Ladera Ranch CA. Foreclosures, Bank Owned REO and Short Sale Homes for Sale
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A home shopper can find good bargain if one knows where and how to look. One of the better opportunities for finding a great value for a home is searching for Foreclosures, Bank owned homes ( REO's ) or Short Sales. Below are a brief explanation of each situation.
A Foreclosure (sometimes called a Pre-forclosure) are homes listed for sale by the homeowner. The mortgage lender has field a Notice of Default and the property owner has a total of 15 weeks to resolve the situation, by either selling the home, getting a new refinance loan, or brining the existing loan current. Homeowners in this situation are obviously very motivated to sell, and some of these homes are Short Sales as well.
A Short Sale is a home listed for sale by the current home owner, but the home is now priced at a point where the homeowner no longer has any equity. The eventual sales price is then basically negotiated with the Bank, for the homeowner will not receive any funds from the sale of the home. An astute Buyer can sometimes pick up a bargain this way if one knows how to negotiate with the Bank.
A Bank REO (Real Estate Owned) is a home that is listed for sale by the Bank and is owned by the Bank as a result of a Foreclosure sale. Again, this a very good buying opportunity for the Bank is very motivated to sell. Banks do not want to own homes, they want to loan money, and the Bank is at risk of vandalism due to the vacant home, plus they are losing money each month that the home sits vacant and unsold.
Now is a great time to buy, for there are some bargain priced homes currently available in the marketplace, and interest rates are still very low.
