Orange County California Short Sales

Distressed property listings in Orange County, California comprise 66% of the market.  This is divided between REO and short sale listings.REO listings for under the conforming loan limit of $417,000 are listed below market and are selling within a week with multiple offers.  Short sales are taking longer to get listings because buyers and selling agents have had some reluctance to make offer on these listings because the lenders are typically taking from 45 to 90 days or more to approve them.  That being said, I have recently been having very good experiences with the loss migitgation departments of lenders whereby we are getting approvals to short sales within 3~4 weeks of submission of a complete short sale package.  This was unheard of as recently as 3~4 months ago.  It would appear that lenders are implementing more streamline procedures so that short sales can be reviewed and approved in a more timely way.  I believe they have learned that buyers lose patience and move on because the approval process was taking too long.  When the buyer walks, it benefits no one; not the listing agent or homeowner, not the selling agent or buyer and certainly not the lender/investor holding the mortgage note that is not a performing asset.  The time, effort and expense expended processing the short sale is lost without the buyer at the end of the process.

We have a lot of experience listing, packaging and negotiating short sales and are ready to assist you if you are a distressed homeowner or investor with property in Orange County, California.

Best regards,

Rick Stuart CRS, GRI, SRES, ASR, e-PRO Certified Internet Professional

Coldwell Banker Real Estate

949-702-4499  cell

Rick@RickStuart.com  email

www.RickStuart.com  website