Orange County short sales or short sale homes sales are popular for a reason: a large portion of the real estate purchases in Orange County in the past years were done with little to zero down payment, and now these homes are 'underwater', the sellers owe more money than the property is worth, needing some forgiveness from the lender at the moment of selling. The short sale happens when the lender agrees to discount the amount owed on the home. Since the foreclosure process can be lengthy and more costly than accepting a short sale, most lenders are willing to negotiate the sale of a home with the current home owner and a potential buyer, while accepting less than the amount owed before the home goes in foreclosure. Short sale processes can be very time consuming and sometimes it can take months to negotiate a short sale, so if you need to move into a home quickly, short sales are probably not the right thing to pursue, and home buyers should look into standard sales or bank owned sales. Read more about the Short Sale process in Orange County below.
Below are short sales in Orange County, California. This page is updated daily with photographs, descriptions and maps of Orange County short sales. For further information about any of these Orange County Short sales, please contact us.
If you are looking for foreclosures instead of short sales visit our Orange County foreclosures page. It is updated daily with bank owned properties in Orange County, California.
*** BANKRUPTCY COURT SALE - EQUITY SALE (SHORT SALE APPROVED) *** IN THE HEART OF NEWPORT BEACH SECONDS FROM THE HARBOR. STUNNING MEDITERRANEAN ESTATE FILLED WITH ARCHITECTURAL DESIGN. THIS 5,132 SQUARE FOOT ESTATE INCLUDES SOARING CEILINGS, OPEN FLOOR PLAN, AND GOURMET KITCHEN. CONSISTING OF 5 BEDROOMS, 6 BATHS, AND BONUS ROOM. MAIN FLOOR COURTYARD INCLUDES SPA WITH SHEER DECENT WATERFALLS, OUTDOOR KITCHEN, AND FIRE PIT. COME AND ENJOY
APPROVED SHORT SALE! This Secluded, 3 acre, 5 bedroom, Custom Estate, offers the ultimate in privacy with panoramic and sunset views along with access to the Cleveland National Forest bordering in the back of the property.. The equestrian property has a gated-security entrance and long driveway with circular turnabout leading to the main house with rock, water-slide pool, spa, BBQ, large flat grass areas and walking trail that provides access to
This large estate is located on a prime cul-de-sac in Nellie Gail Ranch. The home has 5 bedrooms, 5 full baths, and 2 half baths. This elegant floor plan is over 6000 square feet, with a grand entryway and 2 story high ceilings leading to a sweeping staircase. The gourmet kitchen has granite counters, large center island,and top-of- the- line appliances. It sits adjacent to the sun room that has built-in nook seating. The family room has
Back on the market, Premier Talega community! Unique opportunity to own this extraordinary Mirador estate
home, with almost 5,000 square feet of gorgeous interior space. Boasting 6 bedrooms and 6 ½
bathrooms with breathtaking views of adjacent hills, and city lights. With a tranquil back yard,
this home is complete with solar heated pool and spa, fire pit and built-in BBQ – it’s a
retreat to envy! Numerous stately upgrades throughout
Phenomenal 2-story 4 bedroom, 3 bath, home in Moulton Ranch, including a bonus room, pool, 3-car attached garage, located on a cul-de-sac street, with sweeping views of the the hills and city lights. The kitchen features stainless steel appliances and granite counters. Also featured is a downstairs bedroom, family room, and direct entry to the 3-car garage. Upgrades throughout, include, crown molding, upgraded baseboards, plantation shutters,
A gorgeous and highly upgraded home in the exclusive guard-gated community of San Joaquin Hills. Very open and spacious floor-plan with soaring high ceilings in the living room and dining room. The gourmet kitchen features recessed lighting, beautiful maple cabinets with granite counter tops, stainless-steel appliances, and a center island. Crown molding throughout the home. The family room has recessed lighting, with custom built-ins, and a
Short Sale Approved! Opportunity Knocks with this 5 Bedroom Home in Amberly Lane of Oak Knoll Village! Virtual Tour loaded in Media Section. A Spacious Family Room with Gas Fireplace and Built-In Entertainment Center opens to the Kitchen with Breakfast Bar, Dining Area and Built-In Desk Office Area. Kitchen includes a 6 Burner Viking Stove and Oven, Sub-Zero Refrigerator. Pantry and Mud Room between Kitchen and Garage. Formal Dining Room with
Mediterranean style dream home located in the Gallery Collection community of Fullerton. Situated on a corner lot within a cul-de-sac street, this magnificent property features cathedral vaulted ceilings, 4 spacious bedrooms (including a downstairs bedroom), 3 full baths, and a pool. Exceptional layout with abundant natural light, separate living room, family room, and dining room. Large kitchen with plenty of cabinet space, dual ovens,
Short sale approved price!THIS PROPERTY IS AN AMAZING BUY! Exclusive living at its finest. This 2 bedroom + office, 2 bathroom luxury condo offers only the finest materials with Snaider Italian cabinets, granite counters in kitchen and baths, fine stone floors, custom in lay carpet, soaring ceilings with breathtaking floor to ceiling glass to thoroughly take advantage of this 8th story city lights view with custom Lutron blinds! Enjoy the patio
Beautiful home located within the highly desirable Amalfi tract of Talega. Enjoy all the amenities that living near the beach has to offer. This rare extended driveway with wrought iron gate, leading up to the home creates even more outdoor space for extra parking and outdoor activities. This popular Plan 2 boasts 4 bedrooms, two-and-one-half baths and a very open floor plan. Enjoy gatherings around the large open kitchen with stainless steel
Welcome to 3125 S. Deegan Drive. Located In The Desirable South Coast Metro Neighborhood. This 4 Bedroom And 2.5 Bath Home Welcomes you with High Ceilings, And Sun Filled Rooms. This Home Has A Great Lay Out, The Downstairs includes Living Room w/ Fireplace Large Kitchen Overlooking The Backyard, Opening To The Formal Dining Room and Family Room. The Convenient Central Location Has Access To many Restaurants, Shopping And Arts. Explore South
This is a rare Short Sale in this area. THis one story house built in 1983 sits in Coyote Hills Estates. It has 3 Bedrooms and 2 Baths in about 6,500 squre ft lot and needs some interior and outside of work. A great opportunity for the investment. This sale is contingent upon all lenders/lien holders approval.
The Short Sale Process in Orange County
The Short sale process in Orange County is very similar to other areas. It depends on the lender ( or lenders involved) but basically is made out of four steps:
1. Seller gets information and short sale package from bank, chooses a real estate agent as the listing agent, who lists the home for sale as a short sale. The short sale package usually consist of:
Letter of authorization, which lets your agent speak to the bank.
HUD-1 or preliminary net sheet
Completed financial statement
Seller's hardship letter ( very important, reason for short selling)
2 years of tax returns
2 years of W-2s
Recent payroll stubs
Last 2 months of bank statements
Comparative market analysis or list of recent comparable sales
2. Seller finds buyers, chooses an offer to submit to lender as part of the short sale package. When submitting an offer, the listing agent will need the following:
Executed purchase offer
Buyer's pre-approval letter and copy of earnest moneycheck
Seller's short sale package
3. Now this is the tedious part. The lender will acknowledge receipt and assign a negotiator, order a BPO ( Broker Price Opinion), sent for review and then approve the short sale and submit a short sale approval letter. This part takes the longest, averaging 120 days.
Many buyers will get frustrated waiting and in many cases the original buyer will back out and a new buyer will come in. Agents have some idea of when approval will come in by knowing when the file is sent for review. Its crucial that the listing agent keeps in touch with the bank to avoid any delays, and when the file is sent for review, the buyers may want to start the loan process so they've got a head start in case the bank wants 15 days to close, that can also happen.
So for many sellers selling a short sale, a buyer who's willing to stick for the long process, and who's willing to deal with the lenders requests or modifications to the purchase offer is the best buyer that they can get, which defeats the 'all cash offers' or highest offers.
Our agents in Orange County at OCDreamhomes are experienced short sale agents on both sides of the transaction: they have closed multiple homes representing a short sale seller or a short sale buyer. We are here to help, so please contact us.
Based on information from California Regional Multiple Listing Service, Inc. as of July 7th, 2020 at 8:25am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.