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Foreclosure Process
The foreclosure process is a bank or other secured creditor (lender) selling or repossessing a parcel of property after the owner has failed to comply with the mortgage or deed of trust. Commonly, the violation of the mortgage is a "default" in payment of the promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal
costs.
REO / Bank Owned Property
REO or Real Estate Owned, is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. As soon as the bank repossess the property, it is listed on their books as REO - Real Estate Owned - and is categorized as an asset (non-performing).
Short Sale
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower.
Foreclosed Properties

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 | $229,400 Beds: 3 | Bath: 1 | Sq Ft: 1895 | Acres: 0.15 | Built: 1920 | MLS ID: S643179Large open floor plan for single level 3 bedroom home located on a cul-de-sac with alley access. Detached 1-car garage. Huge corner lot. Property needs TLC. Sold in is present condition. |
 | $829,900 Beds: 4 | Bath: 3 | Sq Ft: 2275 | Acres: 0.09 | Built: 2004 | MLS ID: OC13095210 | Status: ActiveStunning Home on an Oversized Corner Lot in the Prestigious Ivy at Providence Park. Some of the Features of this Home include Elegant Slate Flooring with Metal Accents, Gourmet Kitchen with a Center Island and Granite Counters, Travertine Inlaid Bathroom Floors, Recessed Lighting, and Plantation Shutters Throughout. The Home also has a Formal Dining Room, a Living Room, and a Spacious Family Room that Overlooks the Kitchen. Additionally, the Entertainer's Backyard, has an Outdoor Serving Bar and BBQ Area, a Pebbletech Jacuzzi, and Beautiful Rock Fountain. This Gated Community has a Pool, Spa, and a Park. |
 16 Photos | $499 Bath: 1 | Sq Ft: 471 | Built: 1974 | MLS ID: S720984 | Status: ActiveIncredible opportunity to live in south Orange County. The sales price is only $499 for this condo a... |
 6 Photos | $2,500 Acres: 0.03 | MLS ID: K12085519 | Status: ActiveNorth of Hwy 74 , Gunnerson St and Pinnel St.; 0.03 acre lot; Buyer to verify zoning, permits, land ... |
 3 Photos | $2,500 Acres: 0.16 | MLS ID: K12078926 | Status: ActiveJust reduced! This is flat usable land. Tax records show that there may have been a house on this l... |
 3 Photos | $2,500 Acres: 0.16 | MLS ID: K12078920 | Status: ActiveJust reduced! This is a flat buildable parcel of 7,000 square feet in the heart of Trona. Sewer and... |
 3 Photos | $2,500 Acres: 0.22 | MLS ID: K12078927 | Status: ActiveJust reduced! This is a large flat usable/buildable lot of 9,625 square feet. No sewer, water or ut... |
 6 Photos | $2,800 Acres: 0.07 | MLS ID: K12093441 | Status: ActiveNorth of Hwy 74 , Gunnerson St and Pinnel St; 0.07 Acre Lot; Buyer to verify zoning, permits, land u... |
 7 Photos | $2,900 Acres: 0.02 | MLS ID: K12093444 | Status: ActiveParcel near Lakeshore Dr on Ryan Ave; 0.022 Acre Lot; Buyer to verify zoning, permits, land use, eas... |
 8 Photos | $3,150 Acres: 0.24 | MLS ID: LC13080173 | Status: ActiveHidden Valley Lake lot opportunity; nice sized Eagle Rock Road lot; mostly level; build the home to ... |
 | $3,625 Acres: 0.05 | MLS ID: K12034504 | Status: Active0.05 acre parcel zoned R3 and between the lake and the 15 freeway. In the Country Club Heights area... |
 | $3,625 Acres: 0.05 | MLS ID: K12034499 | Status: ActiveCorner Lot very close to highway 74. Commercial Lot. 0.05 acre parcel zoned C1 between the lake an... |
 | $4,250 Acres: 0.06 | MLS ID: K12034487 | Status: Active0.06 acre parcel zoned R2 and between the lake and the 15 freeway. In the Country Club Heights area... |
 7 Photos | $4,300 Acres: 0.03 | MLS ID: K12093437 | Status: ActiveParcel near Lakeshore Dr on Ryan Ave; 25 x 60 Lot; Buyer to verify zoning, permits, land use, easeme... |
 | $4,350 Acres: 0.06 | MLS ID: K12034493 | Status: ActiveCorner Lot very close to 74 highway at corner of Illinois and Strickland. Commercial Lot. 0.06 acr... |
 | $4,350 Acres: 0.06 | MLS ID: K12034513 | Status: Active0.06 acre parcel zoned R3 and near Hwy 74 between the lake and the 15 freeway. In the Country Club ... |
 5 Photos | $4,400 Acres: 0.14 | MLS ID: K12093434 | Status: ActiveNorth of Hwy 74 near Turnbull Ave and Baker St; 0.14 Acre Lot; Buyer to verify zoning, permits, lan... |
 6 Photos | $4,400 Acres: 0.14 | MLS ID: K12090285 | Status: ActiveNorth of Hwy 74 near Turnbull Ave and Baker St; 0.14 Acre Lot; Buyer to verify zoning, permits, lan... |
 4 Photos | $4,580 Acres: 0.27 | MLS ID: LC13016009 | Status: ActiveLarge level lot for sale in Hidden Valley Lake. Conveniently located next to Spruce Grove Road. Wate... |
 6 Photos | $4,900 Acres: 0.10 | MLS ID: K12088989 | Status: ActiveNorth of Hwy 74 in undeveloped areas North of Marshall Ave.; 30 x 150 lot; Buyer to verify zoning, p... |
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