Orange County Short Sales

Orange County Short sales have become a popular way for home buyers to save on property, but they're also among the riskiest sources in the market. While you do get as much as 40% off the market price, you also face all sorts of problems from run-down roofs to title troubles. If you're thinking of buying an Orange County short sale, it pays consult with a Short Sale Realtor and to take your time and make sure it's worth your hard-earned money. Orange County REO are another way for home buyers to get a good deal after the home has gone through foreclosure.  Below are some practical tips to help you get started.

Short Sale Process

In a typical short sale process, a lender agrees to let a troubled borrower sell the home for less than the amount owed on it. The lender accepts the proceeds as full payment and considers the mortgage paid off. Not all lenders will allow a short sale because they constitute a direct loss to the company. However, it often makes financial sense when the owner can no longer afford the mortgage and foreclosing will cost them even more.

Is it worth it to do a Short Sale?

Because the owner is selling at a discount, short sale homes tend to be much cheaper on average and consequently attract more potential buyers. But not all short sales are worth the money, no matter how cheap they are. Often, the money you save on a short sale can come back in the form of repairs, title problems, unpaid taxes and other liens. That's why it's never a good idea to buy a short sale on a whim--a good deal takes at least 4 months of shopping and negotiating before it can close.  Feel free to call me any time, I am an expert Short Sale Realtor that can hep you with your options.

Preparing for a Short Sale

Perhaps the most important thing in a short sale is research: you have to know the entire story behind the home, why it's on short sale, and why it's priced the way it is. This may require the help of a short sale real Realtor, particularly one with experience on short sales. A good agent can look in to the home's title, how much is owed on the home, and whether the owner has received a foreclosure notice--all important factors in the purchase. Finally, learn to negotiate--while the home is already offered at an attractive price, you can always bargain for a better deal or even pay extra to reduce the post-sale work (such as renovations) on your part.