What is a Short Sale? - Costa Mesa Short Sale FAQs

 

Five years ago, the term short sale was unknown to most homeowners and even to many real estate agents that is because homes had been appreciating rather than depreciating for a decade or more and even back in the 1990's, the decreases weren't as drastic nor as long lasting.

 

Enough history, the question is what is a short sale?

 

A short sale occurs when a homeowner needs to sell their home, and they owe more on their Costa Mesa home than it is worth.

 

For instance, your Costa Mesa home might have been worth $650,000 in 2007. Today, it might be worth $425,000. If you had purchased the home with 100% financing, you might be almost $225,000 upside down in your home.

 

After you sell your home you will be "short" more than $225,000 (after closing costs) to pay the bank back the money loaned on your Costa Mesa home. This is where the term short sale comes from.

 

A few years ago, some people mistakenly thought that the term short sale meant that it should take a short time to sell the home, but many have been disabused of that notion.

 

So, basically a short sale simply means that due to a decline in real estate values, the value of your Costa Mesa home has fallen below the balance you owe to the bank plus the costs of selling your home such as commissions, title, escrow, etc., and you are requesting that the bank accept less than the full balance of the loan upon the sale of your Costa Mesa house.

 

If you are behind on your mortgage payments or believe that you soon will be, or you are concerned about losing your Costa Mesa home to foreclosure and would like to know your options, please contact Christine Donovan at 714-319-9751 for a free consultation.

 

 

 

More Costa Mesa Short Sale FAQs:

What is a Short Sale?

What are My Alternatives to a Short Sale?

Do I Qualify for a Short Sale?

Will BofA Give Me $30,000 to Short Sale My House?

How Much Will it Cost Me to Short Sale My Costa Mesa Home?

Short Sale Vs. Foreclosure

Can I Short Sale My Home if I'm in Bankruptcy?

Can I Do a Costa Mesa Short Sale if My House is Rented?

Where Will I Go After I Do a Costa Mesa Short Sale?

Will I Be Able to Buy Again after I Do a Costa Mesa Short Sale?

 

 

Originally posted at: What is a Short Sale?.

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Federal Government Disclaimer (MARS) 

  1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.  
  2. Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and 
  3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Click Orange County homes for sale to view all OC homes for sale.

 
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Christine Donovan Costa Mesa CA Homes Broker/Attorney 800-610-7253 DRE01267479

Costa Mesa, CA

More about me…

Donovan Blatt Realty

Address: 250 E. 17th St., Ste. 295, Costa Mesa, CA, 92627

Office Phone: (800) 610-7253

Cell Phone: (714) 319-9751

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Author Bio: Christine Donovan is a real estate broker and attorney. She is a lifetime local resident of Orange County, and the head of the DonovanBlatt Team which specializes in real estate sales and purchases in the Orange County area with a focus on Costa Mesa, Newport Beach and Huntington Beach.

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