Mario S. Dromi's Page

The majority of home sales in Orange County are of the short sale variety. Of the 6,268 pending sales in Orange County, 3,639 of them are short sales — 58% of all pending sales.

The astronomical proportion of short sales (58%) to foreclosures (8%) and equity sellers (34%) for pending sales is at least partly to blame for the excruciatingly protracted delays in short sale closings. However, brokers and agents in the trenches…

Most homeowners who bought or refinanced after 2001 during the superheated years of the Millennium Boom are in precarious financial straits – their homes being underwater with negative equities and their family balance sheets are in the red, insolvent. Since then the economy has crashed and home values have plummeted; the low tier is probably near bottom and the high tier has begun its descent at a rapid pace.

To add insult to…

While it is unsurprising that California is currently experiencing a buyer’s market, the extent to which many buyers are currently going to purchase a house at the perfect, rock-bottom price is borderline ruthless. Buyers who were once squeamish about buying during the battered real estate market of 2007-2009 are now mercilessly seeking the best deal from desperate sellers.

Last minute demands in escrow for price concessions are causing a high percentage of deals to fall out of…