Orange County Short Sales, Short Pays, Foreclosures
When a homeowner has to sell their home, and the proceeds from that sale are going to be less than what is owed the bank, then the homeowner's lender needs to approve of what is called a 'short sale'. 'Short' does not mean a short time, or a quick sale. Nothing could be further from the truth. Read more about Orange County short sales.
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Short Sales For Sale In North Orange County
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MLS# P639485
MLS# F1786131
MLS# R808797
MLS# P603005
MLS# S552865
MLS# R808557
MLS# M109718
MLS# F1773063
MLS# P650194
MLS# P630482
MLS# P659691
MLS# S532558
MLS# P654085
MLS# P654721
MLS# P648851
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Data last updated 2008-11-21 11:10:52
Orange County Short Sales
A bank might approve of a short sale because the option of a foreclosure process can cost a lot of time and money. It may be better to just cut the losses and move on. The bank would get the proceeds from the sale, and the owner would be forgiven the rest of the debt owed. This will not work if the owner can clearly make the payments, owns other real estate with lots of equity, or lied on the loan application. It is not an easy way out of a bad investment.
From a buyer's standpoint, trying to purchase one of these homes can be a long process that leads nowhere. It may take over 90 days to get a response from the bank to approve or disapprove of the offer accepted by the seller. My last short sale took over 4 months to close. The buyer nearly walked away in frustration. The bank will want the offer to be close to fair market value, and will hire an appraiser -- so usually there is no great bargain in purchasing a short sale anyway. If the offer is too low then the bank will not allow the sale to take place.
From a seller's standpoint, a short sale avoids a foreclosure and the bad credit scores that go with a foreclosure. The home gets sold, the sellers pay back less than what is owed, and they are not responsible for the difference.
If the bank approves of an offer, they may want the purchase completed within two weeks. So, the buyer has to wait, and wait, and wait, and then hurry and jump through hoops. It might be best for the buyer to have inspections and appraisal done, and financing ready. However, those are up-front costs, and there are no guarantees that the sale will occur. It happens often, that by the time the bank responds to an offer, the buyer has already moved on and is purchasing another home.
Currently, many short sales do not get approved and the homes end up getting foreclosed upon and then going back to the bank, but now free and clear of any secondary loans. The bank will usually list the home with a Realtor and put back on the market as an REO.
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