Pasadena, CA – there’s a lot of talk about Pasadena”short sales” and foreclosures lately. It’s in the news. Books are being published about short sales. There are even radio commercials talking about short sales.
I think most people have a pretty good idea what a foreclosure is, but there’s still quite a bit of confusion on what a short sale is.
A short sale simply means that a bank is willing to accept less money than what the owner owes on the property because the house can not sell at a price high enough to cover the mortgage fully.
Here is a quick example:
Home was purchased for $500,000
1st and 2nd Trust Deed (mortgage) is $495,000
House is now worth $450,000
Bank agrees to accept $450,000 less expenses in leu of the full amount owed $495,000
Why would a bank agree to accept less than what is owed?
To avoid the costs and a lengthy process of foreclosure and further loss of home value.
Why would a Pasadena seller consider putting their Pasadena home on the market as a short sale?
In essence, you sell the house for whatever you can get and the lender agrees not to go after you for the deficit that is owed on the property. Even though your credit might be affected, it will not be to the same extent as a foreclosure.
Also the Mortgage Forgiveness Debt Relief Act of 2007 amends the IRS code to exclude from gross income amounts attributable to a discharge of the debt incurred to acquire a principal residence.
READ MORE: Short Sale Deficiency Protection Extended
A short sale doesn’t mean that it’s a fast sale.
It’s actually more of a long sale meaning it takes on average 3 to 5 months (depending on the bank) to close escrow on a short sale.
Why should Pasadena buyers consider short sales if it takes such a long time?
Simply said – to get a better deal.
There are not too many short sales homes available at this time in Pasadena. There are many Pasadena homes that are regular sales which are certainly worth exploring and you can also get a great deal without the hassle of a long wait and too much uncertainty!
REQUIRED READING: Pasadena Real Estate Guide – Everything You Need to Know about Buying Your Next Home!
If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email me at Irina(at)PasadenaViews(dot)com or call me at (626)629-8439. Thank you!
Here’s a list of all Pasadena short sales:
- Fri, 03 Feb 2012 17:47:00 +0000: $499,000 :: 1275 North Mentor Avenue, Pasadena CA, 91104 - Pasadena Short Sale - ALL Properties
2 beds, 1 full bath
Home size: 1,118 sq ft
Lot Size: 8,525 sq ft
Added: 02/03/12, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: 22161055
Community: Pasadena Ne
This picture perfect 1914 Craftsman Bungalow sits in the beautiful and prestigious Bungalow Heaven Historic Landmark District. Past owners ensured this piece of Pasadena history retained all its original charm during a remodel in 2000-from the wrap around porch, river rock chimney, exposed rafter tails, and gable roof, to the pocket doors, picture rails, built in cabinets and meticulously landscaped front yard, this home reflects both the charm of a traditional Craftsman residence and the appeal of updated luxury. A den adjacent to the second bedroom could be a nursery or 3rd bedroom. Great for entertaining with open floor plan, flagstone patio, and peaceful outdoor sitting areas. The remodel included updated electric, copper plumbing, security system, refinished hardwood floors in the bedrooms and bath, new central air/heat, automatic sprinklers, and new period light fixtures throughout the house. There's also an oversized 2-car detached garage and a large,flat, enclosed yard.
Listed with Cheyenne Wilbur, Podley Properties
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com! - Fri, 03 Feb 2012 16:52:00 +0000: $739,800 :: 3564 Thorndale Road, Pasadena CA, 91107 - Pasadena Short Sale - ALL Properties
3 beds, 1 full, 1 part baths
Home size: 2,033 sq ft
Lot Size: 9,141 sq ft
Added: 11/09/11, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: 22158477
Community: Pasadena Se
The price of this listing was last reduced on 12/7/2011 by 5%
This lovely single level traditional home is located in the heart of Chapman Woods with fabulous curb appeal.An inviting brick pathway and courtyard leads to this charming home.Elegant living room is highlighted with a handsome marble surround fireplace, built in shelves, crown molding and recessed lightings. Light filled den/family room with lovely light fixtures and view of grassy back yard through wall of French doors and windows.Dining room features wainscoting and ceiling fan. Updated kitchen with white on white tiled counter tops and cabinets.3 spacious bedrooms; each bedroom has large closet with built-in dresser and shuttered windows. Updated baths include one full bath with custom vanity and a three-quarter bath with marble counter top and designer tiled floor.Play room behind the laundry area features brick floor, ceiling fan and French door opens out to the brick patio. The private rear yard with wood fences has large grassy area.
Listed with Sabrina Wu (w/ Michael Trujillo), Coldwell Banker
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com! - Fri, 03 Feb 2012 15:24:00 +0000: $579,000 :: 1178 North Sierra Bonita Avenue, Pasadena CA, 91104 - Pasadena Short Sale - ALL Properties
3 beds, 2 full, 1 part baths
Home size: 1,540 sq ft
Lot Size: 7,500 sq ft
Added: 02/03/12, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: 22161054
Community: Pasadena Ne
This charming Craftsman Bungalow on the eve of its 100th birthday will please any aficionado with its authentic details. The home was remodeled and expanded in 2004 with no expense spared, providing the owner with a new expansive gourmet kitchen and master bedroom suite. The fully enclosed, flat backyard with grassy play area also boasts a 2 car garage built in 2004 and a 200 square foot detached bonus room that can be an office, exercise room or studio. This delightful home includes a California basement, whole house security, central air/heat, ceiling fans, double pane wood frame windows in the addition, and partial upgraded electric. Situated in a quiet NE Pasadena neighborhood with sidewalks, mature shade trees and old style street lights, it is also conveniently located near shopping, freeways, San Gabriel Mountains hiking trails trails and the best home made ice cream place in all of Pasadena! What's not to like!
Listed with Cheyenne Wilbur, Podley Properties
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com! - Fri, 03 Feb 2012 14:43:00 +0000: $885,000 :: 880 Laguna Road, Pasadena CA, 91105 - Pasadena Short Sale - ALL Properties
3 beds, 2 full baths
Home size: 2,628 sq ft
Lot Size: 14,206 sq ft
Added: 02/01/12, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: 22161041
Community: Pasadena Sw
Imagine living in the South San Rafael area of Pasadena at this amazing price. You will have 3 bedrooms plus 2 baths and a library, office and family room to begin enjoying your new life. A large bay window in the lovely living room looks out over the tree lined street. Of the many charming features in this comfortable home is an inviting fireplace in the living room plus and additional one in the family room. The office was added over the garage and is a nice get-away. The large kitchen has been updated with stainless steel appliances. The spacious back yard has a very private and inviting pool plus a spa. Original hardwood floors add to the charm as do the crown moldings. As you move to the back of the home you will find the master bathroom has been beautifully remodeled to include a steam shower.
Listed with Helen Caliway, Dilbeck Real Estate
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com! - Fri, 03 Feb 2012 13:30:00 +0000: $439,000 :: 980 Del Rey Avenue, Pasadena CA, 91107 - Pasadena Short Sale - ALL Properties
2 beds, 1 full bath
Home size: 1,012 sq ft
Lot Size: 6,384 sq ft
Added: 02/03/12, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: 12161070
Community: Pasadena Ne
Wonderful 2 bedroom, 1 bathroom home in Pasadena on a over 6,300 SF lot. The home features hardwood floors throughout, a fireplace in the living room and detached 2 car garage. The dining area has sliding doors which lead to the spacious back yard.
Listed with Harout Keuroghlian, JohnHart Corp.
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com!
whether you are a buyer or seller, short sales can be a pain in the neck. They are complex, time consuming.
The best way to go about doing a short sale is just to go with a real estate professional who has experience in the subject.
I highly recommend these people to anyone looking to short sale their home.