Laguna Beach Short Sales on the Rise

Laguna Beach has always been a safe haven against distressed properties even during the down turn in the market.  Laguna Beach residents tend to be more affluent and not affected by the ups and downs of the market until now.  We are starting to see an increase on the number of short sale listings in Laguna Beach from just a couple of years ago.  In 2007, there were only 2 closed short sale homes sold in Laguna Beach.  In 2008, that number jumped up to 26 recorded closed short sale homes sold.  Now in 2009, there have already been 18 recorded closed short sales with another 18 homes currently with accepted offers and in "back-up" status and another 21 homes currently "active" on the market as short sale listings.  In a recession, everyone feels will feel the pinch in one way or another.  This is true when the values come down and the borrowers are unable to refinance out of their negative and variable rates loans, especially in the jumbo loans market where a lot of the homes fall in Laguna Beach.  It's important to keep in mind that the banks are forgiving large amount of mortgage debts owed through the process of a short sale.  A short sale is basically a process where you ask the bank to forgive "x" amount of dollars off your current mortgage due.  For example, if you owe $1,000,000 on your mortgage but the home is only worth $800,000 then putting the home up for sale and then asking the bank to forgive the $200,000 is a simplification of a short sale.  Typically, the banks are eager to work with you since they are not in the business of owning real estate, known as REO (real estate owned), and don't want the hassle of being responsible for getting rid of that liability.  A Short Sale is a perfect solution for those just starting to miss the mortgage payments and want to save their credit before the property goes to foreclosure.  Denise De La Torre, our Laguna Beach Real Estate short sale specialist gives a free consultation on the value of your home and will explain in detail how the short sale works.  For more information about your short selling your home please contact Denise at 949-466-6876 or email here at ddelatorre2@cox.net

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