I constantly get asked about short sales and foreclosures. Many folks don't understand a short sale. A short sale is when a homeowner owes more on their property than it is worth and the bank has to approve taking a loss. As a seller you also have to meet certain criteria. You have to let your house payments go, you have to show that you have no other money in bank accounts or other investments, and you have to prove that there is a hardship.
First you need to hire a Realtor, which cost you nothing, but they do need to market your home, get an offer and then submit to your bank the offer and the short sale packet you have filled out to show the hardship. It could take week's maybe months to get a reply. If they approve it and your buyer is still around you're in luck! It still means waiting for them to close the file, so it can take some more time. It will hurt your credit so please talk to your accountant before starting the procedure.
It seems to me that lately there haven't been many short sales so I decided to do a little research. I was right, check this out!
In Costa Mesa there are 151 active listings only 45 are short sales
In Newport Coast there are 151 active listings only 12 are short sales
In Corona Del Mar there are 190 active listings only 6 are short sales
In Newport Beach there are 578 active listings and only 47 are short sales.
If you are a buyer this is a great time for you to buy. You don't need to go after a short sale or foreclosure to get a great price these days. Most sellers are aware of the real estate situation and home prices are as low as 2002 and 2003.
Speak to an experienced, full time Realtor and they will be able to find you a good buy!
For more information on Newport Beach, Corona Del Mar, Newport Coast, or Costa Mesa real estate information, feel free to contact me.
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