Newport Beach Real Estate
A short sale is the sale of real estate in which the sale proceeds fall short of the balance owed on the loan(s). A successful short sale requires the buyer and seller to agree on price and terms, subject to the bank approval. At the end of a short sale, the seller walks away with no equity and damaged credit, but less so than would result from foreclosure. The buyer gets a property for a good price (usually less than a non-distressed sale). The bank loses money, but less so than if they were to foreclose and incur more loss of mortgage payments and ownership expenses.
In order for a bank to approve a short sale, several things must happen:
- Seller must demonstrate true hardship and be late on mortgage payments (think “3 M’s”—Money, Marriage, and Medical problems).
- Alternatives such as refinancing and loan modification must be exhausted, and this is the last resort.
- The offer on the table must be of an acceptable market price and the buyer must qualify.
If you think you might be a prospect for a short sale listing or are considering purchasing a short sale, pick up the phone and call. Or fill in the Contact form to the right and Get Webucated.
Why Bixby Residential?
Short sales fail for a variety of reasons: seller denial & delay, no true hardship, internal bank issues, buyer non-performance, and poor agent representation, just to name a few. It can be a bumpy road with many obstacles.
If selected to represent you, I will not be one of the reasons for failure. I make no promises to my clients regarding the outcome, with these exceptions:
- I will always give my best
- I will conduct myself with irreproachable integrity
- I will respect my fiduciary responsibility to you
- I will use every tool at my disposal to give you the best chance for success.
My track record of success with short sale representation for buyers and sellers is a result of my aforementioned commitments to my clients, combined with the following:
- Clear and honest communication in every interaction
- Thorough research and preparation on each property
- Use of technology and marketing savvy
- Partnering with capable, well-trained associates.
If you think you might be a prospect for a short sale listing or are considering buying a short sale property, pick up the phone and call. Or, fill out the Contact form to the right and we’ll contact you! Also, Click here to read more about the ins-and-outs of short sales.
