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.
The bank also wants fair market value for the property and will go great lengths in order to obtain the appropriate value of the home. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.
Currently there are 38 active listings in Newport Beach, 43 in back up status, 15 in pending status, and there were 5 sales in the month of February, 2012.
There is a low absorption rate for short sales in Newport Beach. One month does not signify a trend, however the trend for absorption rate is declining from January, 2012.
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
View map below for distressed property in Newport Beach.
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