There’s Nothing Short About Mission Viejo Short Sales Today

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There’s Nothing Short About Mission Viejo Short Sales Today

There’s Nothing Short About Mission Viejo Short Sales Today

Mission Viejo Short Sales today are making up less of the real estate market, but they are certainly still a part of the landscape.  And since Mission Viejo home prices are still steadily iincreasing, you may need an astrology chart, a deck of Tarot cards, and a crystal ball in addition to your calculator, slide rule and abacus just to figure out how to buy a Mission Viejo Short Sale today.

Let’s just say, for example purposes only, (not that this recently happened to one of my clients or anything,)  that you find the perfect condo.  It’s in a great location, an awesome complex, reasonable HOA dues, and  tons of potential.  It just happens to be a Short Sale.  No big deal.  You know this means a waiting game.  So you work with your Realtor to figure out what kind of an offer to make.  The list price is under market value, as you know most Short Sales are in order to invite a bidding war as quickly as possible.  In fact, the list price is really under current market value.  So you choose to make what you feel is an aggressive, powerful offer 25% over the asking price.  And that’s a HUGE decision for you because that’s the absolute top of your comfort zone.  But you do it!  And as a reward for your boldness, the seller chooses your offer to submit to the bank for their approval.  Well, we all really know that it is pretty much the seller’s agent who tells the seller what to do, but that’s another story.  So you celebrate that your offer is now proceeding to the next level of scrutiny, the timing of which is totally outside the control of you, your Realtor, the seller, and the seller’s Realtor.  Trust me, that’s a scary place for all of us to be.  But you’re hopeful.  It’s one of the country’s biggest banks.  They have this Short Sale thing all figured out, right?  Maybe a couple of months, max, right?  Wrong.

Fast forward 6 ½ months later.  During which time neither you, your Realtor, the seller, or the seller’s Realtor have any clue about what the bank is thinking, doing, or waiting for. Oh sure, the bank’s representative asked for the usual updated financials from the seller.  Every month.  Month after month after month.  Yes, they sent an appraiser out at about month 4.  And then, on one sun drenched Orange County winter afternoon, the banker sends an email with a response to the 25% over list price offer which was submitted 6 ½ months earlier.  During which time both home prices and interest rates have gone up.   And what does the banker come back with?  Make a little drum roll on your desk to get the mood going.  The banker responds with a counter offer 100% over the original list price of the condo.  TA DA.  Or to the hopeful buyer, who really is my client, KA BOOM.  What???  Twice the list price?? Not even my Magic Eight Ball could have predicted that response.  Nothing short here except how short of our expectations the bank’s answer ended up being,

So we’ll see if they take our Counter Offer at 43% over list price or if our offer gets accepted on the other adorable condo down the street that’s just slightly smaller, less money, and a standard sale.  The drama never stops in Mission Viejo Short Sales today.

I’m Leslie Eskildsen.  Just keeping it real in Mission Viejo Real Estate.

Call me. Text me.  949-678-3373

Email me.

Click the box below or right here to start looking for your dream home.                                                                                                                 And click here or this box to find our what your home’s worth today.

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