Newport Beach Short Sale Market Update | January, 2012

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 December, 2011, there are 9 active REO listings.   The short sale market in the Newport Beach area has many considerations. 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 or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.

In Newport Beach, there are currently 42 active listings, 45 in back up, 13 pending, and there have been 5 sales during the month of the January, 2012

Newport Beach Short Sale Market report

Listings are down -5 since December, 2011
Back Up is up +12 since December, 2011
Pending sales is down -1 since December, 2011
Sales are up +3 since December, 2011

There is a low absorption rate for short sales in Newport Beach. One month does not signify a trend, however the three month to one year indicates a 9 month absorption rate.

Newport Beach short sale market updpate

A Newport Beach short sale may be the right property for you. They can be great opportunities and deals. However, there can also be associated costs with purchasing a short sale that the bank will not pay for, and these are considerations when purchasing a short sale.

Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.

See all Newport Beach Short Sale Property for Sale.
(all data current as of 5/4/2015)

  1. 4 beds, 3 full baths
    Home size: 3,200 sq ft
  2. 3 beds, 1 full, 2 part baths
    Home size: 1,640 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 

Newport Beach Short Sale Market Update, October, 2011

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. In October, 2011, there are 9 active listings which are REO or bank owned homes.  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

In Newport Beach, there are 45 active short listings, 34 in back up status, 13 pending, and there were 9 sales in October, 2011.

Sales are down -1 from September, 2011

Newport Beach short sale market update

Newport Beach short sale absorption rate

Based upon the absorption rate, the Newport Beach short sale market is a stable market.

Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.

Newport Beach short sales search


See all Newport Beach Short Sale Property for Sale.
(all data current as of 5/4/2015)

  1. 4 beds, 3 full baths
    Home size: 3,200 sq ft
    Year built: 1979
    Parking spots: 4
    Days on market: 430
  2. 3 beds, 1 full, 2 part baths
    Home size: 1,640 sq ft
    Year built: 1973
    Parking spots: 4
    Days on market: 459

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Originally posted at NewportBeachRealEstateCafe.com

Are You Considering Purchasing a Short Sale in Newport Beach?

If you are you considering purchasing a home for sale in which is a Newport Beach short sale? If you are, then you will need to be prepared for some obstacles that may arise along during the course of the transaction. A short sale  is defined as the sale of real estate in which the amount of money yielded from the sale of the property is short of the balance owed on a loan secured by the property which will be sold. That means is that the lienholder(s) agree to discount the balance of the loan to sell the property or sell it short of what is owed against it. Banks will agree to this in lieu of foreclosure.

There are times when Newport Beach home buyers will think that a Newport Beach short sale will be a better “deal” than a standard or equity sale. Newport Beach Short sales can be better deals at times, however banks or the lien holders want fair market value. And they go through many steps to ensure that fair market value has been established. Banks will do what is called BPO – Broker Price Opinions, and obtain independent appraisals to establish value. The lien holder may decide to foreclose on the property because it is in their financial best interest.

A Residential Purchase Agreement is submitted along with a Short Sale Addendum. Typically, the listing agent will only submit one offer to the bank, but will often times take back up offers. So, if you are first in line, your offer may be what is submitted to the bank. The back ups are kept in the event the first buyer does not perform.

Once (and if) the lender or lien holder approves the short sale (there can be multiple lien holders), there is a typically specific time frame that the due diligence be completed. What that means is that your loan will have to be approved, home inspection completed, termite inspection and repairs completed within a specific time frame. And the bank may not pay for additional items – such as home repairs. Short Sale purchases are typically as is.

If I can answer any questions about short sales in Newport Beach, please contact me.

Search the MLS for homes for sale in Newport Beach, and short sales in Newport Beach.

See all Newport Beach Short Sale Property for Sale.
(all data current as of 5/4/2015)

  1. 4 beds, 3 full baths
    Home size: 3,200 sq ft
    Year built: 1979
    Parking spots: 4
    Days on market: 430
  2. 3 beds, 1 full, 2 part baths
    Home size: 1,640 sq ft
    Year built: 1973
    Parking spots: 4
    Days on market: 459

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Newport Beach Short Sale Market Update – August, 2011

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 5/4/2015)

  1. 4 beds, 3 full baths
    Home size: 3,200 sq ft
    Year built: 1979
    Parking spots: 4
    Days on market: 430
  2. 3 beds, 1 full, 2 part baths
    Home size: 1,640 sq ft
    Year built: 1973
    Parking spots: 4
    Days on market: 459

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Can I Short Sale My Newport Beach Home if I Have Two Loans?

Yes, homeowners with two loans can apply to short sale their Wellington FL home.  However it is important to keep in mind not all short sale sellers will qualify to short sale their home, regardless of the number of lienholders.

There are many variables when it comes to short sales and it is important for sellers to hire an experienced short sale listing agent to guide them through the process.  A knowledgeable short sale listing agent can make the difference between receiving short sale approval or denial.

Wellington FL Short Sale LienholdersBesides the cut and dry outcome of being “approved” or “denied” a  short sale seller also might receive short sale approval with contingencies, such as agreeing to bring money to the closing table.

Last year one of my buyer clients was interested in viewing a short sale, so I contacted the short sale listing agent to find out where they were at in the short sale process.

Turns out this short sale had been on the market for well over a year and had several contracts, but every time they reached the second lender the deal would fall apart because the lender and short sale seller couldn’t agree on terms.

After explaining the situation to my client he decided to take a look at the property and within 48 hours we had an executed contract.  The first lender approved the short sale within 90 days, but the second short sale lender was another story, they still wouldn’t budge.  However this time around the listing agent was able to negotiate terms the second lender and short sale seller could agree upon and we closed.

If you are a Wellington homeowner considering selling your home via short sale contact us today!

Originally posted at http://wellingtonfloridashortsale.com