What is a short sale?
This is a term that is gaining familiarity among those shopping for a home. Basically a short sale, a.k.a. short pay is a term that is used to describe real estate for sale where the seller is listing it and attempting to sell for less than is owed on the mortgage or mortgages. This does require approval from the lender. Some reasons real estate is listed as a short sale are relocation, divorce, job loss, medical problems, and the most common reason today is the mortgage has adjusted up and they can't afford the payments anymore.
Patience is required when placing an offer on a home that is a short sale. Since it needs bank approval, it will take at least two months. Now, the current owner needs to be able to prove hardship and explain why they can't afford the payments and there is no way they can make up the back payments. There are some short sale listings where there is an approval already and that process will proceed as a normal transaction for the most part.
I do offer free non-obligatory counseling for real estate owners who might be facing these situations.
There are currently (at the time of writing) 92 houses and condos identified as a short sale in Costa Mesa. Please feel free to contact me if you would like a list of these either emailed or sent to you via US Mail.
Michael Bates is a Realtor/Team Leader for Bates Realty Group with First Team Real Estate. Michael is a certified HOT BUYS and Pre-foreclosure specialist. He and his family were raised and currently reside in Costa Mesa. If you like further information or would like to work with Michael please contact him through his website www.CostaMesaHouseSales.com of by phone at 714-481-6034.
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