Buying Short Sale Homes in Orange County – Tip #7

by leslie on October 3, 2008

Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.

Another Tip to Help You Succeed in Buying a Short Sale Home in Orange County

Buying a Short Sale home in Orange County can be frustrating – especially waiting for a response from the bank. You need to arm yourself with the best tactics for successfully buying a house in Orange County in one of the fastest moving of the three real estate markets at play in home sales today.

A tactic we have recently come across from a local Short Sale listing agent is extremely creative. Just to set the stage for the reality of a seller on a Short Sale home – the seller stands nothing to gain financially from selling you, the buyer, their home as a Short Sale. The primary upside for the seller is to avoid the devestation of having a foreclosure recorded against their credit rating. Other than that – there is no advantage. Enter the creative strategy. A recent offer on a Short Sale home in Orange County included a side offer to the seller for $10,000.00 in cash at the close of escrow to be paid to the seller. Esentially, the buyer found a way to sweeten the pot for the seller – to motivate him/her to act quickly to do everything they were required to do to invite the bank to respond to the “sweet” offer – be that complete the necessary paperwork or cooperate with their Realtor on showings or whatever. Very creative.

Just a note of caution – check with your tax, legal, real estate, and financial professionals to determine the consequences of making such an offer – do not do this blindly on unadvisedly – know what the ramifications will be. Then go out boldly and make offers to buy one of the Short Sale homes in Orange County that are on sale right now!