Find information on foreclosures and short sales in the South Bay. Although still not a major factor in South Bay real estate, foreclosures and short sales are on the rise and are a potential way of finding discounted properties and homes for sale. Our free real estate services feature all South Bay cities and neighborhoods including Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Hollywood Riviera, Hawthorne, Hollyglen, and Palos Verdes.  

 

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Foreclosure Information

Types of Foreclosure Opportunities

Short Sale:

A Short Sale is the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Another way to say it is that the property is worth less than what it will cost to sell (paying off all existing liens and closing costs). This is commonly referred to being “upside down.” In order for a short sale to close, the lender must agree to accept less than the outstanding loan balance as full payment.

Pre-Foreclosure:
Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright. The borrower/owner can walk away with the equity in the property and avoid a bad mark on his or her credit history. The buyer has time to research the title and condition of the property and can realize discounts well below market value. As the number of foreclosures go up and the number of buyers and realtors pursuing pre-foreclosure goes up, this gets to be more difficult.

How to buy a pre-closure


Public Auction:
If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.

How to buy via public auction


Bank-Owned (a.k.a. REO):
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually re-sell the property to recover the unpaid loan amount. The lender will typically clear the title and perform needed maintenance and repair; however, the discount for these REO homes is typically less than a pre-foreclosure or auction property discount.

Buying a bank-owned property



 
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