Orange County Real Estate Thoughts

110 homes sold in Fullerton in June.  The sales prices ranged from $99,000 to $1,500,000.  Of those sales, 33 were bank repos, and 21 were short sales.

268 homes are currently in escrow in Fullerton.  118 of those are short sales, and 48 are bank repos.

There are 252 homes actively listed for sale.  Asking prices range from $79,000 to $3,790,000.  85 of those are short sales, and 13 are bank-owned foreclosures.  There's not that many bank repos in Fullerton right now, and many buyers seek them out to try to get a good deal.  Due to supply and demand, they usually get multiple offers and sell for more than asking price.

Investors have come out of the woodworks to compete with first-time homebuyers.

Fullerton Homes For Sale

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22 homes sold in Brea in the month of June.  Selling prices ranged from $235,000 to $754,000.  Of those, 5 homes were bank repos, and 3 were short sales.

Currently. there are 56 homes in escrow, and only 78 homes actively listed for sale.  Inventory is a bit low.  Nice homes, priced correctly, have multiple offers on them.

Find Brea Homes.

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IN ESCROW

Charming 3 bedroom + home has been immaculately maintained. Beautiful hardwood floors throughout most of home.  Enclosed patio currently used as 4th bedroom.  Laundry room with utility sink, washer, dryer and freezer and still room for storage - all done with permits according to seller. Skylight in kitchen lets in lots of light! Large two-car garage with adjacent workshop and long driveway. Very nice tree-lined neighborhood ready for you to move right in!

More information at 9108 Nan St. Pico Rivera 

 

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Fullerton Open House.  1135 Glenhaven Ave.

Sunday, June 21, from 1:00 to 4:00.

3 bedrooms, 2 bathrooms, approximately 1833 square feet.

Large 13,000 sq ft lot.  Great neighborhood.  $625,000.

More info at 1135 Glenhaven Ave, Fullerton.

Fullerton Homes For Sale

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1675 W Lambert Rd. Unit B. La Habra,CA

Not an REO or short sale.  The Hidden Lakes Townhomes have a Lambert address, but they are far from the street, accessed by a long driveway.  They really are hidden.  It’s a private, quiet community with running streams, shade trees, and a community pool and spa.  

1675 W. Lambert, unit B., is one of only 34 townhomes that rarely come on the market.  It’s a great floor plan with 2 bedrooms, 1.5 bathrooms, and a large 2-car garage.  It boasts a newly remodeled kitchen – new cabinets, counters, dishwasher, garbage disposal, and tile flooring.  There is a new air conditioning unit, new furnace, new garage door, and fresh paint.

Large living room with gas fireplace, inside laundry, enclosed front courtyard, pool view. 

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This property has a total of 5 bedrooms and 4.5 bathrooms, a 3-car garage, RV parking with hook-ups, a cabana with bar and BBQ, and still has room for grass in the back yard.  Approximately 2783 sq ft of living space on nearly a 12,000 sq ft lot. 

The front house has 4 bedrooms and three bathrooms, living room with fireplace, and inside laundry.  The back apartment is a large one bedroom, one bathroom, and could easily be a 2-bedroom unit.  It has a new kitchen with granite countertops, and a large deck off the front of the unit.  Update:  these two units have just been joined together to make a vey large house.

There is additional laundry hook-ups in the garage, as well as another 1/2 bath. 

More info at 435 Laurel Ave, Brea


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Everything seemed to be going well with the short sale -  the first mortgagor had approved of the purchase price and negotiations with the second mortgagor seemed to be moving along.  Yet, somewhere in the process, the second mortgagor sold off the debt for pennies (?) on the dollar.  The new note holder had to be found and negotiated with, and they wanted more money than was previously being negotiated - a lot more.

 Throw into the mix that the second mortgage was a HELOC (Home Equity Line Of Credit).  The new owner of that note figures that if they don't get the money they require, they will hold the homeowner personally responsible for the debt. 

 The buyers of the short sale have been waiting patiently for months.  Will the sale go through?  Or,

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"In Foreclosure Process, Notice of Default, Short Sale/Subj to Lender Approval"

The part that sticks out to me is that is says "In Foreclosure Process"... Does this mean it will soon be foreclosed and be listed as an REO and no longer a short sale? And what does the "Notice of Default" mean???

When a homeowner misses a payment (or payments), the lender CAN record a Notice of Default on the property.  This would be the start of the 'in foreclosure process'.  3 months after the NOD, the lender CAN record a Notice of Trustees sale.  This lets the homeowner know that a date has been set for the home to be auctioned off on the courthouse steps.  These dates can be postponed.

So let's assume that the homeowner is in default on the loan and a Notice of Default…
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How come this website has a home listed as In Escrow, while another has it listed as Contingent, and another as Accepting Backup Offers???

Contingent, in escrow, and accepting backup offers, all really mean that the home is in escrow..

When an offer gets accepted, the agent will change the status on the MLS to 'back up'.  That lets the other agents know that an offer has been accepted, but they can still show the home to clients.  If they wanted to write an offer, it would be as a 'back up' offer in case the escrow with the first offer did not work out.

Once a buyer removes all of their contingencies,  the agent will (should) change the status on the MLS to 'pending'..

Most buyers that I know do not write backup offers,  and many agents do not show those

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Listingbook is a program that will give you access to the same database that we use in the real estate business, and you can access it 24/7 from any computer. It will provide you with up-to-the-minute data on all the properties that are on the market that matter to you.

Your account is free and loaded with powerful and helpful tools you will not find in any other service. It is extremely easy to use.

With Listingbook you can easily:

• Find any home in the Multiple Listing Service- just like I do! • Make an informed decision and find your dream home quickly. • Receive automatic notification of price reductions and new listings.

Let me know if this is something that you would be interested in.  Contact Me.
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