Orange County CA has seen its share of foreclosures and short sales situation. Although not as badly affected as some cities, Newport Beach is no exception. There are a number of Newport Beach distressed properties on the market. Acquiring lender-mediated properties is not always easy; sometimes banks are not realistic about the values of the Newport Beach houses they are holding. Although their negotiators are loosening up a bit, they still are a challenge to work with, and sometimes will make buyers jump through a few extra hopes. In addition, bidding on Newport Beach distressed properties can be surprisingly competitive, and multiple offer situations are common because the banks like to “stack” offers.
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This is where Newport Beach distressed properties can be be instrumental. In order to facilitate their clients needs, Ethel and Colin have earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with lender-mediated properties grows throughout Orange County California.
According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. Newport Beach distressed properties comprise a large part of our market. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“As leading advocates for homeownership, Ethel & Colin believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations, even in Orange Counties Irvine & Newport Beach, in which people just cannot afford to keep their homes, and a foreclosure or a short sale results. Newport Beach distressed properties can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.
The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on information as the market for these Newport Beach distressed properties evolves.
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