It's Not a Costa Mesa Short Sale. Is that Better or Worse for a Buyer?

By
Real Estate Agent with Donovan Blatt Realty 01267479

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:

If you decide to purchase a short sale, you can expect to have a delay before the sale actually occurs. Typically it takes the bank between 1 to 6 months to make a decision on a short sale, with the average being about 90 days.

If you need to move into a home in a specific timeframe, ie. if you have a lease expiring or are selling your home own home, then a short sale may not be the right choice for you.

However, if you have the time to wait and have found the right home with a listing agent who understands how to properly do short sales, you may have found the best of all worlds - a great home at a great price available for those who have the patience to wait.

So it a short sale better or worse? It really depends upon your needs and your perspectives.

If you would like to know if a short sale is right for you, please give me a call at 714-319-9751 to discuss it.

If you're wondering what's for sale in Costa Mesa, please see the list below the video.

 

Originally posted at Costa Mesa Short Sales.

 

 

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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.

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

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Topic:
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California Orange County Costa Mesa
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Short Sales Specialists
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Buyer Information - What Buyers Need to Know in Today's Market
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Ambassador
4,105,281
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Christine - you've laid out the pros and cons of short sales pretty clearly, and simply. They are not right for everyone but there can be some great opportunities out there.

Jeff

Jan 25, 2011 03:31 PM #1
Rainmaker
415,162
Tni LeBlanc, Realtor®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

Christine, You've explained the the upside and downside of short sales for buyers.  Very even handed blog post.  It's true short sales can be bargains but you have to be prepared to wait!  Tni

Jan 25, 2011 04:31 PM #2
Rainmaker
525,764
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Christine,

Excellent summary of the pros and cons of buying a short sale. If the buyer can wait, there are opportunities out there. Sellers and buyers of short sales need a Realtor who specializes in short sales to help them navigate the process.

Jan 25, 2011 10:31 PM #3
Rainer
137,004
Brent & Deb Wells
LivingWell Properties - Prosper, TX
Prosper TX

Christine,

Very nicely done. Its not an easy thing to handle a short sale correctly, hopefully a few more people now understand whats involved.

-Brent

Jan 26, 2011 05:39 AM #4
Ambassador
2,010,472
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Jeff - Whether or not a buyer should consider a short sale has a lot to do with their own situation.  Also, they need to increase the possibility of success by choosing the right short sale.

Tni -  Thank you. I think there are a lot of pluses and minuses for buyers who are considering jumping in to the short sale arena, and I've seen both good and bad.

Dave - Thanks.  It definitely helps to have someone who understands short sales to walk you through the process.

Brent - I hope so.

Feb 12, 2011 08:20 AM #5
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Broker/Attorney 714-319-9751 DRE01267479 - Costa M
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