The Coto de Caza Real Estate is made up of three distinct types of listings: standard or “equity” sellers, Short Sales, and Bank Owned homes for sale.
Three Real Estate Markets for Homes for Sale in Coto de Caza
Homes for Sale in Coto de Caza by Equity Owners
There are currently 140 homes for sale in Coto de Caza. This includes condos and single family homes. Of the 140 homes, 105 appear to be equity owners. That’s a whopping 75% of all homes for sale in Coto today – far ahead of the pace of South Orange County – which is collectively about 55% equity owners. These are “traditional” sales where a buyer and a seller negotiate price and terms through their respective Realtors to reach an agreement. They open escrow, conduct pertinent and indicated inspections, exchange disclosures, complete appraisals, and potentially negotiate repairs or concessions.
The advantage of targeting your home search on the Equity Owner Market is the ability to deal directly with the decision makers – the home owner and their Realtor. In a declining Real Estate market, a seller is usually very motivated to sell the home – for reasons other than capitalizing on their earned equity. Also, you may have more flexibility in length of escrow and even rent-back options that may be important to you. These will not be available in a Short Sale or REO transaction.
Short Sale Homes for Sale in Coto de Caza
Today, 18 out of the 140 total homes for sale in Coto de Caza are represented to be short sales. We are also grouping homes that are in the foreclosure process and notice of default filed in this category. That’s 13% of the total homes on the market in Coto. These Short Sale homes might be a great opportunity if you have patience and are not driven by specific timing triggers like a lease that is ending or a close of escrow on the home you are selling. Short Sales are very difficult to predict in terms of timing for response to an offer – be it accepted or declined or countered. But if you are patient and flexible in your timing, you may find a great deal. Ask your Realtor to discuss the timing on every Short Sale offer you make – there is a difference between “Approved Short Sale,” “Short Sale Package Submitted,” “Seller Working on Short Sale Package,” and “Package and 7 Offers Submitted.” Make sure you know where the seller is in the process on every short sale home you go after. Don’t be put off by the seller’s status – just be aware of how it will impact YOUR timing. FYI – there are 5 Short Sale homes in Coto de Caza currently in escrow.
REO Homes for Sale in Coto de Caza
Bank Owned homes account for 9% of the homes for sale in Coto – 12 out of 140 – a relatively small percent of the total. These range from a 2 bedroom 2 bath condo in Fairway Oaks to a 4 bedroom 3 bath 3000 square foot home right on Coto’s South course. There are deals to be made in the Bank Owned market. And the timing is not nearly as unpredictable and potentially frustrating as in a Short Sale. The bank will respond within a day or two (but not on the weekend.) Just be aware that there will most likely be repairs and deferred maintenance to take care of – and most unlikely that the bank will pay for any of that. You have to be able to accept the condition of the REO home you buy in Coto de Caza or have the funds available after you buy the home to make the repairs and/or upgrades you’d like.
Now go find a great deal on a home in Coto de Caza!
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