Leslie Eskildsen Selected as Top Orange County Realtor by Home Inspector

Leslie is honored to have been select as one of the Top 100 Realtors in Orange County by JLC Inspections. You can read Leslie's comments here.

Straight Talk on Short Sales

Short Sales are a big part of today's Real Estate market in Orange County, but what exactly are they, and what does it mean to me? Here's a little Q&A.

What is a short sale?

A short sale is a sales of Real Estate in which proceeds of the sale are less than the amount the seller owes, and the lender agrees to accept a payoff of less than the balance due on the loan. The lender may also agree to pay other costs associated with the sale. There may be more than one lender on a property - if any of them agrees to accept less than the full amount owed it is called a "shor sale" or "short pay".

How long does a short sale take?

It can take anywhere from one to six months, or even more. Short sale transactions have to go through several phases that may normal sales don't, and they take time. Any normal sale of a home can happen quickly, or take up to 180 days or more. Once those normal negotiations are complete, the short sale process starts in earnest. The homeowner must establish eligibility for the short sale by showing hardship and providing a comprehensive picture of financial condition to the bank. The "package" with the negotiated offer is sent to the lender who will evaluate it from a financial perspective. If they agree to the sale in principle, the real negotiations then begin.

Should I try to sell my home in a short sale?

If you are struggling with house payments and considering a short sale, you need to know you have other options - and get professional advice. Some alternatives to short sale include:

• loan modification / refinance
• deed in lieu of foreclosure
• foreclosure
• bankruptcy

These are serious decisions and have serious, long-lasting implications. There are non-profit counselors available to advise homeowners about these options - check out the directory at www.hud.gov. In addition, you should always consult your attorney and tax professional before (and during the process) choosing any of these options.

Why would a lender agree to a short sale?

For the lender, it is purely a financial decision. Foreclosures are expensive and take a long time to complete. Once the foreclosure is complete, the house may be worth less than what they could sell it for now. If the homeowner is in a true hardship situation, a short sale may be the best financial outcome for the lender.

I would like to buy a short sale. Where do I start?

Choose a REALTOR® who has the ability to identify a short sale property that is likely to result in a successful transaction. There are many homes listed on the market as short sales that are not likely to sell before forclosure. We can help you find the ones that will work, and we can work through any difficulties that may arise during the buying process. Take a look at some of these, then let us help you find the gems. It's not a simple process, but the potential reward is high.

Cross-posted from www.leslieeskildsen.com

Where Do Home Buyers Come From?

The Internet is the Tool of Choice

As in most industries, the Internet has revolutionized the Real Estate business. According to the National Association of Realtors, in 2003 just 8% of home buyers started their property search on the Internet. By 2003 that number had grown to just 11%, but in 2008 the number had more than doubled. Today 28% of buyers start their search on the Internet, and most consider it a critical tool in finding the home they want to buy.

When you list your home for sale, you need to do everything you can to ensure that it will sell quickly and for the highest possible price. There are many actions you can take to ensure success, and one of those is to make sure the Realtor you hire has a great Marketing Plan the recognizes the power of the Internet to attract buyers that are ready, willing, and able to buy your home.

Cross posted from www.leslieeskildsen.com