A short sale is when a bank or other loan company sells a house and accepts less than the amount of the debt for ownership of the property.In the buyer's market of today, this is becoming more and more common as banks find expensive properties are becoming so difficult to unload.
Getting a home at a foreclosure auction or other type of property auction and being able to snag a short sale is a great deal for any home-buyer.
However it can sometimes be a long road, and every bit of information counts.
There have been a record number of foreclosures in Orange County this year, and 33 percent of the homes available on the real-estate market in the O.C. are either bank-owned or listed as short sales.
The lender has often cleaned up the property and discounts of 20 to 30 percent off are not unheard of, recently a 1 million dollar home sold for 770,000 at auction.
It's important to begin early in the process though, closing a short sale and getting all the paperwork in order can take 3 to 4 months, so make sure to ask your real estate agent about the status of the paperwork.
And often-times it can be confusing navigating the administrative bureaucracy of a lender to even make an offer in the first place.
But for those who are willing to put in the time and effort, substantial opportunities are waiting, as some buyers are winning big betting on short sales in Orange county.
Adam Brett
800.997.ADAM
RE/MAX NOC
Fullerton, CA
www.Realtoradam.com
www.AdamsMLS.com
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