The Newport Beach real estate market has both foreclosures, and short sales for sale . 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 more short sales for sale in the Newport Beach area than foreclosures. In November, there is one active REO listing in Newport Beach. That is down from November, when there five listings. The short sale market in the Newport Beach area has many consideration. 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.
The bank also wants fair market value for the property and will go great lengths in order to obtain information. A bank may request more than one BPO (broker price opinion) and obtain independent appraisals.
In Newport Beach, there are currently 47 active listings, 33 in back up, 14 pending, and there have been two sales during the month of the December, 2011.
The absorption rate is for one month is generally not a trend, as it shows a fairly high absorption rate.
In general, the inventory of short sales is up from prior month, and for the year there were 124 short sales sold in comparison to 2010 when 100. In my opinion, the absorption rate will remain a stable to a buyer’s market. Buyers in general perceive short sales as the best “deals” out there. However, as I stated above, banks want fair market value for the property.
If I can answer any questions about short sales in Newport Beach, please contact me.
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