Thinking about buying a home in Orange County? You’re not alone. Right now many buyers are considering buying a standard sale home while other buyers are still searching for Short Sale deals. Yes there are still short sale deals out there but there are also differences between how long it takes a for escrow to close in a standard sale versus a Short Sale.
With a typical real estate contract a standard sale can take up to 45 days to close, especially if FHA financing is involved. Closing can go a lot quicker if a buyer is paying cash since the buyer and seller won’t have to deal with any complications that could come from a lender.
A typical Short Sale addendum will provide a window of 30 days or longer until the close date. However, it is not uncommon for a Short Sale to extend much longer than the 30 day period since the mortgage servicer must approve the sale prior to entering into escrow.
As the market continues to improve across Orange County and the country as a whole, there are fewer short sales available than before. If a buyer can find a short sale, they should purchase it because it presents a better opportunity for the them to purchase an Orange County home for less than what they would pay if they were to purchase it via a standard sale. Since the closing time and negotiations often take longer, this weeds out potential buyers and eliminates some of your competition when bidding on the home.
To learn more about Short Sales vs. traditional sales, contact the experienced team of realtors at Fred Sed & Associates by calling us at (949) 272-0125 or emailing us for a free consultation at firstname.lastname@example.org.