Don't Give Up Too Soon If You Are A Buyer Who Has Made An Offer On A Short Sale In Orange County California

By
Real Estate Agent with Village Real Estate Services, Inc.

                                                                                                                                                                          Wild West of Real Estate

 

 

 

This is by far one of the most interesting times we've ever experienced in Orange County California real estate.  It's like the wild, wild west!  Lenders are inundated with short sales and foreclosures to process.  Each lender has their own system or quasi-system for handling the deluge of paperwork.

 

 

 

When you make an offer on one of these short sale properties you actually have to get acceptance from two parties:

  1. You make an offer that is accepted by the Seller (the owner of record)
  2. The accepted offer (Purchase Agreement-signed by both buyer and seller) then needs to be packaged by the Listing Agent and sent to the Lender.  The package includes your offer, your pre-approval letter, proof that you have enough money for the down payment and closing costs, and an estimated closing statement.  The estimated closing statement will tell the Lender how much of a loss they will be taking against what is currently owed on the loan.

Step 2 above is where it gets tricky.  The Lenders employ people called Loss Mitigators or Short Sale Negotiators who are trying to get the highest possible amount of money they can for their employers.  It can take some time for them to even review your offer.  It can take lots of time for them to review your offer.  This is where you need to be patient.  Your real estate agent should be in communication with the listing real estate agent.  The listing agent is responsible for checking with the Lender and updating your agent and complying with any requests from the Lender. 

If you find a property that is listed as a short sale and it you find out that it already has an offer on it, don't be afraid to submit a back-up offer.  Many times, the offer that is in first position will drop out because they had offers on other properties and they may decide to go with first property that got bank approval for the short sale.  I spoke with a local REALTOR® this morning who told me that one of his buyers just heard this week that his back-up offer that he submitted on February 10th was accepted---today is March 30th!

 So hang in there, the bargains are out there.  You need to be patient and you need to have a competent REALTOR® to guide you.  You need an agent who works full time not part-time and is focusing all their efforts in real estate.  This complex market is simply too time-consuming and filled with new twists and turns every day for anyone to be able to service their clients on a part-time basis.

If you are thinking you are ready to begin your home search and need a professional REALTOR® to guide you in searching for homes and making offers that will get accepted, I'm here to help.  It's my pleasure to provide my clients with information to assist them in making informed decisions when contemplating buying and selling homes in Orange County, California. If you have questions and would like some honest answers or need more resources, please give me a call, text me or email me.

Marlene Bridges, REALTOR®

800 777-1775 - Toll Free  ~ or ~  Text Me 714 745-2592

Orange County Real Estate Website

Orange County Seniors Lifestyles Blog

 SRES - Seniors Real Estate Specialist®

CRS-Certified Residential Specialist®

President - Laguna Hills/Laguna Woods Chamber of Commerce 2007-2009

President Elect - Southern California Chapter Certified Residential Specialists® 2008 - 2009

Marlene is a highly experienced and respected South Orange County CA REALTOR® specializing in residential Real Estate and the sale of Homes and Condos in South Orange County, California and Saddleback Valley cities of: Laguna Woods, Laguna Hills, Laguna Niguel, Laguna Beach, Rancho Santa Margarita, Lake Forest, Dana Point, San Juan Capistrano, San Clemente, Aliso Viejo, Mission Viejo.

 

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Tags:
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Rainmaker
552,167
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Howdy Pard'ner

Yep a little patience goes a long way when it comes to short sale for consumers and Realtors alike.

Mar 30, 2009 11:54 AM #1
Rainmaker
1,247,582
Steven L. Smith
King of the House Home Inspection, Inc. - Bellingham, WA
Bellingham WA Home Inspector

Marlene,

I am glad I just inspect them, that can be job enough, you get to grit your teeth and wait to see who accepts what.

Mar 30, 2009 02:06 PM #2
Rainmaker
238,029
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate

Hi Lynda - Yes patience is important.  It's difficult when you want other people to do things at your pace.

Hi Steven - Yup, there's a lot of teeth-gritting these days!  But it's all worth it when I can hand the keys to a homebuyer who may not have been able to afford buying a home or condo just a year or so ago.

Mar 30, 2009 03:10 PM #3
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489,906
Kristin Moran
Owner - RE/MAX Access - KristinMoran@Remax.net - San Antonio, TX
San Antonio,TX - Real Estate - 210-313-7397

So very true Marlene.  You can get a spectacular deal but you have to be patient in most cases. KM

Mar 30, 2009 03:11 PM #4
Rainmaker
238,029
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate

Hi Kristin - Yes there are some great deals out there, but there are still some buyers out there who think that the banks are giving properties away, too.

Mar 30, 2009 03:24 PM #5
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687,085
Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

I am currently experiencing the joy of short sales!  We are on the buyer side and it has been interesting to say the least.  The listing agent told us our deal was accepted, but now we are finding out she didn't send a closing statement with the correct figures, so once again we wait.  Oh, and we didn't know this was a short sale until they presented us with a counter offer.

Apr 02, 2009 02:41 AM #6
Rainmaker
238,029
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate

Hi Ann - Unbelievable!  Your clients are so fortunate to have you walking alongside them to get the job done.

Apr 02, 2009 06:12 AM #7
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Rainmaker
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Marlene Bridges

Laguna Homes|Laguna Condos|Laguna Real Estate
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