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Michael Gaddis, J.D. recently closed a Homeward Residential short sale in the Arrowood community of Oceanside, CA. The property was located at 5329 Village Dr., Oceanside, CA and had a beautiful view of the Arrowood Golf Course. The homeowner had one loan on the property with Homeward Residential. This transaction was one of those rare short sales that ran entirely smooth without a single crisis issue. In fact, this short sale ran so smoothly that one might have thought it was an equity sale. A lot of credit has to go to the homeowner selling the property. He was extremely proactive and committed to the short sale process. Without a doubt this was the smoothest short sale transaction ever processed by Michael Gaddis and is evidence that if all parties involved in the transaction (buyer, seller, agents, lender, etc.) are fully committed that short sales do not have to be extremely difficult.

 

The homeowner left the property in exceptional shape. In fact, when the homeowner transferred the keys to the new owner on the day of closing the house looked brand new, like a model home. The homeowner in this transaction was truly amazing. His meticulous maintenance of the home surpassed even those selling their house for huge gains. He took pride in his house even when letting it go. People like this are rare and it was honor for Michael Gaddis to work with such a person.

 

The homeowner initially met Michael Gaddis while attending the Harbor Days street faire in Oceanside, CA in September of last year. He was impressed with the fact that Michael Gaddis was an attorney as well as a real estate broker. After spending over an hour speaking to him at the faire the homeowner made an appointment to visit Michael Gaddis at his Oceanside, CA office and retained him to assist with the short sale shortly thereafter.

 

It is always nice to close a short sale where everyone is at peace and happy with the result of the transaction. Michael Gaddis has completed several Homeward Residential short sales and everyone has been relatively smooth. If you have a Homeward Residential short sale and are located in San Diego, Riverside, Orange, Los Angeles or San Bernardino counties and would like a free consultation with Michael Gaddis, J.D. please contact him at 760-754-2121 or 888-242-2272. To view copies of the Homeward Residential short sale approval letter associated with this article or to see other short sale approvals procured by Michael Gaddis please cick the following link: http://sdshortsaleattorney.com/short-sales/approved-short-sale/

Carlsbad Realtor: Carlsbad Short Sale Report as of February 7, 2013

 

The number of ”Active” Carlsbad short sales is unbelieveably low. As of February 7, 2013 Sandicor, the San Diego County MLS, showed only ten(10) Active listings that were identified by listing agents as ”Active”. Active listings refer to listings that are currently being marketed without an accepted offer. Contrast the ten (10) active listing to the seventy (70) ”Contingent” listings and thirty-two (32) “Pending” listings. “Contingent” listings are listings where an offer has been accepted by the Seller but it is subject to lender approval. In other words, since the sale is a short sale, the bank has to agree to the short sale and issue an approval before the sale can continue. Short sale listings that are identified as ”Pending” have obtained the proper lender approvals and are officially in escrow in the final closing stages. The fact that there are only ten Active Carslbad short sale listings and one hundred and two (102) Contingent and Pending Carlsbad short sale listings indicates that most of the Carlsbad short sale listings that are marketed on Sandicor are getting accepted offers and moving relatively quickly into Contingent status. There does not seem to be enough new Carlsbad short sale listings to compensate leaving only ten (10) Active short sale listings. All of this indicates that 1) there is a shortage of short sale inventory currently on the market and 2) that there appears to be a surplus of buyers snatching up whatever short sales appear on the market. Another interesting fact about the Active listings is that seven (7) out of the ten (10) Active listings are either condominiums or townhomes. Of the three (3) remaining Active (single-family detached) listings two (2) are priced at $1,499,000 or higher. The remaining Active (single-family detached) home had extremely restrictive showing hours (the agent notes indicate that the only Showing to be on Jan 27th, 1pm-4:30pm) and unfavorable terms for the selling (buyer’s) agent. If you throw the three (3) Active listings for the single-family detached homes out of analysis based on being priced too high (thus appealing to a very small pool of potential buyers) or for being unreasonable in showing hours and selling agent incentives there are no Active single-family detached homes under $1,499,000 in Carlsbad that would be classified as a short sale.

 

This fact is amazing since the Carlsbad real estate market has been dominated over the past few years by short sale listings. Does this data indicate that the end is near for Carlsbad short sales?

July 23rd, 2017

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