The Newport Beach real estate market has both foreclosures, and short sales. The definition of a short sale is when a bank or lien holder lender agrees to accept a discounted payoff on a loan balance as a result of either economic or a financial hardship on the part of the mortgagor.
There are significantly more short sales for sale in the Newport Beach area than foreclosures. Currently in Newport Beach there are 15 foreclosures on the market. The short sale market in the Newport Beach area has many variables. There are both back up and pending status, and some of these short sales may not get approved by the lenders. If that is the case, then the property may go back to the bank.
There are many factors which influence Newport Beach short sales and some of the considerations are as follows:
1. Actual hardship
2. Lien(s) on the property
3. Back HOA dues
4. Back property taxes
A Realtor will negotiate in your behalf and will prepare the short sale packet which is submitted to all of the lenders. Communication is important so that the Realtor will stay in contact with the lender(s), and HOA company (if applicable).
Currently, in the Newport Beach area, there are 41 active listings, 32 property in back up status, 19 in pending status, and there were 8 sales during the month of August, 2011. This number is up from the same time period last year as there were two sales in August, 2010, and there are a total of 8 Newport Beach short sales for the month of August, 2011.
These Newport Beach short sale properties for sale may all be in different phases of the short sale process. Some may just be receiving offers, and beginning the short sale process, and others may have approval from the lien holders.
If you are interested in searching for a Newport Beach short sale, then please contact me.
Search the MLS for Newport Beach short sales.
See all Newport Beach Short Sale Property for Sale.
(all data current as of 8/29/2014)
$299,000 : 102 Scholz Plaza, Unit 41, Newport Beach1 bed, 1 full bath
$2,199,000 : 21 La Rochelle, Unit 74, Newport Beach4 beds, 3 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.