Costa Mesa Short Sale – 2800 Drake Ave, Costa Mesa Just Sold
Whew!! This Costa Mesa short sale was on the market for over 540 days!! I just represented the buyer on this sale, and believe it or not, by the time we got in line to purchase the home, the process was quick and easy, and the buyer got a remarkable deal of $425,000. 2800 Drake Ave Sold Costa Mesa Short Sale
Oftentimes with Costa Mesa short sales, the banks take a tremendous amount of time to respond to a buyer’s offer, thus stretching out the process of buying the home. There had been other offers in front of us, but they simply could not wait out the time that the process took to buy this Costa Mesa short sale.
What is interesting in this case is that the home originally listed for $635,000 which was a reasonably good price for the market in April of 2009 (original list date of this Costa Mesa short sale). What is striking is how far the value came down – this home sold for $425,000!!!
You will hear lots of people saying that the banks are being ridiculous by not responding sooner – this is definitely the case here.
What is the takeaway for all of you Costa Mesa real estate bargain hunters?
This is an amazing buy – the house is 4 bedrooms, 3 baths, with just over a 2000 sq. ft interior and a great sized lot of 6790 sq. ft. It has a great backyard and is in the Mesa Del Mar neighborhood tract, which is an excellent neighborhood. The takeaway is that if you want a great bargain, and you are looking at a Costa Mesa short sale, the keyword is patience, patience, patience. Typically, once you have identified a Costa Mesa short sale and your offer is accepted by the seller, the process to get approved by the bank can and will take several months.
What is the other takeaway?
Before coming to me, my client was told by one of the “Costa Mesa Specialist” Realtors that you can not possibly buy a home in Costa Mesa for anywhere under $475,000.
Trust me, there are lots of great bargains in Costa Mesa real estate under $450,000, and plenty to be had under $400,000 as well.
If you are looking for an expert in Costa Mesa real estate, contact Colin Delaney at 714-743-9882 or for more information, click here.
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