3 OC Houses You Can’t Buy
You Know There’s No Inventory. How About 3 Orange County Houses You Can’t Buy?
If you’re following the Orange County Real Estate Market at all right now, you know the biggest news is that there’s no inventory. There are record low numbers of homes listed for sale in most every Southern California neighborhood – like Mission Viejo, Rancho Santa Margarita, Coto de Caza and Laguna Niguel. And to make matters even worse, some of the homes on the market you can’t buy. Not if you’re a typical Orange County buyer who needs help with a mortgage and you’re buying the home to actually live in it. Here are three examples of homes in Orange County you can’t buy.
- Great home, great neighborhood, great schools close enough to walk to, decent condition, doesn’t back up to a busy street. What’s not to love? Well, the price is a little high – but that’s no big deal, just offer them what it’s really worth today. What’s the catch then? It’s occupied by a tenant. Who has a lease and intends to live in the house until the lease expires at the end of June, 2013. So here you are in January, looking for a house to move your family into. But if you pick this house, you have to buy it and then honor the lease with the current occupants. You can’t even move in until August – which is eight (8) months away. How may typical Orange County buyers can make that work? Only a handful, I guarantee you. Just one of the homes you can’t buy if you are a normal, everyday buyer looking for a place to call home.
- Great curb appeal, nice yard with manicured trees and lots of brick work. But the former owners left behind a couple of incomplete projects. Like the master bathroom. The stairs. Parts of the kitchen. The Harry Potter room under the stairs. Most of the flooring. And some of the exterior walls are missing, leaving the framing and insulation exposed. And if all of that isn’t enough, it is priced way too high, it backs to a busy street, the Assessors records show only 2/3 of the square footage, and it’s an REO. You’ve scraped together everything you have just to pay the down payment and the closing costs. Most OC buyers today can’t come up with another $50,000 to get the home ready to live in. Another home you can’t buy.
- Another great home. Just needs a fresh coat of paint and new carpet and you can move right in. Why can’t you buy this one? Well, it’s a Short Sale and the seller has not submitted all of their personal financial paperwork required by their lender to be approved for a Short Sale. So no matter how good your offer is, how well qualified you are, and how many paint brushes you already have, you can’t buy this house.
So there you have it. Not only are there not enough homes for the number of people ready to buy, even some of those aren’t available to average folks like you and me, making it even more difficult to buy a home in Orange County today. Big note to anyone thinking of selling right now – don’t wait! My lovely buyers and I beg you. If you do it right, you’ll get multiple offers the first day. Who knows how long this will last?
I’m Leslie Eskildsen. Just keeping it real in Orange County Real Estate. 949-678-3373. You can do this.