It is interesting to note that in Orange County one in four sales in May was a short sale. That means that the home sold for less than the amount owed and the bank accepted the sales as satisfying the loan.
The homes that were seized by the lenders in foreclosure amounted to 13 percent of the homes sold in May.
The trend shows that lenders have been getting more aggressive about approving homeowner in a short sale. Most homeowner do not realize that the sale does not cost them anything. Not even the commission. So the bank is paying the commission and taking less than what is owed on the property.
What we are seeing here in Orange county is a steady increase in the number of properties sold as short sales. In the Orange County area we had 672 short sales in May and that is the most ever recorded since the MLS has kept records.
The short sales were up 68 percent year over year.
Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"
949-282-2521
Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!
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