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.
**APPROVED SHORT SALE*** Approved, in writing, ready to close at a price BELOW ALL OTHER CLOSINGS IN SHADY IN THE PAST 3 YEARS (based on $/sq.ft). Previous buyer was unable to perform. This custom Shady Canyon estate sprawls over 12,000 square feet of living space (and a large 2000+ square foot garage) on over 2/3 acres private lot. This home is made to entertain and considering the price, a steal! The Santa Barbara inspired home and grounds
Beautiful 2-Story Home in Prestigious Cliff Haven enclave of Newport Heights. Completely remodeled in 2004, this home offers 6 Bedroom / 7 Bathrooms & 6,850 square feet of living space (per owner/builder). Backyard w/ pool & spa. Short sale subject to lender approval. Property is being sold AS-IS.
Big Canyon, Panoramic Golf Course view home. Downstairs Master Suite with views. 2 total bedrooms downstairs with two full bathrooms plus powder room. Upstairs consists of a large enclosed loft with full bathroom that can be used as another master suite or bonus room plus office. Family room, Living room, Dining Room, Remodeled Kitchen. Full wet bar with wine fridge. 2 Fireplaces. A/C.
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
This estate rest on more than 2.2 acres in Nellie Gail Ranch, set far from the street behind private gated area at the end of cul-de-sac. Dramatic 2 story entry accented by sweeping staircase, expansive family room features soaring ceiling and floor to ceiling brick fire place, extensive use of marble and gorgeous wainscoting and rich wood paneling throughout.
Beautiful 3 bedroom, 3.5 bath home with a casita in the gated community of Turtle Ridge. This property offers a very unique, open, and bright floor plan with a private casita that has its own entrance. It all starts as you walk in the front door, with beautiful flooring, custom painting, a formal dining room and a large court yard with its own firepit. The formal dining room will lead you into the beautiful gourmet kitchen with granite counter
THE PRESTIGIOUS QUIET AND EXQUISITE COMMUNITY OF THE HUNT CLUB IS CALLING! TUTOR-STYLE THROUGH AND THROUGH THIS LARGE EXPANSIVE HOME WITH GORGEOUS VIEWS AND POOL WITH SPA IS AWAITING YOUR RECEPTION. ENTRY THROUGH THE GRAND FOYER LEADS YOU TO A OFFICE LIBRARY, ELEGANT DINING AND LIVING ROOM. ONE DOWNSTAIRS BEDROOM WITH GOURMET KITCHEN, BREAKFAST NOOK, AND FAMILY ROOM. ASCEND UP THE GRAND STAIRCASE TO MULTIPLE BEDROOMS AND BATHS. THROUGH THE
Custom built home with an opportunity for a price affordable remodel to build in equity and make it your own custom estate. Located in the rolling hills of San Juan Capistrano in the private custom community of Stoneridge Estates, this custom home was built with quality. The grand entry with hardwood floors provide a seamless flow throughout, soaring ceilings & sweeping staircase leads to this stunning 5 bedroom, 4 full bath & 1 half
Located in the Irvine Unified School District. Gorgeous, highly upgraded, open floor plan consisting of 5 spacious bedrooms plus a huge loft (1 bedroom & bath downstairs), safe for the kids and private Cul-De-Sac location home. Enjoy warm family dinners in the formal dining room. Gourmet kitchen including a walk in pantry and a butler's pantry. Complete with His and Her's Walk in closets. Entertainer's dream with a HUGE backyard! Granite
REDUCED!! This home is in need of some TLC but it is in the desirable area of Cowan Heights and tucked away down a long driveway (shared). The backyard is an entertainers dream with a private pool, viewing deck, built-in BBQ, beautiful views and room for your horses! You will also enjoy an attached 1 bed/1 bath home with its own direct entrance, garage, balcony, living room and fully equipped kitchen. This home is near Peter's Canyon National
Beautiful home in the highly desirable area of Irvine! Nestled in a quiet community with NO HOA! I repeat NO HOA fees! This home is mins from shopping, freeways and the Oak Creek Golf Club. And it is literally 3 houses down from Carrotwood Park! As for the home itself, you walk in to a huge open space with a vaulted ceiling in the living room which includes a skylight! The family room is right next to it split by a quaint double ended fireplace.
Short Sale Opportunity to buy in highly sought after "Serrano Heights" Neighborhood! Entertainer's dream home floorplan! Located on a quiet cul-de-sac street, this 5 Bedroom /4 Bathroom home sits on a large 7673 SF lot with 3885 SF of living space. Dramatic archway entrance leads you through double doors unveiling the formal entry with a grand curved staircase and cathedral ceilings. Some of the home amenities include gorgeous
Beautiful family home located on a cul de sac street and is the largest model in the Highlands tract. Formal living room with a beautiful dramatic fireplace, formal dining room off the L.R., huge chefs kitchen w/massive kitchen island, family room w/fireplace along with a cozy breakfast nook and access to the rear yard. A total of 6 bedrooms & 4 bathrooms with 2 bedrooms down (1 en-suite) and 4 bedrooms up. 1 downstairs bedroom currently
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 January 16th, 2019 at 9:56pm 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.