Ron Denhaan, Realtor (949) 290-3263. Orange County real estate specialist.
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Shortsale homes in OC

Short Sale Listings

Update for the 2022 real estate market -:When I created this page years ago, bank owned (REO) and Short Sale properties were readily available.  In the 2022 real estate market, home short sales are almost non-existent. This is because the market price of homes in Orange County, CA (and really, everywhere else also) have risen so sharply that there are few home owners who are now upside down on the value of their homes. I still get calls occasionally from potential home buyers or bargain hunters who ask if I can find a bank owned or short sale property that is under-priced. I have to respond that, realistically, there are few if any "bargain" properties on the market that are selling as a bank owned or short sale properties. Bank owned properties, if any, now sell at close to retail value, as banks know they can get top-dollar in this market. The best bet in bargain properties are usually "fixer" properties that have serious issues and need lots of expensive repairs. To answser their question, I have to regrettably let the buyer know that they will not be able to find a bank owned, a foreclosure, or a short sale home that can get for a bargain or save them a lot of money. This a just the realty of today's real estate market. While you are free to browse this page, understand that there is little to no inventory in homes that are selling as a short sale or bank owned.

In real estate terms, a short sale is a type of transaction in which the home owner is selling the property for less than what is owed on the loan(s) (in other words, a shortage). This must be done with the cooperation of the lender(s) who have to agree to the terms of the sale. If in agreement, they will issue a short sale approval and the transaction can be completed. Despite the name, short sales and actually take the longest to close. This is because of the requirement for lender approval. The approval can consist of terms and conditions, but also price. Lenders typically do their own appraisal or BPO (broker price opinion). They do reserve the right to increase the price if they feel the listing or offering price does not reflect market value. While often a good deal, shorts can be complicated and confusing to buyers, so it is important to work with a buyer's agent who is experienced in working with these types of transactions. You can read more about Orange County short sales, here:

Residential short sale listings

The residential listing links below include short sale condos, town homes, and single family homes. The links are listed by OC cities and are in price sequence (low to high). If you are looking for homes in a different area of OC and it is not listed below, please contact me. I'll be happy to send you a customized list. Search below to find a short sale condo in Orange County.

South Orange County North Orange County Beach and coastal Orange County
Short sale listings Short sale listings Short sale listings


Income property short sale listings

This category includes rental income properties, commonly known as of duplexes, triplexes and fourplexes. These are also called multi-unit or investment properties. Visit my main income property page, here:

Short sale buyers

Short sale buyer questions and answers

What is the difference between a short sale, bank owned (REO), and standard sale?

See my web page here:  This page will give you a good understanding of the differences, plus will provide you with buying strategies.

Why do these types of transactions take so long?

Generally because of the time it takes to negotiate with lenders and get their approval. In many cases there is more than one lender involved in a sale and in order to close escrow, all of the lenders have to issue approval letters. Many lenders are back-logged with short sales and have small loss mitigation departments. Because of this, it is typical for the negotiations to take several months.  

Are there extra costs ?

There can be. Because it is a distress property sale, buyers sometimes have to pick up the cost of delinquent HOA dues or property taxes, extra payoff to second lenders, or the cost of the short sale professional negotiator. Also, these costs must be paid outside of the loan, so be careful to check for any additional or hidden costs. 

Can I make an offer lower than list price?

You can always make a lower offer, but the sales price will ultimately have to be approved by the lender(s). If you are competing for a home with one or more additional buyers, you may have to offer list price or higher in order to beat the competition.

Why do some short sale properties sell for higher than list price?

Short sale list prices can be less meaningful than standard or bank owned sales because listing agents sometimes list homes below market value in order to attract offers. The lender may not accept the offered price because they have usually asked for a BPO (type of appraisal), which has given them an idea of the property's true market value. In this case they will go back to the agents and ask for a higher offer price.

We looked at a short sale home that was listed as Active, but the agent already had many offers on it. What is this all about?

This definitely one of the most frustrating aspects about short sales for many buyers and their agents. The issue is that many agents do not understand that once the seller (not the lender) accepts an offer, the home must be put into "Backuo Offers" status or "Pending" status. Many listing agents are under the impression that since the lender has not yet approved the offer, they are free to leave the home on Active status. This is actually an MLS violation and I regularly report listings that do this. The agent that leaves a home on Active status after he/she has submitted offers to the lender is wasting everyone's time. They don't need additional offers and it only frustrates buyers and agents who show the home, because they are falsely lead to believe that they can still submit offers. Any time you find one of these, urge your buyer's agent to turn this listing in as a violation! 

If you have additional questions that were not answered here, please feel free to contact me!

Are you considering a short selling in lieu of foreclosure?

If you have been considering a short sale as an alternative to a foreclosure, please visit my web page, here; This page has a great deal of information on the process, and the advantages for you over a foreclosure. Some of these advantages include:

  • Typically less damaging to your credit than a foreclosure

  • You may be able get out of the mortgage debt, completely

  • You may be eligible under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years for a foreclosure

  • You can stay in your home during the short sale process

Because of the complexities of listing a short sale, please be sure that you select an agent to sell your home who is experienced with these types of transactions. Please call me for more information on how you can benefit from a short sale!

Related links

Buying a short sale property can be complicated. You need a buyer's agent who has experience in buying and selling these properties  I will be happy to help your find your home and guide you through the steps you will need to close it successfully! If you are interested in doing a short sale of your home, I will be glad to discuss with you!

Ron Denhaan, Realtor

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Ron Denhaan, Realtor

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