Newport Beach Short Sales For Sale in The Big Canyon Villa community
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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…