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.
Presenting a remarkable opportunity to purchase one of the largest properties in the prestigious guard gated community of Coto de Caza.Nestled in the highly desired “Forest” area, this incredible nearly 13,000 square foot home is situated on a massive 7.8-acre lot with panoramic view of Coto and the surrounding mountains and hills. This site provides an incredibly rare opportunity to put your own spin with infinite possibilities to create the
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.
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 multi-use
Located along the most coveted Southern California Coastline in the heart of Newport Beach, this stunning Newport Beach estate has the most desirable Mediterranean timeless architectural design. Constructed with the finest materials, Encompassing 5,132 sq ft, including soaring ceilings an open floor plan beautifully blending interior living spaces with the outdoors that delivers a entertaining experience second to none. Two intimate entertaining
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
Entertaining french country home. Large 2.16 acre lot with outdoor room, fireplace, BBQ area, large rock pool with spa and large grass area. Custom home ready to add your upgrades, high ceilings and large rooms. Bonus room, gourmet chefs kitchen, very private end of cul de sac location. 5660 square feet with 6 bedrooms, five and 1/2 bath. Coto de Caza a Golf and Tennis and equestrian community has so much to offer, warm night's to enjoy the
APPROVED SHORT SALE AT LIST PRICE! This exquisite, equestrian dream home in the Trails has been impeccably remodeled and redefines “turnkey”. Panoramic, breathtaking views of the mountains and hills surround this elevated, custom home situated on a full acre. The grounds include a stunning infinity edge pool & spa, built-in BBQ & bar, barn facilities, fire pit & oversized play area, all adjacent to an Oak Grove preserve. The interior
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
VIEWS, VIEWS, VIEWS! Feels like a single level home with most all of the living on the main floor including the spacious master bedroom on the main floor with French doors leading out back to soak in the stunning golf fairway views. A second guest bedroom suite is also downstairs along a powder room. Remodeled kitchen features stainless steel appliances and looks out to a charming breakfast area and to the family room. The spacious living room,
***Price just reduced 200k by the bank*** 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
Of the 12 beautiful custom homes located in the historical Hewes Park Estates Gated Community! This uber chic home is a rare offering that will never be
able to be duplicated! This home, which features over 5,700 sq. ft. of refined and dramatic living space, is situated on over 22,000
sq.ft of land and is surrounded by several trees including banana, peach, grapefruit and many more. As you walk into the double entry
doors, you will notice
Cape Cod style two story home at Brightwater, Huntington Beach’s premier coastal community. The Trails Plan 3, the largest of all models at the Trails with only twelve constructed, features a main floor chef’s kitchen with built in Viking stainless steel refrigerator & appliances, family room with fireplace, and a den which can be used as a reading room, or a formal dining room. The second floor features include an individual laundry room,
Beautifully Upgraded 5 BD, 3 BA Pool Home w/1 BD & 1 BA Down.Most Popular Granada Model in the Greenbrook East Tract w/Community Pool & Only 107 Homes + Steps to Ellis Park. It Features Soaring Ceilings, Recessed Lighting, Designer Paint, Mirrored Closets, Custom Double Door Entry, Dual Pane Windows/Sliders, Wood Laminate Flooring, Newer A/C, Huge Formal Living Rm with the Most Amazing Stacked Stone Fireplace you have ever seen - Nearly
Incredible opportunity to own your dream home in Coto De Caza.
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 September 16th, 2019 at 6:53pm 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.