Who Cares About Orange County Short Sales?

Orange County real estate is unfortunately a hot house for distressed properties at the moment.  In our Costa Mesa real estate office about 50% of our current dealings are either an REO or a short sale.  Dealing with these types of properties tends to scare buyers and sellers alike because people associate them with lengthy transaction times, shady lenders, etc.It's important to remember a few things.  First of all, anyone facing foreclosure is going through a difficult time and they need support.  If a homeowner is able to qualify for a short sale, that's a lot more desirable than losing the home to the bank. (Find out why here) As for the buyer, yes it may take longer to deal with the process however with the new HAFA program we should see a reduction in time because the government is stepping up to provide more regulation and incentives.  Another thing to note is that foreclosures in the neighborhood can bring the value of neighboring homes down.  Here in Costa Mesa and Mesa Verde the community pays close attention to home prices and obviously everyone wants home values to stay strong.Finally, the lender cares.  Foreclosures or REO's usually cost them more money and lenders are not in business to lose money.So why do we care?  Orange County is our home too.  We've been servicing Costa Mesa since 1984 and have a firm connection to the Mesa Verde neighborhood.  It's just important tous to support our local friends, neighbors, and community.