Short Sales Can Be Confusing!

Homes for sale as short sales are gaining real estate headlines nationwide.  Orange Country short sales are on the rise and Costa Mesa real estate is no exception.  We know short sales can be confusing!  A recent article by Inman News analyzed a question from a mystified buyer.  The buyer wanted to know why a short sale seller might not accept an offer that comes in above the asking price.  In this market, it seems crazy not to jump on a high offer, so what’s going on?While the seller has the chance to accept or reject an offer, the seller’s bank is ultimately in charge in a short sale.  The lender calls the shots so coming in with an offer that is over the asking price does not ensure a sale.  The bank is most concerned with the seller’s financials.  In a short sale, the lender examines how “short” the seller is on the amount of money required to pay off the loan term before approving the transaction.  All banks and lenders are different and every situation is unique in a short sale. However, a key consideration when looking at short sales is the track record of the listing agent.  Listing agents with short sale successes have more experience dealing with the banks and lenders.  Their knowledge & strategies can help complete the short sale.  We’re fortunate that Torelli Realty has a solid track record selling Costa Mesa short sales as listing agents and buyer’s agents due to the efforts we’ve made to understand the processes and procedures.If possible, try to have your agent contact the short sale listing agent to find out what they know about the lender involved.  Hopefully the listing agent can provide insight for you and your agent to come up with your offer.R75Y6EQFMMHH