What is a South Orange County Short Sale?
A Orange County short sale is the sale of real estate in which the proceeds from selling your property fall short of the debt balance due and secured by liens against your property. It may take place if you as the property owner can no longer afford to repay the full amount of the loan due to a hardship.
Under the Mortgage Forgiveness & Debt Relief Act , lien holders may agree to release the lien on your principle residence and accept less than the amount owed on the debt. The term “deficiency” refers to any unpaid balance owed to the creditors.
The lien holders may agree to release their lien on your principle residence. All Orange County Short sale agreements do not necessarily release you as the borrower from your obligations to repay on the loans, unless specifically agreed to between the parties. Once the short sale is approved, no deficiencies are permitted after the short sale.
Orange County Shore Sale is an Alternative to Foreclosure
Orange County short sale is often used as an alternative to foreclosure because it can reduce additional fees and costs to both the creditor and borrower. There have been 2.2 million short sales in the United States during the sub-prime mortgage crisis which began in 2008.
Buying a Orange County short sale property in some ways is similar to a traditional home purchase. There are however, a couple of ways which the purchase agreement you and your agent draw up are different. The contract will specify that the terms are subject to the mortgage lender’s approval whereas in a traditional transaction, the only party who would need to approve the sale is the seller.
Many experts say that short sales are priced below market value, which then creates an opportunity for buyers to get a really good deal on a property or for first-time home buyers to get into a home they might otherwise not be able to afford. All that being said, if you are considering buying a Orange County short sale, be prepared wait on the close (sometimes up to a year).
Orange County Real Estate Specialists – Call Now at 949-355-9558
If you are thinking about selling your Orange County property, we have years of experience and extensive training in cutting-edge, online marketing technologies for today’s competitive market. If you are behind on your mortgage and don’t know what to do, we are experts in Huntington Beach short sales.
The first step in the selling process is to provide you with an in-depth comparative market analysis (CMA) on your home. We will then create a comprehensive online game plan to get your Orange County real estate in front of as many people as possible and get it sold as quickly as possible!
As an investor, we have several services available in the preparation for the sale of REO’S and Short Sale properties. This includes a variety of professional sub-contractors who can do whatever is needed to prepare the property for sale. Once the property is ready, we can also help you with your specific marketing needs.
We provide Orange real estate services for buyers and sellers within the following cities and communities:
- Laguna Beach – Emerald Bay , Irvine Cove , Crystal Cove,The Village, Crescent Bay and 3 Arch Bay
- Newport Coast – Pelican Hill
- Corona Del Mar – The Village , Spyglass and Cameo Shores
- Newport Beach – Newport Heights, Lido Island, Balboa Island, East Bluff, One Ford Road, Port Streets and Big Canyon
- Costa Mesa – Eastside Costa Mesa
- Huntington Beach
- Irvine – Turtle Ridge, Shady Canyon, Turtle Rock and Woodbridge
Give us a call today at 949.355.9558 or fill out our online contact form and let us know how we can best serve your Orange County real estate needs.
We look forward to speaking with you!
Real Estate Consultant
BRE License # 01771487
2010 Main St Suite 1250
Irvine CA 92614