How To Buy Short Sales In Newport Beach

Do you want to know how you can get a home for cheap in the Newport Beach area

? While it may not be easy paying less for luxury in a place that generally retains its real estate values, even in a down market, you can go a long way on the short sale system. But first, you have to know what a short sale is. Quite simply, a short sale is a selling tactic reserved for distressed home buyers, who are wanting to avoid foreclosure and save most of their credit rating. The lender allows them to sell it at a discounted rate in order to keep the property from sitting vacant, which can cost a lender a lot of money over the long term. Short sales are not easy to buy, and they can be impossible to handle on your own. So how do you do it?

Find a real estate agent with the experience

Many agents in the Newport Beach area are skilled at sniffing out short sales and getting their clients' offers on the table quickly and early. The difficult thing about getting a short sale is that they are often sold before they are even "officially" on the market. Having an inside track can be impossible if you are acting alone, unless you just luck in to it. Real estate agents make it their business to know what is going on around the community 24 / 7, and if there is a home with real short sale potential, they can guide you to it in a hurry.

Put together your best offer

Buying a short sale home doesn't leave much room for negotiation. The reason for this is that short sale home competition is insane. There are far too many capable investors out there looking to capitalize on the down housing market for you to not come across with your best offer upfront. In order to know what a "best offer" looks like, it is best, once again, to consult with your agent. Don't worry about them jockeying for commission. Most agents in the Newport Beach area understand that less commission on a short sale deal leads to unbeatable word of mouth in their favor.

Keep your eyes on the prize

In other words, make sure that you don't invest all your hopes and dreams in one property, or you could end up very disappointed. With Newport Beach short sale homes, the best thing you can do is make a number of offers and see which one sticks. You can't obsess over one home in particular. With patience and a complete understanding of how the short sale process works, you can get a great Newport Beach home at an even better price.

by: Gen Wright

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