Dana Point Short Sales
Dana Point short sales is a buzzword that is synonymous with good deals in the mind of buyers. In essence, short sales are distressed sales that are similar to foreclosure but the owner still lives in the home. if priced correctly, these homes can sell in a very short amount of time. The inventory of these types of homes will really vary depending on the current state of the real estate market. During good times expect a low number of short sale homes to be on the market. When times are tough and the real estate market is in a down cycle expect a larger inventory of short sale listings. We have gathered the current list of short sale properties here. For answers to many common short sale questions please read below.
Dana Point Short Sales Properties For Sale
Common Questions Regarding Short Sales
1) How long does a short sale take? It depends on the bank(s) you are dealing with and how quickly you get the bank all the documents necessary. Most short sales are now taking 2-4 months from start to approval. This can vary depending on the number of short sale listings the banks are processing. During a down real estate market expect the times to be longer due to the larger volume of short sales on the market.
2) Are there any fee's involved? No, the seller is not allowed to receive or pay any funds in a short sale.
3) Are there any incentives being offered? Yes. Banks are now paying home owners to short sell their home. This cash reward can vary depending on the bank but go as high as $45,000 in some cases. This amount will vary depending on the state of the real estate market and with what bank the mortgage is held at. Not all banks participate in giving cash rewards so check with your local agent and bank for more details.
4) What about the expiring Mortgage Debt Forgiveness Act at the end of the year? Homeowners in California do not benefit from this since the IRS does not tax forgiven debt according to California state law.
All the current available Dana Point short sales for sale are listed on this page. Please contact us with questions regarding buying or selling short sale properties. Sam Smith is a certified short sale agent with Chase and works with all banks. Starting the short sale process is easy, just call 949-604-4114 or contact us today.
Based on information from California Regional Multiple Listing Service, Inc. as of July 5th, 2020 at 5:21am CDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.