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Homes in a Short Sale in Orange County
What is a short sale?
A short sale refers to the sale of a home for less than what is owed on the mortgage.
What is the bank’s or lender’s role in a short sale?
For a home to be sold as a short sale, the lender must consent to the sale and accept the sale price as full satisfaction of the balance of the loan. If the lender does not consent, then the home cannot be sold as a short sale.
How easy or hard is it to purchase a home as a short sale?
As home prices in Orange County have declined over the past two years, the number of homeowners who can sell their home for more than what they paid has also declined. This means that there are more short sales on the market than ever before and banks are facing an increasing number of requests to approve short sales.
Not all short sales are approved, however. As banks are in the business of making money, they simply cannot afford to approve every short sale that comes in the door. Recent statistics indicate that banks are only approving 1 in every 7 short sale requests.
Moreover, as banks have a limited number of employees who can process the large stack of paperwork each short sale approval requires, it often takes months for a home buyer to find out whether the bank will approve an offer they have made on a short sale.
In some cases, the home owner may already have obtained approval from the bank to sell the home as a short sale. In those limited circumstances, it may be worth your time to submit an offer to purchase the home.
- Homes for Short Sale in Aliso Viejo
- Homes for Short Sale in Dana Point
- Homes for Short Sale in Irvine
- Homes for Short Sale in Laguna Beach
- Homes for Short Sale in Laguna Hills
- Homes for Short Sale in Laguna Niguel
- Homes for Short Sale in Lake Forest
- Homes for Short Sale in Mission Viejo
- Homes for Short Sale in Newport Beach
- Homes for Short Sale in San Clemente
- Homes for Short Sale in San Juan Capistrano
- Homes for Short Sale in Tustin
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