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:

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.