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It's Not a Costa Mesa Short Sale. Is that Better or Worse for a Buyer?
It's Not a Costa Mesa Short Sale. Is that Better or Worse for a Buyer?
 
Okay, it's not a Costa Mesa short sale, why should a buyer care?  Does it matter if you're buying a home whether or not it's a short sale?  What difference does it all make any way?
 
If you're buying a Costa Mesa home, you may have heard that many of them are short sales, and you may be uncertain of what that means to you.
 
A short sale occurs when a seller owes more on his home than it's worth, and the bank agrees to accept an amount less than is owed upon sale of the home.    For more information about short sales, please see
 
So, what does this mean to you as the buyer? 
 
The Short of It:
PROS Frequently less expensive than a "standard" sale Typically better maintained than an REO/foreclosure Sellers are typically more familiar with the home and provide disclosures CONS: Long wait time for bank's decision on short sale. Unlikely that repairs will be made Uncertainty of whether or not offer will be accepted or countered or denied after waiting months. The Long of It:
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