March 31st, 2010 2:22 PM by Dave Gubler
What Is A Short Sale?
18 of the 37 homes for sale in Foothill Ranch (as of 3/31/10) are short sales. They range in size from a 800 square foot 1 bed/1 bath condo in the Tuscany condominium complex (I rented in this complex when I was a young adult!) to a 2,211 square foot detached 5 bed/3 bath home in the Vintage Gallery development (the same neighborhood my current home is in!). The listing price of these 18 homes ranges from $134,900.00 - $615,000.00. Potentially some really great deals in this mix of homes. If you fall in love with any of the other 19 homes currently for sale in Foothill Ranch there are some good values in that group too. I've owned a home in Foothill Ranch since 1996 and would be honored to serve you in all of your real estate needs.
If you are thinking about buying a home in Foothill Ranch then a short sale is a great way to get below market price. With the sharp drop in home prices over the last 2 - 3 years many homeowners in Foothill Ranch are 'underwater' (They owe more on the home than it's present market value). Some of these underwater homeowners are in a "have to sell" mode due to hardship (job loss, divorce, underemployment, medical bills, etc.) This does create a great buying opportunity for an astute buyer and affords the seller the dignity and credit advantages of short selling rather than foreclosing.
BUYER BEWARE! (Well, at least be informed and properly represented.)
Short sales are often difficult and lenghty transactions for all parties concerned. You, the buyer, should get a better deal vs. a traditional sale but you will have to be patient and prepared. You absolutely must have a buyers agent representing you that is experienced with short sales and can (by interviewing the listing agent properly) advise you appropriately when making an offer on a particular home in Foothill Ranch.
We (Dave Gubler and Brian Doubleday of IML Real Estate) have negotiated with and obtained 100s of resolutions with lenders over the last 3 years. Who better than a successful short sale listing agent to advise you and represent you when buying a short sale? We have gone so far as to actively assist short sale listing agents to (even though we represented the buyer) escalate to higher bank authority, refute erroneous lender BPO valuations, eliminate deficiency judgments and much more.
Because such a high percentage of the available homes in Foothill Ranch are short sales (18 of 37 active listings at this time) you should choose a buyer's agent that has experience listing (and closing!) short sales. We will help you determine which homes you have the best chance of success in purchasing. We will assist the listing agent (if need be) by applying our contacts and strategies in order to expedite a short sale approval.
Be Afraid To Get A Better Deal (by purchasing a short sale).
Make Sure You Are Represented By Competent and Experienced Agents Who Will Be Willing To "Roll Up Their Sleeves" and Do Some Of The Hard Work A Short Sale Requires.
Dave Gubler / IML Real Estate