Short Sales are a reality for the Newport Beach Real Estate marketplace as many distressed homeowners elect to short sale their home in lieu of letting their home going into foreclosure. A short sale is when a seller elects to put their home on the market even though they owe more than the home is worth. Why would a seller do this? Well, in a short sale, the seller will be asking the bank to release the debt on difference of what is owed to the bank and the offering price of a buyer. Sound difficult? It's actually a simple process that takes time is you are a real estate buyer. Having patience on waiting for the banks decision on whether or not they will approve the short sale can be difficult for a lot of home buyers. Also, when you are competing against other offers the process becomes even more complicated. The best thing to do is to work with a local Newport Beach short sale agent who can guide you through the short sale. When you are ready, short sales can provide an excellent opportunity to buy a home at a great price. For example, we found a new short sale listing that just came on the market for $675,000 in the Big Canyon Villa community in the Eastbluff area of Newport Beach, California. Big Canyon Villa is a great community located next to the Big Canyon Country Club area with very close proximity to Fashion Island shopping center. Most home buyers who buy in Big Canyon Villa buy due to it's prime location. Select Big Canyon Villa condos will have golf course views and buying a condo as a short sale is a great way to capture a very good deal in today's marketplace. If you would like more information on Newport Beach short sales and the Newport Beach Real Estate market please contact us today at 949-444-1901 for immediate assistance!