Foreclosed homes can be a great buying opportunity. Pre-foreclosures are when the owner of the home is behind in their payments and needs to sell soon. If the seller cannot sell, then the home goes back to the bank as a bank owned home (also known as an REO (Real Estate Owned)). Bank owned homes in Newport Beach are not that common, but there are always a few available.
Our website is updated daily with up to date information. We are excited about this because buying foreclosures in Newport Beach is a great way to establish instant equity in the market. Investors, first time home buyers, and second home buyers alike can take advantage of these specially-priced homes. Their pricing is designed to be attractive so that the banks can quickly turn them over.
However, keep in mind there are risks. Banks sell all properties as-is. They do not invest in repairs or make guarantees on the property's condition. This is why a thorough property inspection is necessary before buying any foreclosed home. If you don't like what you see you can simply cancel the purchase agreement and move on without any penalty, except for the cost of inspection. It is a small price to pay for avoiding a bad decision and we’re glad to cancel purchase agreements at any time for any reason if you so desire.
If and when a bank owned property is priced right, you will not be the only buyer looking at it. This is where a local real estate agent with experience in Newport Beach foreclosures and short sales comes into play. Our agents know the ins and outs of the foreclosure process. We can help you evaluate the Newport Beach foreclosure market. In the process, we guarantee the best terms and the greatest chance of success. We can make acquiring the pre-foreclosure or bank owned property a simple deal.
Go ahead and browse our website for Newport Beach foreclosures. Then call us at 949-298-4888 when you find one. Good deals go fast, so save your search and don't be shy to call or email!
About Short Sales
Short sales occur when a property's owner decides to sell for less than the amount due to their lender. The seller is hoping that the bank will accept a lower payoff than the mortgage balance. The alternative is that the bank risks dealing with a lengthy foreclosure process or trustee sale which is the sale in which the bank gets the property back.
Short sales in Newport Beach are very common nowadays. The market boom and crash between 2006 and 2010 is the main cause. Short sales offer the buyer an alternative to bank owned foreclosures, and there are many more opportunities for short sales in Newport Beach than foreclosures. Typically there is less competition for a short sale property than Bank Owned Properties. This is because short sales take time. It isn't rare for a bank to take several months before responding to the buyer/seller sales contract. The bank is the final party to approve the sales price, not the owner or seller. So, the sale cannot be completed until the bank agrees to it.
So, if a buyer has any type of time constraint for a purchase, it is better to avoid short sales. Focus on Bank foreclosures or sellers who are not beholden to the banks and have the flexibility to determine the selling price.
Short Sales in Newport Beach, Newport Coast, Corona del Mar and Laguna Beach can be browsed from the Find Homes page. Call us at 949-298-4888 for more information on a short sale opportunity. Old Newport real estate agents have plenty of experience in Newport Beach area short sales. Allow us to assist you.