Short Sales Are All Too Common In Orange County
Monday, November 2nd, 2009
Orange County is a county in Southern California, United States. Its county seat is Santa Ana. The county is famous for its tourism and is the home of such attractions as Disneyland and Knott’s Berry Farm, as well as several beaches along more than 40 miles (64 km) of coastline.
It is also recognized for its nationally known centers of religious worship, such as Crystal Cathedral, Saddleback Church, Calvary Chapel, and the Newport Beach California Temple. It is known for its affluence and political conservatism.
Orange County is well known for its high end residential real estate. Luxury homes range from large estates in gate guarded communities in Laguna Niguel, to sweeping Ocean view homes in Laguna Beach, Dana Point or San Clemente, equestrian estates in Laguna Hills and San Juan Capistrano and many more. That makes the county a more marketable for house for sales.
Real estate businesses are mushrooming in the county. But sad to say, this area makes up a huge portion of the California foreclosures list primarily because of massive job losses and a glut of new and existing homes for sale. Today, the main culprit is a correction in local home prices coupled with many highly leveraged, adjustable rate mortgage loans that were made in the past 4 years. To prevent foreclosure, though, people try to go into Orange County short sales
Foreclosed properties are those that were pulled by creditors because of total disability of the debtor to pay what they owe. A huge slump in the economy curve of caused this situation to happen.
The option to prevent foreclosure is to put the property up for a short sale. The sales proceeds will then go to the creditor as either full or partial payment of debt (depending on former agreement of debtor and creditor). A short sale is when the creditor agrees to let the debtor sell the property at a lesser price.
With a population of more than 3 million people, Orange County is a gigantic foreclosure market that is larger than 20 U.S. states. Buying foreclosed real estate is an alluring idea, particularly in Orange County, California where nearly everyone is scrambling for a deal.
Investors in Orange County shorts sales have 34 cities to choose from - including the affluent areas of Newport Beach, Costa Mesa, Laguna Nigel, Irvine and Anaheim to the working class neighborhoods in Buena Park, Garden Grove, Westminster and La Habra.
Orange County short sales are much more common than they appear. The housing downturn has hit this part of the state too, and Orange County Foreclosures find themselves in position.
