Newport Beach Real Estate Cafe » Short Sales http://newportbeachrealestatecafe.com Info about community activities, local businesses, and life in Newport Beach and surrounding area Wed, 23 May 2012 05:28:06 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Newport Beach Short Sale Market Update | January, 2012 http://newportbeachrealestatecafe.com/2012/02/28/newport-beach-short-sale-market-update-january-2012/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2012/02/28/newport-beach-short-sale-market-update-january-2012/#comments Wed, 29 Feb 2012 07:14:45 +0000 Sharon Paxson http://newportbeachrealestatecafe.com/?p=9739

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.

Showing properties 1 - 50 of 73. See more Newport Beach Short Sales.
(all data current as of 5/23/2012)

  1. 2 beds, 2 full baths
    Home size: 980 sq ft
    Lot size: 110 sqft
  2. 2 beds, 2 full baths
    Home size: 1,331 sq ft
  3. 3 beds, 3 full, 1 part baths
    Home size: 2,850 sq ft
    Lot size: 3,500 sqft
  4. 3 beds, 1 full bath
    Home size: 1,516 sq ft
    Lot size: 8,801 sqft
  5. 3 beds, 2 full, 1 part baths
    Home size: 1,889 sq ft
  6. 2 beds, 2 full, 1 part baths
    Home size: 1,800 sq ft
  7. 4 beds, 4 full baths
    Home size: 3,150 sq ft
    Lot size: 7,200 sqft
  8. 5 beds, 3 full, 4 part baths
    Home size: 5,230 sq ft
    Lot size: 17,550 sqft
  9. 3 beds, 2 full, 1 part baths
    Home size: 2,035 sq ft
    Lot size: 2,296 sqft
  10. 2 beds, 2 full baths
    Home size: 2,400 sq ft
  11. 3 beds, 3 full baths
    Home size: 1,853 sq ft
    Lot size: 1,459 sqft
  12. 3 beds, 2 full baths
    Home size: 1,502 sq ft
    Lot size: 2,380 sqft
  13. 5 beds, 7 full baths
    Home size: 3,650 sq ft
    Lot size: 2,800 sqft
  14. 5 beds, 5 full, 2 part baths
    Home size: 7,302 sq ft
    Lot size: 10,502 sqft
  15. 3 beds, 3 full, 1 part baths
    Home size: 1,700 sq ft
  16. 2 beds, 1 full, 1 part baths
    Home size: 975 sq ft
  17. 3 beds, 2 full baths
    Home size: 1,250 sq ft
    Lot size: 1,670 sqft
  18. 3 beds, 2 full baths
    Home size: 1,466 sq ft
    Lot size: 7,700 sqft
  19. 3 beds, 2 full baths
    Home size: 2,302 sq ft
    Lot size: 3,082 sqft
  20. 1 bed, 1 full bath
    Home size: 1,000 sq ft
    Lot size: 9,997 sqft
  21. 3 beds, 2 full baths
    Home size: 2,000 sq ft
    Lot size: 5,915 sqft
  22. 4 beds, 2 full, 1 part baths
    Lot size: 2,145 sqft
  23. 2 beds, 1 full bath
    Home size: 528 sq ft
    Lot size: 2,714 sqft
  24. 4 beds, 4 full, 1 part baths
    Home size: 2,702 sq ft
    Lot size: 3,168 sqft
  25. 3 beds, 2 full baths
    Home size: 909 sq ft
  26. 1 bed, 1 full bath
    Home size: 763 sq ft
  27. 2 beds, 2 full baths
    Home size: 1,255 sq ft
  28. 7 beds, 2 full, 1 part baths
    Home size: 10,000 sq ft
    Lot size: 2.00 ac
  29. 3 beds, 2 full, 1 part baths
    Home size: 2,800 sq ft
    Lot size: 5,000 sqft
  30. 2 beds, 1 full, 2 part baths
    Home size: 1,428 sq ft
    Lot size: 2,477 sqft
  31. 3 beds, 2 full, 1 part baths
    Home size: 1,837 sq ft
  32. 3 beds, 1 full, 2 part baths
    Home size: 1,127 sq ft
  33. 1 bed, 1 full bath
    Home size: 792 sq ft
  34. 5 beds, 3 full, 1 part baths
    Home size: 3,563 sq ft
    Lot size: 12,322 sqft
  35. 3 beds, 2 full, 1 part baths
    Home size: 1,640 sq ft
  36. 2 beds, 2 full baths
    Home size: 1,001 sq ft
  37. 5 beds, 4 full, 1 part baths
    Home size: 4,000 sq ft
    Lot size: 5,952 sqft
  38. 2 beds, 2 full, 1 part baths
    Home size: 1,572 sq ft
  39. 2 beds, 2 full, 1 part baths
    Home size: 1,362 sq ft
  40. 3 beds, 1 full, 2 part baths
    Home size: 2,202 sq ft
    Lot size: 1,962 sqft
  41. 2 beds, 2 full baths
    Home size: 1,440 sq ft
  42. 6 beds, 4 full baths
    Lot size: 5,250 sqft
  43. 3 beds, 2 full baths
    Home size: 1,696 sq ft
    Lot size: 2,305 sqft
  44. 3 beds, 2 full, 1 part baths
  45. 4 beds, 2 full, 1 part baths
    Home size: 1,776 sq ft
  46. 3 beds, 2 full, 1 part baths
    Home size: 1,750 sq ft
  47. 3 beds, 2 full, 1 part baths
    Home size: 2,460 sq ft
    Lot size: 4,481 sqft
  48. 3 beds, 2 full, 1 part baths
    Home size: 1,819 sq ft
  49. 4 beds, 1 full bath
    Home size: 1,834 sq ft
    Lot size: 1,150 sqft
  50. 3 beds, 1 full, 2 part baths
    Home size: 1,157 sq ft

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

 

Sharon Paxson

I write about my passion of living the SoCal lifestyle in beautiful Newport Beach. I like to write about the local events, beaches, restaurants, and real estate updates in the area. Call or text me - 949.280.0681

More Posts - Website - Twitter - Facebook - Google Plus

]]> http://newportbeachrealestatecafe.com/2012/02/28/newport-beach-short-sale-market-update-january-2012/feed/ 0 Newport Beach Short Sale Market Update, October, 2011 http://newportbeachrealestatecafe.com/2011/11/26/newport-beach-short-sale-market-update/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2011/11/26/newport-beach-short-sale-market-update/#comments Sat, 26 Nov 2011 21:34:18 +0000 Sharon Paxson http://newportbeachrealestatecafe.com/?p=8365

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


Showing properties 1 - 50 of 73. See more Newport Beach Short Sales.
(all data current as of 5/23/2012)

  1. 2 beds, 2 full baths
    Home size: 980 sq ft
    Lot size: 110 sqft
    Year built: 1971
    Days on market: 9
  2. 2 beds, 2 full baths
    Home size: 1,331 sq ft
    Year built: 1986
    Parking spots: 4
    Days on market: 10
  3. 3 beds, 3 full, 1 part baths
    Home size: 2,850 sq ft
    Lot size: 3,500 sqft
    Year built: 2005
    Parking spots: 7
    Days on market: 16
  4. 3 beds, 1 full bath
    Home size: 1,516 sq ft
    Lot size: 8,801 sqft
    Year built: 1953
    Parking spots: 4
    Days on market: 16
  5. 3 beds, 2 full, 1 part baths
    Home size: 1,889 sq ft
    Year built: 1977
    Parking spots: 2
    Days on market: 20
  6. 2 beds, 2 full, 1 part baths
    Home size: 1,800 sq ft
    Year built: 1978
    Parking spots: 4
    Days on market: 20
  7. 4 beds, 4 full baths
    Home size: 3,150 sq ft
    Lot size: 7,200 sqft
    Year built: 1999
    Parking spots: 6
    Days on market: 21
  8. 5 beds, 3 full, 4 part baths
    Home size: 5,230 sq ft
    Lot size: 17,550 sqft
    Year built: 2008
    Parking spots: 6
    Days on market: 30
  9. 3 beds, 2 full, 1 part baths
    Home size: 2,035 sq ft
    Lot size: 2,296 sqft
    Year built: 1980
    Parking spots: 4
    Days on market: 34
  10. 2 beds, 2 full baths
    Home size: 2,400 sq ft
    Year built: 1970
    Parking spots: 4
    Days on market: 36
  11. 3 beds, 3 full baths
    Home size: 1,853 sq ft
    Lot size: 1,459 sqft
    Year built: 1968
    Parking spots: 4
    Days on market: 37
  12. 3 beds, 2 full baths
    Home size: 1,502 sq ft
    Lot size: 2,380 sqft
    Year built: 1910
    Days on market: 38
  13. 5 beds, 7 full baths
    Home size: 3,650 sq ft
    Lot size: 2,800 sqft
    Year built: 2008
    Parking spots: 4
    Days on market: 55
  14. 5 beds, 5 full, 2 part baths
    Home size: 7,302 sq ft
    Lot size: 10,502 sqft
    Year built: 1981
    Parking spots: 10
    Days on market: 57
  15. 3 beds, 3 full, 1 part baths
    Home size: 1,700 sq ft
    Year built: 2007
    Parking spots: 4
    Days on market: 58
  16. 2 beds, 1 full, 1 part baths
    Home size: 975 sq ft
    Year built: 1986
    Parking spots: 2
    Days on market: 58
  17. 3 beds, 2 full baths
    Home size: 1,250 sq ft
    Lot size: 1,670 sqft
    Year built: 1966
    Parking spots: 4
    Days on market: 59
  18. 3 beds, 2 full baths
    Home size: 1,466 sq ft
    Lot size: 7,700 sqft
    Year built: 1975
    Parking spots: 4
    Days on market: 59
  19. 3 beds, 2 full baths
    Home size: 2,302 sq ft
    Lot size: 3,082 sqft
    Year built: 1955
    Parking spots: 4
    Days on market: 62
  20. 1 bed, 1 full bath
    Home size: 1,000 sq ft
    Lot size: 9,997 sqft
    Year built: 1963
    Parking spots: 3
    Days on market: 64
  21. 3 beds, 2 full baths
    Home size: 2,000 sq ft
    Lot size: 5,915 sqft
    Year built: 1968
    Parking spots: 4
    Days on market: 66
  22. 4 beds, 2 full, 1 part baths
    Lot size: 2,145 sqft
    Year built: 1993
    Parking spots: 4
    Days on market: 66
  23. 2 beds, 1 full bath
    Home size: 528 sq ft
    Lot size: 2,714 sqft
    Year built: 1941
    Parking spots: 5
    Days on market: 69
  24. 4 beds, 4 full, 1 part baths
    Home size: 2,702 sq ft
    Lot size: 3,168 sqft
    Year built: 2007
    Parking spots: 4
    Days on market: 78
  25. 3 beds, 2 full baths
    Home size: 909 sq ft
    Year built: 1983
    Parking spots: 4
    Days on market: 78
  26. 1 bed, 1 full bath
    Home size: 763 sq ft
    Year built: 1964
    Parking spots: 2
    Days on market: 87
  27. 2 beds, 2 full baths
    Home size: 1,255 sq ft
    Year built: 1991
    Parking spots: 2
    Days on market: 91
  28. 7 beds, 2 full, 1 part baths
    Home size: 10,000 sq ft
    Lot size: 2.00 ac
    Year built: 1957
    Parking spots: 4
    Days on market: 91
  29. 3 beds, 2 full, 1 part baths
    Home size: 2,800 sq ft
    Lot size: 5,000 sqft
    Year built: 1999
    Parking spots: 4
    Days on market: 92
  30. 2 beds, 1 full, 2 part baths
    Home size: 1,428 sq ft
    Lot size: 2,477 sqft
    Year built: 1957
    Parking spots: 4
    Days on market: 93
  31. 3 beds, 2 full, 1 part baths
    Home size: 1,837 sq ft
    Year built: 1977
    Parking spots: 4
    Days on market: 100
  32. 3 beds, 1 full, 2 part baths
    Home size: 1,127 sq ft
    Year built: 1975
    Parking spots: 3
    Days on market: 100
  33. 1 bed, 1 full bath
    Home size: 792 sq ft
    Year built: 1990
    Parking spots: 2
    Days on market: 102
  34. 5 beds, 3 full, 1 part baths
    Home size: 3,563 sq ft
    Lot size: 12,322 sqft
    Year built: 1960
    Parking spots: 4
    Days on market: 103
  35. 3 beds, 2 full, 1 part baths
    Home size: 1,640 sq ft
    Year built: 1978
    Parking spots: 4
    Days on market: 104
  36. 2 beds, 2 full baths
    Home size: 1,001 sq ft
    Year built: 1990
    Parking spots: 1
    Days on market: 105
  37. 5 beds, 4 full, 1 part baths
    Home size: 4,000 sq ft
    Lot size: 5,952 sqft
    Year built: 1971
    Parking spots: 4
    Days on market: 106
  38. 2 beds, 2 full, 1 part baths
    Home size: 1,572 sq ft
    Year built: 1976
    Parking spots: 6
    Days on market: 107
  39. 2 beds, 2 full, 1 part baths
    Home size: 1,362 sq ft
    Year built: 1980
    Parking spots: 2
    Days on market: 119
  40. 3 beds, 1 full, 2 part baths
    Home size: 2,202 sq ft
    Lot size: 1,962 sqft
    Year built: 1964
    Parking spots: 4
    Days on market: 123
  41. 2 beds, 2 full baths
    Home size: 1,440 sq ft
    Year built: 1965
    Parking spots: 4
    Days on market: 125
  42. 6 beds, 4 full baths
    Lot size: 5,250 sqft
    Year built: 1953
    Parking spots: 4
    Days on market: 128
  43. 3 beds, 2 full baths
    Home size: 1,696 sq ft
    Lot size: 2,305 sqft
    Year built: 1968
    Parking spots: 4
    Days on market: 133
  44. 3 beds, 2 full, 1 part baths
    Year built: 1968
    Parking spots: 4
    Days on market: 135
  45. 4 beds, 2 full, 1 part baths
    Home size: 1,776 sq ft
    Year built: 1973
    Parking spots: 8
    Days on market: 135
  46. 3 beds, 2 full, 1 part baths
    Home size: 1,750 sq ft
    Year built: 1989
    Parking spots: 4
    Days on market: 137
  47. 3 beds, 2 full, 1 part baths
    Home size: 2,460 sq ft
    Lot size: 4,481 sqft
    Year built: 1997
    Parking spots: 4
    Days on market: 141
  48. 3 beds, 2 full, 1 part baths
    Home size: 1,819 sq ft
    Year built: 1977
    Parking spots: 2
    Days on market: 148
  49. 4 beds, 1 full bath
    Home size: 1,834 sq ft
    Lot size: 1,150 sqft
    Year built: 1938
    Parking spots: 2
    Days on market: 149
  50. 3 beds, 1 full, 2 part baths
    Home size: 1,157 sq ft
    Year built: 1977
    Parking spots: 3
    Days on market: 151

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

Originally posted at NewportBeachRealEstateCafe.com

Sharon Paxson

I write about my passion of living the SoCal lifestyle in beautiful Newport Beach. I like to write about the local events, beaches, restaurants, and real estate updates in the area. Call or text me - 949.280.0681

More Posts - Website - Twitter - Facebook - Google Plus

]]> http://newportbeachrealestatecafe.com/2011/11/26/newport-beach-short-sale-market-update/feed/ 0 Are You Considering Purchasing a Short Sale in Newport Beach? http://newportbeachrealestatecafe.com/2011/10/07/short-sale-in-newport-beach-newport-beach-real-estate/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2011/10/07/short-sale-in-newport-beach-newport-beach-real-estate/#comments Fri, 07 Oct 2011 14:58:35 +0000 Sharon Paxson http://newportbeachrealestatecafe.com/?p=6993

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.

Showing properties 1 - 50 of 73. See more Newport Beach Short Sales.
(all data current as of 5/23/2012)

  1. 2 beds, 2 full baths
    Home size: 980 sq ft
    Lot size: 110 sqft
    Year built: 1971
    Days on market: 9
  2. 2 beds, 2 full baths
    Home size: 1,331 sq ft
    Year built: 1986
    Parking spots: 4
    Days on market: 10
  3. 3 beds, 3 full, 1 part baths
    Home size: 2,850 sq ft
    Lot size: 3,500 sqft
    Year built: 2005
    Parking spots: 7
    Days on market: 16
  4. 3 beds, 1 full bath
    Home size: 1,516 sq ft
    Lot size: 8,801 sqft
    Year built: 1953
    Parking spots: 4
    Days on market: 16
  5. 3 beds, 2 full, 1 part baths
    Home size: 1,889 sq ft
    Year built: 1977
    Parking spots: 2
    Days on market: 20
  6. 2 beds, 2 full, 1 part baths
    Home size: 1,800 sq ft
    Year built: 1978
    Parking spots: 4
    Days on market: 20
  7. 4 beds, 4 full baths
    Home size: 3,150 sq ft
    Lot size: 7,200 sqft
    Year built: 1999
    Parking spots: 6
    Days on market: 21
  8. 5 beds, 3 full, 4 part baths
    Home size: 5,230 sq ft
    Lot size: 17,550 sqft
    Year built: 2008
    Parking spots: 6
    Days on market: 30
  9. 3 beds, 2 full, 1 part baths
    Home size: 2,035 sq ft
    Lot size: 2,296 sqft
    Year built: 1980
    Parking spots: 4
    Days on market: 34
  10. 2 beds, 2 full baths
    Home size: 2,400 sq ft
    Year built: 1970
    Parking spots: 4
    Days on market: 36
  11. 3 beds, 3 full baths
    Home size: 1,853 sq ft
    Lot size: 1,459 sqft
    Year built: 1968
    Parking spots: 4
    Days on market: 37
  12. 3 beds, 2 full baths
    Home size: 1,502 sq ft
    Lot size: 2,380 sqft
    Year built: 1910
    Days on market: 38
  13. 5 beds, 7 full baths
    Home size: 3,650 sq ft
    Lot size: 2,800 sqft
    Year built: 2008
    Parking spots: 4
    Days on market: 55
  14. 5 beds, 5 full, 2 part baths
    Home size: 7,302 sq ft
    Lot size: 10,502 sqft
    Year built: 1981
    Parking spots: 10
    Days on market: 57
  15. 3 beds, 3 full, 1 part baths
    Home size: 1,700 sq ft
    Year built: 2007
    Parking spots: 4
    Days on market: 58
  16. 2 beds, 1 full, 1 part baths
    Home size: 975 sq ft
    Year built: 1986
    Parking spots: 2
    Days on market: 58
  17. 3 beds, 2 full baths
    Home size: 1,250 sq ft
    Lot size: 1,670 sqft
    Year built: 1966
    Parking spots: 4
    Days on market: 59
  18. 3 beds, 2 full baths
    Home size: 1,466 sq ft
    Lot size: 7,700 sqft
    Year built: 1975
    Parking spots: 4
    Days on market: 59
  19. 3 beds, 2 full baths
    Home size: 2,302 sq ft
    Lot size: 3,082 sqft
    Year built: 1955
    Parking spots: 4
    Days on market: 62
  20. 1 bed, 1 full bath
    Home size: 1,000 sq ft
    Lot size: 9,997 sqft
    Year built: 1963
    Parking spots: 3
    Days on market: 64
  21. 3 beds, 2 full baths
    Home size: 2,000 sq ft
    Lot size: 5,915 sqft
    Year built: 1968
    Parking spots: 4
    Days on market: 66
  22. 4 beds, 2 full, 1 part baths
    Lot size: 2,145 sqft
    Year built: 1993
    Parking spots: 4
    Days on market: 66
  23. 2 beds, 1 full bath
    Home size: 528 sq ft
    Lot size: 2,714 sqft
    Year built: 1941
    Parking spots: 5
    Days on market: 69
  24. 4 beds, 4 full, 1 part baths
    Home size: 2,702 sq ft
    Lot size: 3,168 sqft
    Year built: 2007
    Parking spots: 4
    Days on market: 78
  25. 3 beds, 2 full baths
    Home size: 909 sq ft
    Year built: 1983
    Parking spots: 4
    Days on market: 78
  26. 1 bed, 1 full bath
    Home size: 763 sq ft
    Year built: 1964
    Parking spots: 2
    Days on market: 87
  27. 2 beds, 2 full baths
    Home size: 1,255 sq ft
    Year built: 1991
    Parking spots: 2
    Days on market: 91
  28. 7 beds, 2 full, 1 part baths
    Home size: 10,000 sq ft
    Lot size: 2.00 ac
    Year built: 1957
    Parking spots: 4
    Days on market: 91
  29. 3 beds, 2 full, 1 part baths
    Home size: 2,800 sq ft
    Lot size: 5,000 sqft
    Year built: 1999
    Parking spots: 4
    Days on market: 92
  30. 2 beds, 1 full, 2 part baths
    Home size: 1,428 sq ft
    Lot size: 2,477 sqft
    Year built: 1957
    Parking spots: 4
    Days on market: 93
  31. 3 beds, 2 full, 1 part baths
    Home size: 1,837 sq ft
    Year built: 1977
    Parking spots: 4
    Days on market: 100
  32. 3 beds, 1 full, 2 part baths
    Home size: 1,127 sq ft
    Year built: 1975
    Parking spots: 3
    Days on market: 100
  33. 1 bed, 1 full bath
    Home size: 792 sq ft
    Year built: 1990
    Parking spots: 2
    Days on market: 102
  34. 5 beds, 3 full, 1 part baths
    Home size: 3,563 sq ft
    Lot size: 12,322 sqft
    Year built: 1960
    Parking spots: 4
    Days on market: 103
  35. 3 beds, 2 full, 1 part baths
    Home size: 1,640 sq ft
    Year built: 1978
    Parking spots: 4
    Days on market: 104
  36. 2 beds, 2 full baths
    Home size: 1,001 sq ft
    Year built: 1990
    Parking spots: 1
    Days on market: 105
  37. 5 beds, 4 full, 1 part baths
    Home size: 4,000 sq ft
    Lot size: 5,952 sqft
    Year built: 1971
    Parking spots: 4
    Days on market: 106
  38. 2 beds, 2 full, 1 part baths
    Home size: 1,572 sq ft
    Year built: 1976
    Parking spots: 6
    Days on market: 107
  39. 2 beds, 2 full, 1 part baths
    Home size: 1,362 sq ft
    Year built: 1980
    Parking spots: 2
    Days on market: 119
  40. 3 beds, 1 full, 2 part baths
    Home size: 2,202 sq ft
    Lot size: 1,962 sqft
    Year built: 1964
    Parking spots: 4
    Days on market: 123
  41. 2 beds, 2 full baths
    Home size: 1,440 sq ft
    Year built: 1965
    Parking spots: 4
    Days on market: 125
  42. 6 beds, 4 full baths
    Lot size: 5,250 sqft
    Year built: 1953
    Parking spots: 4
    Days on market: 128
  43. 3 beds, 2 full baths
    Home size: 1,696 sq ft
    Lot size: 2,305 sqft
    Year built: 1968
    Parking spots: 4
    Days on market: 133
  44. 3 beds, 2 full, 1 part baths
    Year built: 1968
    Parking spots: 4
    Days on market: 135
  45. 4 beds, 2 full, 1 part baths
    Home size: 1,776 sq ft
    Year built: 1973
    Parking spots: 8
    Days on market: 135
  46. 3 beds, 2 full, 1 part baths
    Home size: 1,750 sq ft
    Year built: 1989
    Parking spots: 4
    Days on market: 137
  47. 3 beds, 2 full, 1 part baths
    Home size: 2,460 sq ft
    Lot size: 4,481 sqft
    Year built: 1997
    Parking spots: 4
    Days on market: 141
  48. 3 beds, 2 full, 1 part baths
    Home size: 1,819 sq ft
    Year built: 1977
    Parking spots: 2
    Days on market: 148
  49. 4 beds, 1 full bath
    Home size: 1,834 sq ft
    Lot size: 1,150 sqft
    Year built: 1938
    Parking spots: 2
    Days on market: 149
  50. 3 beds, 1 full, 2 part baths
    Home size: 1,157 sq ft
    Year built: 1977
    Parking spots: 3
    Days on market: 151

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

Sharon Paxson

I write about my passion of living the SoCal lifestyle in beautiful Newport Beach. I like to write about the local events, beaches, restaurants, and real estate updates in the area. Call or text me - 949.280.0681

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]]> http://newportbeachrealestatecafe.com/2011/10/07/short-sale-in-newport-beach-newport-beach-real-estate/feed/ 3 Newport Beach Short Sale Market Update – August, 2011 http://newportbeachrealestatecafe.com/2011/08/28/newport-beach-short-sale-market-update-august-2011/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2011/08/28/newport-beach-short-sale-market-update-august-2011/#comments Sun, 28 Aug 2011 15:05:16 +0000 Sharon Paxson http://newportbeachrealestatecafe.com/?p=6081

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.


Showing properties 1 - 50 of 73. See more Newport Beach Short Sales.
(all data current as of 5/23/2012)

  1. 2 beds, 2 full baths
    Home size: 980 sq ft
    Lot size: 110 sqft
    Year built: 1971
    Days on market: 9
  2. 2 beds, 2 full baths
    Home size: 1,331 sq ft
    Year built: 1986
    Parking spots: 4
    Days on market: 10
  3. 3 beds, 3 full, 1 part baths
    Home size: 2,850 sq ft
    Lot size: 3,500 sqft
    Year built: 2005
    Parking spots: 7
    Days on market: 16
  4. 3 beds, 1 full bath
    Home size: 1,516 sq ft
    Lot size: 8,801 sqft
    Year built: 1953
    Parking spots: 4
    Days on market: 16
  5. 3 beds, 2 full, 1 part baths
    Home size: 1,889 sq ft
    Year built: 1977
    Parking spots: 2
    Days on market: 20
  6. 2 beds, 2 full, 1 part baths
    Home size: 1,800 sq ft
    Year built: 1978
    Parking spots: 4
    Days on market: 20
  7. 4 beds, 4 full baths
    Home size: 3,150 sq ft
    Lot size: 7,200 sqft
    Year built: 1999
    Parking spots: 6
    Days on market: 21
  8. 5 beds, 3 full, 4 part baths
    Home size: 5,230 sq ft
    Lot size: 17,550 sqft
    Year built: 2008
    Parking spots: 6
    Days on market: 30
  9. 3 beds, 2 full, 1 part baths
    Home size: 2,035 sq ft
    Lot size: 2,296 sqft
    Year built: 1980
    Parking spots: 4
    Days on market: 34
  10. 2 beds, 2 full baths
    Home size: 2,400 sq ft
    Year built: 1970
    Parking spots: 4
    Days on market: 36
  11. 3 beds, 3 full baths
    Home size: 1,853 sq ft
    Lot size: 1,459 sqft
    Year built: 1968
    Parking spots: 4
    Days on market: 37
  12. 3 beds, 2 full baths
    Home size: 1,502 sq ft
    Lot size: 2,380 sqft
    Year built: 1910
    Days on market: 38
  13. 5 beds, 7 full baths
    Home size: 3,650 sq ft
    Lot size: 2,800 sqft
    Year built: 2008
    Parking spots: 4
    Days on market: 55
  14. 5 beds, 5 full, 2 part baths
    Home size: 7,302 sq ft
    Lot size: 10,502 sqft
    Year built: 1981
    Parking spots: 10
    Days on market: 57
  15. 3 beds, 3 full, 1 part baths
    Home size: 1,700 sq ft
    Year built: 2007
    Parking spots: 4
    Days on market: 58
  16. 2 beds, 1 full, 1 part baths
    Home size: 975 sq ft
    Year built: 1986
    Parking spots: 2
    Days on market: 58
  17. 3 beds, 2 full baths
    Home size: 1,250 sq ft
    Lot size: 1,670 sqft
    Year built: 1966
    Parking spots: 4
    Days on market: 59
  18. 3 beds, 2 full baths
    Home size: 1,466 sq ft
    Lot size: 7,700 sqft
    Year built: 1975
    Parking spots: 4
    Days on market: 59
  19. 3 beds, 2 full baths
    Home size: 2,302 sq ft
    Lot size: 3,082 sqft
    Year built: 1955
    Parking spots: 4
    Days on market: 62
  20. 1 bed, 1 full bath
    Home size: 1,000 sq ft
    Lot size: 9,997 sqft
    Year built: 1963
    Parking spots: 3
    Days on market: 64
  21. 3 beds, 2 full baths
    Home size: 2,000 sq ft
    Lot size: 5,915 sqft
    Year built: 1968
    Parking spots: 4
    Days on market: 66
  22. 4 beds, 2 full, 1 part baths
    Lot size: 2,145 sqft
    Year built: 1993
    Parking spots: 4
    Days on market: 66
  23. 2 beds, 1 full bath
    Home size: 528 sq ft
    Lot size: 2,714 sqft
    Year built: 1941
    Parking spots: 5
    Days on market: 69
  24. 4 beds, 4 full, 1 part baths
    Home size: 2,702 sq ft
    Lot size: 3,168 sqft
    Year built: 2007
    Parking spots: 4
    Days on market: 78
  25. 3 beds, 2 full baths
    Home size: 909 sq ft
    Year built: 1983
    Parking spots: 4
    Days on market: 78
  26. 1 bed, 1 full bath
    Home size: 763 sq ft
    Year built: 1964
    Parking spots: 2
    Days on market: 87
  27. 2 beds, 2 full baths
    Home size: 1,255 sq ft
    Year built: 1991
    Parking spots: 2
    Days on market: 91
  28. 7 beds, 2 full, 1 part baths
    Home size: 10,000 sq ft
    Lot size: 2.00 ac
    Year built: 1957
    Parking spots: 4
    Days on market: 91
  29. 3 beds, 2 full, 1 part baths
    Home size: 2,800 sq ft
    Lot size: 5,000 sqft
    Year built: 1999
    Parking spots: 4
    Days on market: 92
  30. 2 beds, 1 full, 2 part baths
    Home size: 1,428 sq ft
    Lot size: 2,477 sqft
    Year built: 1957
    Parking spots: 4
    Days on market: 93
  31. 3 beds, 2 full, 1 part baths
    Home size: 1,837 sq ft
    Year built: 1977
    Parking spots: 4
    Days on market: 100
  32. 3 beds, 1 full, 2 part baths
    Home size: 1,127 sq ft
    Year built: 1975
    Parking spots: 3
    Days on market: 100
  33. 1 bed, 1 full bath
    Home size: 792 sq ft
    Year built: 1990
    Parking spots: 2
    Days on market: 102
  34. 5 beds, 3 full, 1 part baths
    Home size: 3,563 sq ft
    Lot size: 12,322 sqft
    Year built: 1960
    Parking spots: 4
    Days on market: 103
  35. 3 beds, 2 full, 1 part baths
    Home size: 1,640 sq ft
    Year built: 1978
    Parking spots: 4
    Days on market: 104
  36. 2 beds, 2 full baths
    Home size: 1,001 sq ft
    Year built: 1990
    Parking spots: 1
    Days on market: 105
  37. 5 beds, 4 full, 1 part baths
    Home size: 4,000 sq ft
    Lot size: 5,952 sqft
    Year built: 1971
    Parking spots: 4
    Days on market: 106
  38. 2 beds, 2 full, 1 part baths
    Home size: 1,572 sq ft
    Year built: 1976
    Parking spots: 6
    Days on market: 107
  39. 2 beds, 2 full, 1 part baths
    Home size: 1,362 sq ft
    Year built: 1980
    Parking spots: 2
    Days on market: 119
  40. 3 beds, 1 full, 2 part baths
    Home size: 2,202 sq ft
    Lot size: 1,962 sqft
    Year built: 1964
    Parking spots: 4
    Days on market: 123
  41. 2 beds, 2 full baths
    Home size: 1,440 sq ft
    Year built: 1965
    Parking spots: 4
    Days on market: 125
  42. 6 beds, 4 full baths
    Lot size: 5,250 sqft
    Year built: 1953
    Parking spots: 4
    Days on market: 128
  43. 3 beds, 2 full baths
    Home size: 1,696 sq ft
    Lot size: 2,305 sqft
    Year built: 1968
    Parking spots: 4
    Days on market: 133
  44. 3 beds, 2 full, 1 part baths
    Year built: 1968
    Parking spots: 4
    Days on market: 135
  45. 4 beds, 2 full, 1 part baths
    Home size: 1,776 sq ft
    Year built: 1973
    Parking spots: 8
    Days on market: 135
  46. 3 beds, 2 full, 1 part baths
    Home size: 1,750 sq ft
    Year built: 1989
    Parking spots: 4
    Days on market: 137
  47. 3 beds, 2 full, 1 part baths
    Home size: 2,460 sq ft
    Lot size: 4,481 sqft
    Year built: 1997
    Parking spots: 4
    Days on market: 141
  48. 3 beds, 2 full, 1 part baths
    Home size: 1,819 sq ft
    Year built: 1977
    Parking spots: 2
    Days on market: 148
  49. 4 beds, 1 full bath
    Home size: 1,834 sq ft
    Lot size: 1,150 sqft
    Year built: 1938
    Parking spots: 2
    Days on market: 149
  50. 3 beds, 1 full, 2 part baths
    Home size: 1,157 sq ft
    Year built: 1977
    Parking spots: 3
    Days on market: 151

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

Sharon Paxson

I write about my passion of living the SoCal lifestyle in beautiful Newport Beach. I like to write about the local events, beaches, restaurants, and real estate updates in the area. Call or text me - 949.280.0681

More Posts - Website - Twitter - Facebook - Google Plus

]]> http://newportbeachrealestatecafe.com/2011/08/28/newport-beach-short-sale-market-update-august-2011/feed/ 1 Can I Short Sale My Newport Beach Home if I Have Two Loans? http://newportbeachrealestatecafe.com/2011/08/28/can-i-short-sale-my-newport-beach-home-if-i-have-two-loans/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2011/08/28/can-i-short-sale-my-newport-beach-home-if-i-have-two-loans/#comments Sun, 28 Aug 2011 13:54:09 +0000 Michelle Gibson http://newportbeachrealestatecafe.com/?p=6052

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

Michelle Gibson

I am a full-time REALTOR® specializing in Wellington Florida Real Estate since 2001. Whether you are buying, selling or renting I can assist you with all Real Estate needs.

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]]> http://newportbeachrealestatecafe.com/2011/08/28/can-i-short-sale-my-newport-beach-home-if-i-have-two-loans/feed/ 0 What Should I Expect When Buying a Newport Beach Short Sale? http://newportbeachrealestatecafe.com/2011/08/28/what-should-i-expect-when-buying-a-newport-beach-short-sale/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2011/08/28/what-should-i-expect-when-buying-a-newport-beach-short-sale/#comments Sun, 28 Aug 2011 13:28:45 +0000 Michelle Gibson http://newportbeachrealestatecafe.com/?p=6061

When entering the world of  short sales there are a lot of unknowns, so it is extremely important that buyers understand the short sale process and set their expectations accordingly.

If you are a buyer considering pursuing a Wellington FL short sale here are a few things you can expect:

  • Short Sales are NOT Short!  As a Short Sale Buyer expect to WAIT.  The current median days on market for a Wellington FL Short Sale is 223 days, which is just over 7 months.  However every single short sale is different, some might take 30 days while others might take over a year.  Typically the more liendholders the longer the process.
  • Wellington FL Short Sale Waiting for ApprovalExpect to pay market value!  The median list to sales price ratio for short sales in Wellington is 97%, which means a home listed for $300,000 will sell for $291,000.  Yes, that’s 3% off the list price, not 5%, 15% or 25%.
  • Get your checkbook out!  If your offer is accepted by the short sale seller expect to write a check for your initial escrow deposit.
  • Have your Lender on standby!  The minute you receive short sale approval from the seller the clock starts ticking and you will most likely have 30 days to close.  Shopping lenders should not be done at this time.
  • Be prepared for disappointment!  Yes, it’s unfortunate, but short sales are not guaranteed and there is a possibility that it won’t be approved.  This mean you’ll have to start your home search all over.

If you are interested in buying a  Short Sale make sure you understand the entire short sale process and set your expectations accordingly.  Contact us today for all of your Wellington real estate needs, including  Short Sales.
Originally posted at WellingtonHomeTeam.com

Michelle Gibson

I am a full-time REALTOR® specializing in Wellington Florida Real Estate since 2001. Whether you are buying, selling or renting I can assist you with all Real Estate needs.

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]]> http://newportbeachrealestatecafe.com/2011/08/28/what-should-i-expect-when-buying-a-newport-beach-short-sale/feed/ 0 Newport Beach Short Sale or Foreclosure – What is the Difference? http://newportbeachrealestatecafe.com/2011/08/27/newport-beach-short-sale-or-foreclosure-what-is-the-difference/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2011/08/27/newport-beach-short-sale-or-foreclosure-what-is-the-difference/#comments Sat, 27 Aug 2011 13:18:42 +0000 Debe Maxwell http://newportbeachrealestatecafe.com/?p=6040

Losing your home to foreclosure is a painful event that continues to haunt you long after your home has gone back to the bank. Your credit score is severely affected and, regrettably, most people cannot be sure that they will remain safe from foreclosure because they haven’t foreseen the “unexpected.” Such events as serious illness, a major accident, divorce or job loss can happen to anyone at anytime. It’s a good idea to understand the available alternatives should such devistating events occur in your life.

Wellington Short Sales Vs ForeclosuresSo, what IS the difference between a foreclosure and a short sale? Simply put, the homeowner still owns the property with a short sale; when a property has been foreclosed upon, the BANK/LENDER owns it. The foreclosure process is quite expensive for the banks/lenders so, they generally PREFER you short sell the property than for them to proceed with a foreclosure. With a short sale, the owner still lives in the property and maintains it as normal–with a foreclosure, the distressed property is left vacant and is generally in ill-repair.

A short sale MUST be listed in your local MLS with a Realtor®. Your short sale specialist works to negotiate the short sale FOR you and follow the process all the way to Closing on your property with you. The bank/lender MUST reach an agreement with you and your buyer as to price and other contractural agreements as well as a Closing date. Again, your short sale specialist handles the communication of this entire process for YOU.

As well, with a short sale, the damage to your credit is far less extensive as with a foreclosure. A short sale can be erased from your credit in as short a period as 6 months and can take up to 2 years as opposed to at least 7 years with a foreclosure. The ability to get a handle on your finances early in the game is imperative–contacting your short sale specialist can save you more than you know. You are able to reside in the property until the deal is Closed–a far more ‘respectable’ alternative to being evicted when the bank forecloses on the property.

Foreclosure is, by far, the worst available option for you. The result of a foreclosure is the lender taking ownership of your home/property. You will not only lose your property but, the bank/lender can obtain a judgment against you for the amount that you owe plus the costs for the foreclosure process that the bank/lender incurs. Your credit will be ruined for many years to come, further worsening your financial situation. This makes obtaining any credit, incredibly difficult. There is absolutely nothing positive about foreclosure. Avoid foreclosure at all costs.

Consider a short sale rather than allowing a foreclosure on your property. A short sale is an option for property owners with serious financial issues. In the case of a short sale, one sells their home for less than what they owe the bank/lender. Some lenders will not agree to a short sale however, most prefer it to going through the lending institution’s expense of a foreclosure. This is a time that you MUST have someone working for you that KNOWS short sales. Experts advise pursuing a short the minute you realize that you are in trouble. The longer you wait and the farther behind in your mortgage that you get, the less likely your bank/lender is willing to allow a short sale.

Any option is better than foreclosure! Do everything that you can before foreclosure occurs and do it as quickly as you possibly can. DO NOT WAIT! Consider a short sale and check with a short sale specialist before foreclosure is the only option remaining for you.

Don’t do this alone! Having someone to work on your behalf is priceless.  Facing foreclosure is horrifying and going it alone is one of the most overwhelming experiences you can face in life.  A short sale specialist is imperative in getting through this process with both dignity and composure. Don’t let pride stand in your way of contacting a short sale specialist–this is our JOB and we do understand. Let us do our job and help you through this proess so that you can avoid foreclosure.

Originally posted at http://www.icharlotterealestate.com/foreclosure-or-short-sale-whats-the-difference/

Debe Maxwell

I am a full-time REALTOR® personally specializing in luxury home sales in the Charlotte NC real estate market. My team specializes in a variety of areas including first time home buyers, condos and townhomes as well as single family home sales and marketing.

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]]> http://newportbeachrealestatecafe.com/2011/08/27/newport-beach-short-sale-or-foreclosure-what-is-the-difference/feed/ 0 What Is a Short Sale? http://newportbeachrealestatecafe.com/2011/08/21/what-is-a-short-sale-2/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2011/08/21/what-is-a-short-sale-2/#comments Sun, 21 Aug 2011 15:34:22 +0000 Melissa Zavala http://newportbeachrealestatecafe.com/?p=5998

Attention homeowners!

There is a lot of information in the media right now about the housing market, about the government’s policies and procedures for helping homeowners facing tough times, and about options available when you are having trouble making mortgage payments.

In this short article, I will attempt to clarify one of the options available: a short sale.

A short sale is when a bank or mortgage lender agrees to accept a discounted payoff on a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s Loss Mitigation department. The homeowner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender has the right to approve or disapprove of a proposed sale.

Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower’s financial situation.

A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the homeowner, the advantages include avoiding foreclosure on their credit history. And, in the state of California, there are new laws that provide additional benefits to homeowners (Senate Bill 458). Additionally, a short sale is typically faster and less expensive than a foreclosure. In fact, many banks have short sale incentive programs because they realize that a short sale might be the way to go.

In short (pun intended), a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.

Currently, short sales have become increasingly more common with defaulted mortgages on the rise, and a significant number of subprime loans adjusting over the next few years.

A short sale is one of many options available to those who are having trouble making ends meet and are “upside down” on their mortgage. It is the principal option available to those who are unemployed or who have faced a significant decrease in income.

If you are considering listing your home in a short sale, consult with a qualified Realtor® who has significant experience negotiating short sales. This agent’s contacts at the bank will go a long way towards resolving your situation as quickly and efficiently as possible.

Originally posted at http://servingsandiegocounty.com/short-sale/what-is-a-short-sale/

Melissa Zavala

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]]> http://newportbeachrealestatecafe.com/2011/08/21/what-is-a-short-sale-2/feed/ 2 Short Sale Sellers: Avoid a Hurdle and Pay Your HOA! http://newportbeachrealestatecafe.com/2011/08/19/short-sale-sellers-avoid-a-hurdle-and-pay-your-hoa/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2011/08/19/short-sale-sellers-avoid-a-hurdle-and-pay-your-hoa/#comments Fri, 19 Aug 2011 15:28:18 +0000 Michelle Gibson http://newportbeachrealestatecafe.com/?p=5996

Every short sale will have several hurdles that need to be jumped in order to reach the finish line and one of the biggest hurdles I have encountered over the past year in Wellington Florida are HOA liens (Homeowners Association).

Description: Wellington Short Sale Jumping Hurdles for Short Sale ApprovalLast year I had a short sale buyer purchasing a short sale that had three lienholders; first mortgage, second mortgage and the HOA. It took several months for the short sale seller to come to terms with the first and second lender, but it took almost just as long to come to terms with the HOA.

While the short sale listing agent did an excellent job at negotiating with the HOA, which included the board, an attorney & property manager it still delayed the entire process.

While not all Wellington short sale sellers can afford to pay their HOA dues I highly recommend staying current if they can.

If you are thinking about selling or buying a short sale contact us today to guide you through the entire process from start to finish.
Originally posted athttp://wellingtonhometeam.com/wellington-short-sale-sellers-avoid-a-hurdle-and-pay-your-hoa/

Michelle Gibson

I am a full-time REALTOR® specializing in Wellington Florida Real Estate since 2001. Whether you are buying, selling or renting I can assist you with all Real Estate needs.

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]]> http://newportbeachrealestatecafe.com/2011/08/19/short-sale-sellers-avoid-a-hurdle-and-pay-your-hoa/feed/ 0 What is Included in a Short Sale Package? http://newportbeachrealestatecafe.com/2011/08/11/what-is-included-in-a-short-sale-package/#utm_source=feed&utm_medium=feed&utm_campaign=feed http://newportbeachrealestatecafe.com/2011/08/11/what-is-included-in-a-short-sale-package/#comments Thu, 11 Aug 2011 15:21:43 +0000 Melissa Zavala http://newportbeachrealestatecafe.com/?p=5931

If you are a seller who is interested in selling your home as a short sale, you must be prepared to provide some information to your mortgage lender in order for the lender to approve the short sale. Despite the fact that the information is not wrapped in a box, it is called the short sale package.

Although different mortgage lenders require the seller’s documentation at varying times in the process, it is important to have all of the information below at your disposal in order for your agent to work with the bank and process the short sale.

Here is what you need (it hardly ever varies from lender to lender–although some lenders may have their own forms for some of the items listed):

  1. Authorization (letter authorizing whomever is negotiating the short sale to speak with the bank on the borrower’s behalf)
  2. Financial Statement (itemized list of monthly income and expenses)
  3. Hardship letter
  4. 2 months bank statements
  5. 2 years tax returns
  6. 2 recent pay stubs
  7. Listing Agreement
  8. Purchase Contract
  9. Estimated Settlement Statement (HUD-1) (required so that the bank can see the bottom line—how much they will receive at closing of the transaction)

It can be difficult to pull together this package, especially if you have many borrowers because the entire package is required for each borrower on the loan. However, I guarantee you that if you prepare the documentation thoroughly and early in the process, the short sale process will move along a whole lot more smoothly.

Originally posted at http://servingsandiegocounty.com

Melissa Zavala

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