subject: Buying Bayfront Short Sales In Newport Beach Ca [print this page] Used to be that living directly on the bay or waterfront was a pipe dream reserved only for the rich. With the 2008 housing downturn, these homes became more accessible to qualified buyers, but nowhere near as much as they are today. The housing bubble's burst has left many foreclosures and motivated sellers out there looking to avoid the dreaded F word. Newport Beach, a prime real estate area, is no exception. Many lenders are allowing something known as a short sale, and if you want to get a great home for a price that borders on theft, then this is certainly the way to go. With a short sale, the current home owner has made a deal with the lender to sell the home at a price that is below the market value and below the amount that is actually still owed on the property. As a result, a qualified buyer can come in and instantly buy a home that is guaranteed to turn a mega profit in the next 10 years.
Many experts believe that the country is currently at the rock bottom of the housing market. In other words, prices today are not going to get any lower than they are now, and if history is any guide, then the cyclical nature of the real estate market stands to make many investors a lot of money in a decade or less. There has never been a better time to buy low and sell high when it comes to real estate, and if you can take advantage of this opportunity in a place like Newport Beach, which offers some of the most beautiful bay front and beachfront homes in the country, then your profits can be life altering.
But getting access to a short sale is no simple thing. While the market is tough on an unqualified buyer, it leaves opportunities like the short sale, which is highly sought after by a wide variety of qualified investors. In order to take advantage, you will need to work with an agent, who is knowledgeable in how to deal with these very particular types of transactions. It is not enough to have an agent on your side, who knows real estate. You will require someone, in order to be successful, who knows the area. This is important because short sales go so quickly that you have a very small window of opportunity to make your offer heard. You will also need someone, who can help you craft the best possible offer for probable acceptance.
As you look at the Newport Beach area, particularly bay front homes in the area, give serious consideration to short sales and speak with your agent about the opportunities out there.
