Four-in-one short sale

There's an interesting potential feat going on in the Cantora neighborhood of Aliso Viejo - four short sale properties are currently in the "accepting backup offers" stage...

31 Mayfair has 3 beds, 2 baths and about 1,600 sq ft. The last asking price of $399,000 was nearly $200,000 below the bubble price of $595,000.

107 Mayfair has 2 beds and about 1,100 square feet. The previous sales price in 2005 was $517,500! Prevous asking price: $325,000, which was below the 2003 price. Potential depreciation of 37%, assuming property sells for full asking price.

136 Mayfair (pictured at the top of the post) has 3 beds, 2 baths and is 1,729 sq ft. Last asking price of $399,000 means the potential buyer is getting an end unit with more square footage than 31 Mayfair for the same price. Bubble previous sales price was $645,000.

53 Meadowbrook has 3 beds and around 1,550 square feet. It sold for $499,000, but the last asking price this time around was $397,000.

All told, the lenders behind these possible short sales need to decide whether $600,000 will be lost by letting the houses sell for less than the previous sales prices. And, that doesn't include any borrowing above and beyond the original mortgages. As we know, that did happen plenty in South OC.