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.
Beautiful 2-Story Home in Prestigious Cliff Haven enclave of Newport Heights. Completely remodeled in 2004, this home offers 6 Bedrooms, 7 Bathrooms, & 6,850 Square Feet of living space (per owner/builder). Backyard w/ pool & spa - perfect for entertaining! Property is being sold AS-IS. Please see private remarks for showing instructions.
Two homes, Private COTO DE CAZA equestrian estate with additional private entry gates and a long driveway.
With over 3 acres! The main house is 5300 sq. ft. All bedrooms are ensuite bathrooms including one main floor bedroom. The pool, spa and BBQ are perfect for entertaining. Combined inside parking for 10 vehicles, with one Garage Large enough for a Boat. The guest house has 2000 sq. ft. of living space with 2 bedrooms and 2 bathrooms, fully
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 superb North Tustin estate is situated behind privacy gates and offers luxurious living on a sizable and secluded 1/2 acre lot with a Catalina and city lights views. Impressive in design and specification, this home is ideal for multi-generational situations and is a grand architectural achievement with interiors that reflect the beauty of modern day amenities. The well-appointed interiors that encourages indoor and outdoor living. The
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
Nestled in the coastal enclave of Corona Highlands and designed by renowned architect Harold B. Zook, this wonderfully appointed custom home offers a livable, open concept floor plan that blends seamlessly with its outdoor spaces featuring a serene courtyard fountain cascading into the spa. Welcomed by a sun-drenched great room boasting vaulted ceilings and beautiful skylights, inside you’ll find three generously sized bedrooms, four bathrooms
* Just Reduced by approx $550,000 * Panoramic views from this * 5671 * Square Foot custom estate home located in highly desirable North Tustin on approx * 1/2 * acre lot. Featuring * 6 * Bedrooms * 6 * Bathrooms. European architectural design, formal entry with high ceiling, granite floors surrounding the grand foyer with Spiral Staircase, crystal chandelier & double entry doors. Ceiling has unique designs featuring coffered, hexagonal &
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.
Amazing value in Turtle Rock! This 3,192 square foot house sits on a 6,000 square foot lot and features 5 bedrooms and 3 bathrooms. Bonus room can be used as a den, guest bedroom or workout room. Hardwood floors throughout. Both community center and pool are close walking distance. This property is situated in the prestigious 24-hour guard-gated Concordia West community of Turtle Rock. Nearby schools include Concordia University Irvine, Turtle
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
Privacy, Warmth & Elegance are the daily "GIFTS" this Mediterranean Beauty convey to anyone blessed enough to live here. Approached down a private drive shaded by a canopy of native Oaks, round the bend to absolutely Breath-taking Panoramic Views. Custom built & later remodeled where quality & authenticity were the standard. Architectural elements include arched doors, rustic wood floors, rough-sawn ceilings, Four
Needs TLC but is in a 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 guess home with its own direct entrance, garage, balcony, living room and fully equipped kitchen. This home is near Peter's Canyon National Park and in a top-ranked school
This plan 3 in the gated neighborhood of Oak View in Westridge has 4000 s/f and sits on a corner lot with a jacuzzi, firepit and built-in bbq. 5 bedrooms, plus upstairs bonus room with a fireplace (could be 6th bedroom) and an additional loft/office space. Main floor remodeled bedroom and bathroom. Granite island in the kitchen and bar seating. Venetian paint in dining and master suite. Upstairs laundry room with a sink and plenty of
An amazing opportunity for you to own this panoramic view home, situated on a desirable single-loaded street in the prestigious guard-gated neighborhood of "Hillcrest Estates!" This light and bright four bedroom home boasts a backyard perfect for relaxing or entertaining, with lush lemon and tangerine trees, a built-in barbecue, and a soothing fountain. Inside, find soaring double-floor ceilings, low-maintenance ceramic tile
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 May 26th, 2019 at 5:37am 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.