $150,000 ahead in equity. If you have any questions regarding Short Sales, contact our expert team at: (949) 388-3396 or drop us an email at: Info@ShortSalesASAP.com