Home » Real Estate Articles » Laguna Beach Real Estate Market Sees Increase In Short Sales
Laguna Beach Real Estate Market Sees Increase In Short Sales
The Laguna Beach Real Estate market has seen a sharp increase in the number of short sale listings coming on the market for sale with nearly 20% of homes listed now as short sales.
May 10, 2011 /Real Estate PR News/ -- The Laguna Beach Real Estate market has seen a sharp increase in the number of short sale listings coming on the market for sale with nearly 20% of homes listed now as short sales. As banks across the country are slow to foreclose on properties, there has been a huge push for banks to work with distressed homeowners who are financial distress and are unable to pay for their monthly mortgage.
The Laguna Beach Real Estate market has seen a sharp increase in the number of short sale listings coming on the market for sale with nearly 20% of homes listed now as short sales. As banks across the country are slow to foreclose on properties, there has been a huge push for banks to work with distressed homeowners who are financial distress and are unable to pay for their monthly mortgage.
Short Sale listings are very similar to a standard listing but with a twist. The home goes on the market listed by a real estate agent who evaluates the homes value, takes photos and puts the home on the market just like any other standard listing. The twist is that the owner owes more than the home is worth. The owner will be asking the bank to forgive the difference between what is owed and what a buyer is willing to offer on the home. This type of short sale listing is becoming more and more commonplace in the Laguna Beach market. These distressed homeowners now have an opportunity to work with banks who would rather negotiate with the current home owner than let the property go into foreclosure. It truly becomes a win/win situation for everyone.
Now, there are many advantages and disadvantages in doing a short sale. If you are the seller, the obvious advantage is you are able to potentially sell your home for less than what you owe and have the bank forgive a portion of your mortgage. Keep in mind that some banks will ask for a cash contribution or put a deficiency judgment on the home that will allow the amount owed to be a taxable amount and give them the right to still come after you for that amount. As a home buyer, the advantage is that you are able to buy a property that is typically priced just below market value for a quick sale. This is done in part since a short sale offer will typically stop all foreclosure proceedings so real estate agents will price a home lower in order to induce a quick offer. The disadvantage is that short sales take a lot of time and are never a guarantee. Also, there is stiff competition for buyers looking for "good deals" in the market.
If you are in the market to buy a home and want more information on Laguna Beach short sales then we highly recommend consulting with a local realtor, tax account and local attorney in your area. Our short sale team specializes in Laguna Beach Real Estate and it's important to work with a skilled Laguna Beach short sale agent who can guide you through the short sale process.
Media Contact:
Denise De La Torre
949-466-6876
http://www.lagunabeachrealestate.com
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