Orange County short sales or short sale homes sales, while rare, 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 these homes became '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 into 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 NOT YET 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
Probably one of the nicest homes that you’ll see this Christmas! 24 El Corazon is a beautiful detached home in Rancho Santa Margarita just walking distance to some of the best restaurants in the area, community parks, and entertainment! The home features three bedrooms with one bedroom and a full bath downstairs along with a beautifully upgraded kitchen wood floors and neutral paint throughout! With no attached walls this home is perfect for
SUBJECT TO CANCELLATION OF EXISTING CONTRACT. Charming and well-loved home on a raised foundation has 3 bedrooms and 1.75 baths, 2-car attached garage with automatic garage door opener, direct access and washer & dryer hookups. Ceiling fans in 3 bedrooms. The utility room with recessed lighting can be converted to a 4th bedroom. Beautiful hardwood floors in living area, hallway and utility room, ceramic tile in entry & kitchen, and
Great Location and Super Clean 3 bedroom home with 2 car attached garage in Highland Park. Highland Park includes Swimming Pool, Spa ,BBQ Grill, Picnic Area and a peaceful Nature Plant Garden Trail. Plus this home includes Lake Mission Viejo privileges where you can enjoy Boat Rentals , Fishing, Outdoor Summer Concerts, Picnic Areas and a private Beach. Walking distance to the Shoppes at Mission Viejo, Saddleback College and Mission Hospital.
Look no further this turn-key Brio home has everything you have been looking for. Tastefully remodeled you will enjoy the high end tile flooring, gorgeous custom paint, beautifully remodeled kitchen and bathrooms. The living room has high vaulted ceilings which provides a very open feel. You will enjoy chilly nights being warmed by your gas burning fireplace and the open floor plan allows you to enjoy it's warmth the kitchen and dining room
Ready to move in 2 bedroom 1 bath home in La Habra with laminate floor throughout, central heating and air. It has a 2 car detached garage. Nice front and back yard. Great Opportunity, perfect for a homebuyer or investor. Must see to appreciate.
This home is being sold AS IS. No repairs will be made to the property. THIS IS A SHORT SALE. THIS SALE IS Subject to lender approval. This property has suffered years of deferred maintenance. Seller, broker and brokers agents do not represent or guarantee the accuracy of the square footage, bedroom or bathroom count, lot size or lot lines, permitted or unpermitted spaces. Buyer and buyer's agents are advised to independently verify the
Good investor opportunity. Upper unit in Villages of Yorba Linda community, sold As-Is, needs some TLC. 2 Bedrooms, 2 bathrooms. Community amenities include Clubhouse, pool and spa, HOA covers water and trash. Located close to shopping, dining, easy frwy access, and numerous hiking and biking trails.
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 money check
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 January 17th, 2021 at 1:16am PST. 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.