There are currently 113 Costa Mesa short sales available in the SoCal Multiple Listing Service that are active or in escrow. Here’s a look at some short sale statistics in Costa Mesa that show how commonplace they have become: 2012 to date: 60 short sales completed to date… With 93 more in escrow 2011: 168 short sales completed in Costa Mesa 2010: 171 short sales completed in Costa Mesa 2009: 154 short sales completed in Costa Mesa 2008: 80 short sales completed in Costa Mesa 2007: 9 short sales completed in Costa Mesaread full blog
Currently about ¼ of Costa Mesa real estate listings that are classified as “active” in the SoCal MLS can be considered a distressed property. This means that the home is a short sale or foreclosure. A few years ago when real estate values started their decline, many buyers were concerned about dealing with short sales and foreclosures. Take a look at this: -In 2007, only 14 Costa Mesa homes sold as a short sale or foreclosure -So far in 2012 to date there have been 99 distressed sales in Costa Mesa -Currently there are 135 more distressed propertiesread full blog
Once the lender agrees in writing to a price that they will take for the home, a short sale listing is deemed an “APPROVED short sale.” As a buyer, if you ever see a short sale come back on the market as “approved” then making an offer increases your chance of getting the home AT THE APPROVED PRICE. Again, if you try to get a deal, the chances are high that another buyer will come in who is willing to pay the approved price, leaving you out in the cold. In the rare case that no one is willingread full blog
For more info on short sales and foreclosures please click here. Some of our Short Sale Listings:
So far there have been 42 Costa Mesa short sales that have closed successfully in 2012 to date according to the SoCal Multiple Listing Service (MLS). The average days on the market for these sales was 157 days (or about 5 months). Short sales are not taking as long as they once did. Our real estate agents are involved in the negotiation process and stay current on the latest developments in order to best benefit our sellers. Lenders have also come up with more streamlined plans of action. Since short sales are more common now and make up about 40% of the Costaread full blog
THE MORTGAGE DEBT RELIEF ACT OF 2007 EXPIRES AT THE END OF 2012 This act allows you to exclude and NOT PAY TAXES on debt forgiven by a lender during a short sale or foreclosure. This means that you WILL PAY TAXES on any short sale or foreclosure not completed before the end of 2012. Since short sales usually take months and months to complete, YOU MUST ACT NOW. We have successfully closed dozens of short sales of your neighbor’s homes and can even obtain moving expenses for you. To discuss your options and experience aread full blog
There are two common fees that buyers should know about with short sales: 1. Short sale negotiator fees: More and more short sales are bringing in a professional short sale negotiator to deal with the complexities of the short sale process and to keep everything on track and moving smoothly. Typically the short sale negotiator charges 1% of the sales price of the property. This is generally a cost that the buyer must pay at closing and is an out-of-pocket expense for the buyer. 2. Unpaid Homeowner Association Dues: If the seller has not been payingread full blog
Everyone wants a deal. Surely you’ve heard victorious stories about real estate negotiation. While it is still possible to “get a deal” on a short sale, most lenders pay careful attention to current market conditions and aim to get as much for the home as possible. It’s important for buyers to take into consideration that with many listing prices all ready “low”, coming in with an extremely low purchase price can backfire. There is a lot of competition among buyers right now due to low listing prices on short sales, killer interest rates and investors looking for real estateread full blog
In a short sale, the lender for the property is also the “seller.” The lender is taking a loss and obviously they are looking to protect their investment as well. It is the seller’s lender who determines the price that will be accepted for the short sale.
123 Costa Mesa Short Sales On The Market There are currently 123 Costa Mesa short sales for sale in the SoCal Multiple Listing Service. These homes are in “active”, “backup” or “pending” status. Costa Mesa Short Sales By Neighborhood: -18 Mesa Verde Short Sales -26 Westside Short Sales -30 Eastside Short Sales If you’d like to know about short sales in other Costa Mesa neighborhoods please contact us for a customized report: 714-540-7355 or shortsales@torellirealty.com. A Look At Torelli Realty’s Short Sales: Torelli Realty currently represents 9 Costa Mesa short sales. We have successfullyread full blog
