The Newport Beach real estate market has both foreclosures, and short sales. The definition of a short sale is when a bank or lien holder lender agrees to accept a discounted payoff on a loan balance as a result of either economic or a financial hardship on the part of the mortgagor. There are significantly more short sales for sale in the Newport Beach area than foreclosures.
In October, 2011, there are 9 active listings which are REO or bank owned homes. The short sale market in the Newport Beach area has many variables. There are both back up and pending status, and some of these short sales may not get approved by the lenders. If that is the case, then the property may go back to the bank. There are many factors which influence Newport Beach short sales and some of the considerations are as follows:
1. Actual hardship
2. Lien(s) on the property
3. Back HOA dues
4. Back property taxes
In Newport Beach, there are 45 active short listings, 34 in back up status, 13 pending, and there were 9 sales in October, 2011. Sales are down -1 from September, 2011
Based upon the absorption rate, the Newport Beach short sale market is a stable market.
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
Originally posted at NewportBeachRealEstateCafe.com
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