Will there be a foreclosure wave in the Orange County real estate market? That’s the question OC Register writer Jon Lansner posed to Sean O’Toole, CEO of www.foreclosureradar.com, a website that tracks troubled mortgages.
Sean O’Toole believes that a wave of foreclosures will NOT flood the housing market. Yes, foreclosures will still be a part of our market but other options exist to help prevent foreclosure. For one, lenders are becoming more open to short sales, a type of real estate transaction that is one of Torelli Realty’s specialties. A short sale is when the bank agrees to accept less for a property than they are owed. Short sales often get a bad rap but with more and more lenders giving them a chance, real estate agents should focus on them as viable options for their clients. A bonus is that short sales often provide a great opportunity for buyers to get a discount on a home that would normally sell for more money.
As short sales gain momentum in our real estate market here in Costa Mesa and all throughout Orange County, it’s important that agents learn as much as possible about how they work. Torelli Realty has closed 100% of our short sales and continues to develop techniques as the market changes. Our goal is to help streamline the process for our clients. For more information on short sales or to get a list of homes we have available please call or email us.
The bottom line – foreclosures DO exist in our market but there are other options that can present excellent opportunities for the clients, the lenders, and the overall housing market.