Newport Beach has an inventory of pre-foreclosures or short sales. There are short sales located in many different communities in Newport Beach including the some communities such as Balboa Peninsula and Newport Heights.
The definition of ashort sale is when a buyer is purchasing a home which has lien(s) against it which are more than the value of the home. It is an agreement between a buyer and a seller. In a short sale, the bank or lender agrees to discount a loan balance because of a seller’s financial hardship. The hardship may be a result of job loss, loss of income, illness, or divorce. The seller must substantiate the hardship as part of the package which gets submitted to the bank.
The short sale negotiation is done with communication through the loss and mitigation department of the lender and a licensed Realtor who is negotiating in the behalf of the Seller. The Lenders or banks will not disclose information to anyone else about a loan without a Third Party Authorization letter which is the first document submitted to the lender which begins the short sale process.
If you are considering purchasing a Newport Beach short sale, then search the MLS for Newport Beach short sales, Newport Beach real estate, and homes for sale in Newport Beach.
If you are not able to find the property you are looking for when considering a Newport Beach short sale, then please fill out the online form below so that we may assist you.
