Costa Mesa's Neighborhood Blog

A blog about Newport and Costa Mesa with an emphasis on Costa Mesa Real Estate and Newport Beach Real Estate, written by a lifetime local resident of coastal Orange County whose knowledge of the area, combined with a strong background in mortgages, real estate and being an attorney, gives her clients many advantages.

Short Sale - Approved and Closed - Benefits Seller, Buyer and the Bank

A couple months ago, I posted a new listing for a short sale home in Rancho Santa Margarita. 

This last week, we successfully closed the short sale.  The home sold for about 50% of what was owed on the two loans.  The bank accepted the deal, believing that fair market value would allow approximately the amount of our purchase offer.

Who benefits from a short sale?

The Seller benefits. When a seller who is in danger of losing a home to foreclosure is able to short sale instead, there are several benefits.

1.  The seller may take a less of a hit to his credit score.

2.  Foreclosures remain on credit reports for 7-10 years, as a special category.  There is no category for short sales, and so most stop damaging the seller's credit in 2 years.

3.  Under Fannie Mae guidelines, a seller who had a short sale may be qualified to obtain a new home loan in as little as two years.  If there is a foreclosure, the seller may qualify in five years.

These are just a few of the benefits.

Click the video below to see what one of our short sale sellers has to say about us.

The Buyer benefits. When a buyer is able to purchase a short sale home, he benefits in several ways.

1.  He may obtain a home for slightly or more under market value.

2.  He is likely to obtain a home that has not been damaged from previous residents.

3.  A short sale is more likely to have been maintained by the previous resident.

4.  A short sale has often been occupied and not received the neglect of a foreclosure/REO property.

5.  A buyer of a short sale may benefit from disclosures of the seller unlike with a bank owned REO           where the bank knows little or nothing about the history of the home.

The Bank benefits. 

1.  By getting a non-performing asset off of its books.

2.  By not having to spend additional money on attorneys and other costs for the foreclosure.

3.  By not having to hold the property for additional time for removing the previous owner and remarketing the property while continuing to maintain it.

Do you owe more on your home than it's worth?  If you would like to obtain more information on a free seminar to see what you can do, please click You Owe More than Your Home Is Worth for more information.

Are you interested in obtaining a list of short sale homes? 

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!

For more information, please see:

What is a Short Sale, and Do I Qualify for One?

 

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

For more information, please visit Costa Mesa real estate. For more information on Costa Mesa homes or the value of a particular home please visit Costa Mesa home values

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved. Short Sale - Approved and Closed - Benefits Seller, Buyer and the Bank.

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

Comment balloon 0 commentsChristine Donovan • May 24 2009 06:34PM
Short Sale - Approved and Closed - Benefits Seller, Buyer and the Bank
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