Newport Beach Short Sales

Newport Beach Short Sales are on the rise. If you are thinking about selling your Newport Beach home then a short sale is the best option in today’s real estate market. More and more homes in Newport Beach, California are coming on the market as a short sale. Homes sold for incredible price between the years 2004 -2007 and many Newport Beach homeowners own more more than what their home is worth. If you are finding it difficult to pay your monthly mortgage in your Newport Beach home as short sale. It’s Important that you work with an experienced short sale agent who knows how to short sale a home. It’s also important to work with a short sale agent that knows the nuances of Laguna Beach. Our Newport Beach Real Estate agents works and lives in Newport Beach and knows the local Newport Beach market very well.

I’m Upside Down On My Mortgage, What Do I Do?

A lot of people are upside down with their mortgages. You are not alone in finding yourself oweing more than what your home is worth. If you have been thinking about getting out from underneath all you debt than a short sale may be a good option for you. Short Sales are providing a great alternative to foreclosure and bankruptcy with minimal credit damage compared to foreclosure. Short Sales also allow you to work with the bank who understands the hardship a lot of Newport Beach homeowners are going through right now. If you are upside down on your Newport Beach home and have hardship on paying your monthly mortgage then a short sale is worth pursuing.

Should I do A Foreclosure or a Short Sale?

That’s a great question and we are asked that question a lot. One thing to consider is your credit. We have had many cases where the credit score was only affected by 50 points since the short sale was approved in a short period of time. Keep in mind that every time you miss a mortgage payment you credit score goes down. The more mortgage payments you miss the more the credit score goes down. The good news about doing a short sale is that your credit will show that the debt has been settled which will shed a positive light with those looking at your credit. A foreclosure on the other hand will show up on your credit for up to seven years and may affect your credit as much as 300-400 points. Each case is different and it’s hard to predict how much your credit score will go down. For those Newport Beach homeowners who do a short sale without missing a mortgage is the best case scenario. If you don’t miss your mortgage payments then you will not have any late mortgage credit dings on your credit.

What Exactly is a Short Sale?

We cover this and many other questions on the What is a short sale page. Basically, a short sale is a way to work with the bank in having them forgive a certain amount of your mortgage payment due to financial hardship. The difference is the result of a market evaluation and an offer on your home. This offer price is below the amount that you owe on your mortgage so the difference is the amount you will be asking to bank to forgive. For detailed questions regarding short sales please visit our “What is a Short Sale” page.

Ready To Start The Short Sale Process?

Ready to start sale process today? Remember there is no charge to the seller for doing a short sale. The Bank pays all the fees. Please fill out following information. If you have any questions, or would like more information , please leave your name and contact information.

Beach Cities Real Estate specializes in Newport Beach Short Sales and assist sellers looking to short sale their home. If you are looking to buy a Newport Beach short sale home for sale we can help with that too. We have dedicated Newport Beach short sale agents that understand the short sale home buying process and can guide you through each step of the short sale. As Newport Beach short sale experts we pride ourselves in helping our clients short pay the bank and to get their home sold. If you are thinking about doing a short sale in Newport Beach then please contact Beach Cities Real Estate today.