How to Torpedo Your Costa Mesa Short Sale - Part II
Previously, I wrote a post about how to Torpedo Your Short Sale. With nearly 30% of all homes for sale in Costa Mesa being short sales and many short sales failing to close escrow, it is important for Costa Mesa short sale sellers to understand how to increase the likelihood of their short sale being successful. I want to talk about one specific and important way you can torpedo your Costa Mesa Short Sale. KEEP YOUR UNCOOPERATIVE TENANT This one is a biggie. If you really want to torpedo your Costa Mesa short sale, make certain that your tenant refuses to allow access to potential buyers or even worse to your agent so that s/he can take pictures of the house. This will make it very hard to complete your Costa Mesa short sale successfully. WHY? It's hard for your Costa Mesa Realtor to sell your Costa Mesa short sale if it can't be seen. If you do get an offer, it's likely to be from an investor who will not likely give you fair market value offer without being able to see the property. This creates an additional problem as the banks are looking to obtain as much money as possible with each Costa Mesa short sale so that they can minimize their loss. The Possible Result? The bank refuses to accept your offer, the Costa Mesa short sale fails, and your property winds up in foreclosure. Can a Costa Mesa Short Sale be Sold with an Uncooperative Tenant Absolutely. I have sold short sales without being able to show the potential seller until after the offer was made and accepted.* But, why add one more hurdle to getting the Costa Mesa short sale done? You've Decided You Don't Want to Torpedo Your Costa Mesa Short Sale - Now What?- Talk to your tenant, explain the situation and ask them to help.
- Offer to reduce your tenant's rent in exchange for keeping the home show ready and allowing the home to >be shown on short notice.
- If the tenant still refuses to cooperate, give the tenant notice and move them out of the property.
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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.
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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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