It's Not a Costa Mesa Short Sale. Is that Better or Worse for a Buyer?
Okay, it's not a Costa Mesa short sale, why should a buyer care? Does it matter if you're buying a home whether or not it's a short sale? What difference does it all make any way?
If you're buying a Costa Mesa home, you may have heard that many of them are short sales, and you may be uncertain of what that means to you.
A short sale occurs when a seller owes more on his home than it's worth, and the bank agrees to accept an amount less than is owed upon sale of the home. For more information about short sales, please see
So, what does this mean to you as the buyer?
The Short of It:
PROS
- Frequently less expensive than a "standard" sale
- Typically better maintained than an REO/foreclosure
- Sellers are typically more familiar with the home and provide disclosures
- Long wait time for bank's decision on short sale.
- Unlikely that repairs will be made
- Uncertainty of whether or not offer will be accepted or countered or denied after waiting months.
Originally posted at Costa Mesa Short Sales.
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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.
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