Newport Beach Short Sale Market Report | Update on Short Sales in Newport Beach
The Newport Beach real estate market has both short sales and foreclosures. The definition of a short sale is when a bank or lien holder 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 banks or lenders want fair market value for the property and will attempt to obtain the the fair market value of the property. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.
Currently there are 12 active listings, 34 in back up status, 20 pending and there were 12 sales in July, 2012.
There is a low absorption rate for short sales in Newport Beach.
|Absorption Rate, July, 2012|
|Newport Beach Short Sale Market Update|
|Information Deemed Reliable but not GuaranteedCourtesy of www.NewportBeachRealEstateCafe.comInfo taken from CRMLS
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Past months market reports for short sales in Newport Beach.
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
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