Orange County Short Sale Homes - Why Wouldn't You?
I like statistics you can really use! Data is only useful if you can pull a practical purpose from it, right? With that in mind I compiled the chart below showing the difference in average sale price between standard sales and distressed sales (short sale and bank owned homes) for selected OC communities.
How about saving money... that's fairly practical I'm sure we can all agree. Orange County short sale homes offer the patient and astute buyer an opportunity to purchase more home for their money or the same amount of home for less money. In simple terms... If you like saving money and are willing to endure the process buying a short sale is the way to go. If you are willing to pay more to avoid the hassle and prolonged timeframe then a standard sale is the route you should take. I know it's not all about the money but let's admit this is a primary factor in the decision making process for all of us.
| Community | Standard Sale Price * | Distressed Sale Price * | Discount % |
| Aliso Viejo | $605,752 | $529,083 | 12.7% |
| Foothill Ranch | $611,977 | $545,388 | 10.9% |
| Ladera Ranch | $603,972 | $551,658 | 8.7% |
| Laguna Niguel | $658,582 | $578,000 | 12.2% |
| Lake Forest | $550,665 | $502,706 | 8.7% |
| Mission Viejo | $570,815 | $503,676 | 11.8% |
| Rancho Santa Margarita | $569,815 | $504,709 | 11.4% |
* The sales data in the chart above was compiled from MLS sales data from 03/01/2010 to 2/28/2011 and compares the average sale price of standard sales (all transactions other than short sale and bank owned) to distressed sales (all short sale and bank owned/REO) for 4 bedroom detached single family homes from 1,800 square feet to 2,250 square feet in size.
Short sales continue to increase as a percentage of the total sales volume in Orange County and 2011 looks to be no exception. If you are interested in purchasing a short sale then it is mostly good news. There is plenty of inventory to choose from, interest rates are historically low and in most Orange County communities the average sale price of a distressed home (short sale or foreclosure) is 10% or more below the average sale price of a standard sale. The bad news... short sales are usually complex and lengthy transactions (remember you will likely save 10% or more!) and you would be wise to select a Real Estate agent that has a demonstrated track record of success representing buyers and sellers in the short sale niche. Experience and expertise help you avoid wasting valuable time and effort pursuing short sale listings that have a marginal chance of a successful outcome. Find Orange County Short Sales...
All short sales were not created equally! Before making an offer on a short sale some basic background research should be done. Is it/was it previously approved? How many loans are secured against the home? Which bank or banks are involved? Are HOA and property taxes delinquent? Has notice of default (NOD) or notice of sale (NOS) been filed? Which investors are involved? If you have questions about a particular short sale listing please do not hesitate to call or email me. This is my area of expertise and I can help you find a great opportunity or avoid a mess.
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