A mix of Standard, Short Sales and Bank Owned Properties Sold in La Habra
A mixture of homes were sold both in Novemver 2010 and December 2010 making up standard sales, short sales and bank owned homes.
Let’s define what a standard sale, short sale and bank owned(reo) are:
A standard home sale consists of the homeowner either having equity or funding the difference owed versus sold in a sale. There is no negotiation with the lender and escrow is a typical 30 to 60 days from acceptance of an offer. There are two parties involved, a buyer and seller. This sale is one you would normally think of.
A short sale is a a sale of a home where the borrower (owner/seller) owes more on the house than what the house is worth. Here the lender is involved in a negotiation to settle the amount the property will sell for. There is typically three parties involved. The seller, buyer and lender holding the note on the property. Escrow typically will last 30 to 60 days but prior lender approval of the sale must be obtained. This lender approval can usually last 60-90 days but sometimes longer. If you are lucky, it can be shorter, but rare.
A bank owned/REO home is a property that went through the foreclosure process and did not sell at the foreclosure auction. At that point the lender takes the property back and puts the house back for sale. The lender now is the seller. There are two parties involved, the buyer and seller. There is no negotiation lender approval. Escrow typically takes 30-60 days.
In November 2010 there were 40 homes/condos sold in the community of La Habra, 90631. 16 of these properties sold were Standard Sales. 13 were Short Sales sold and 11 were Bank Owned/REO properties sold.
In December 2010 there were 55 homes/condos sold in the community of La Habra, 90631. 30 of these properties sold were Standard Sales. 10 were Short Sales sold and 15 were Bank Owned/REO properties sold.
In January the trend should continue with around the same number of homes sold. Standard sales should continue to dominate the market while short sales and bank owned sales should make up. As the months pass and the number of past standard sales add up the trend will become less standard sales available and the short sale market will grow as lenders push homeowners facing foreclosure to sell in a short sale. Bank owned properties will remain steady. The number of sales of standard sales will slump while pre foreclosure and foreclosed homes rise. How much, keep posted.
Home Sales in La Habra for November 2010
Home Sales in La Habra for December 2010
Data from CRMLS.
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