All about Redondo Beach foreclosures and short sales.

With all the news regarding sub prime lending and an ever increasing number of forclosures and auctions, it’s good to understand what foreclosures are, the reality of buying a home in the South Bay, and how to go about trying to accomplish it. Please read through our foreclosure information pages to get some valuable information.

What is a Foreclosure?Redondo Beach foreclosures

Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner’s failure to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that “the lender has foreclosed its mortgage or lien.”

The process of foreclosure is lengthy and the timeframes for when the lending institution begins the process vary from state to state. Other factors, such as the increasing availability of personal loans for owners facing foreclosure, present homeowners with foreclosure avoidance options. Websites which connect individual borrowers and homeowners to individual lenders are increasingly used as mechanisms to bypass banks while meeting payment obligations for mortgage providers. The increase in the number of foreclosures in the United States has led to more loan listings which are designed to forestall or prevent foreclosure.

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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 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.

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Vista Sotheby's International

Vista Sotheby’s International Realty is one of the top real estate brokerages in the South Bay and Southern California with offices in Redondo Beach and throughout the South Bay

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Welcome to Sotheby's International Realty representing buyers and sellers of fine South Bay and Southern California properties

Redondo Beach Real Estate & Homes. All rights reserved. Information deemed reliable but not guaranteed

Keith Kyle – Licensed Realtor – Vista Sothebys International Realty – DRE#01712785

The listing information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us), we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and cannot be verified by Sotheby’s International Realty Affiliates LLC. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information. Sotheby’s International Realty ® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission.