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 home to a popular high class real estate market that makes the county a more marketable area for house sales. Luxury homes range from large estates in guarded communities in Laguna Niguel, to sweeping Ocean view homes in Laguna Beach, Dana Point or San Clemente, and equestrian estates in Laguna Hills and San Juan Capistrano.
Unfortunately, this area makes up a huge part of the California foreclosures list due primarily to large job losses and a lot of new and existing homes for sale. Today, the main cause of the problem is a correction in local home prices coupled with many highly leveraged, adjustable rate mortgage loans that were made over the past four years. To prevent foreclosures, people rather go into Orange County short sales.
Properties whose ownership was surrendered to the creditors because of total disability to pay on the part of the debtor are called foreclosed properties. A huge downfall in the Orange County economy curve caused the increase such situation.
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, Orange County represents 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 looking 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 you might think. The market meltdown has come to this area too, and Orange County Foreclosures find themselves in high demand.