Bank Owned (REO) vs Short Sale

Pre-Foreclosure - This term often doesn’t have a legal meaning. What it usually means in day-to-day practice is that the home owners are trying to sell because they know they have either stopped (or will soon stop) making the mortgage payment. Often, the home owners also know or suspect that they can’t sell for what they owe on the home, and any resulting sale will be a Short Sale.

Short Sale - In this case, the homeowner has usually stopped paying the mortgage. In addition, the home is worth less than what they owe the lender. If they’re able to (1) find a buyer and (2) get the lender’s blessing on the deal, the lender will accept a portion of the total loan payoff amount. The lender is left short, hence the name.

Short Sales are sometimes great bargains for buyers, but know that buying a short sale property can take months. The home comes without any disclosures about condition, and is sold As Is. Buyers can inspect the house but Sellers/Lenders won’t do any repairs. Sellers/Lenders will almost certainly not contribute to the Buyers’ costs.

Finally, you have to play a waiting game. Lenders are overwhelmed, they were never set up to operate a real estate brokerage in the first place, and will probably take a month or more to even acknowledge receipt of a Buyer offer. To add insult to injury, if you don’t submit a complete package of documents, you’ll be waiting even longer while the lender requests docs one at a time.

Foreclosure - Foreclosure is a term for the process of a home's ownership changing from the purchaser to a new buyer (through short sale or auction), or back to the Lender as an REO.

REO - Also known as Lender Owned. One way or another, the lender now owns the home. Maybe the homeowner just mailed in their keys and disappeared. Maybe the home wasn’t bought at auction. In any case, the lender owns it. They’ve already taken a loss against the original loan balance on the property. REO properties carry all the downsides of Short Sales except that you’re more likely to get an answer within days or weeks on REO properties. However, the bank is unlikely to take much below list price. They’re already taken a big loss and usually these properties are listed pretty close to the rock bottom of what the bank will accept.

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Beds: 1 | Bath: 1 | Sq Ft: 844 | Acres: 0.03 | Built: 1978 | MLS ID: OC14125219 | Status: Back Up Offer
Beds: 1 | Bath: 2 | Sq Ft: 765 | Built: 1987 | MLS ID: OC13186553 | Status: Back Up Offer
Great Beach Condo with Fireplace in Livingroom - Great views - facing east - Walk-in closet
Beds: 2 | Bath: 2 | Sq Ft: 1176 | Acres: 0.41 | Built: 1990 | MLS ID: OC13114860 | Status: Back Up Offer
This Multi-Level Condo Community is typical of the Long Beach Lifestyle with its architectural interest, colorful and lush tropical landscaping, secure entrance with subterranean parking for 2 cars and elevators for your convenience. Entertain in the convenient Recreation Center that offers pool table, ping-pong and full kitchen. This home enters into a comfortable and open floor plan of approximately 1,176 square feet with two bedrooms, two full baths, inside laundry, dining room and ample kitchen with gas appliances. Conveniently located to shopping and points of interest. You?ll be proud to call this very quiet and well maintained community your home. HOA Dues are $313/mo.
Beds: 2 | Bath: 2 | Sq Ft: 1059 | Acres: 0.02 | Built: 2010 | MLS ID: OC14121712 | Status: Active
You will fall in love with this move-in ready, END UNIT 2 bedroom, 2 bath townhome. Built in 2010, the kitchen offers stainless steel appliances and granite counter tops. It opens into the wide open living room and that has it's own private deck. The 2 car attached garage offers both convenience and accessibility to the entry way and first floor bedroom. The HOA offers a swimming pool and spa and covers both water and trash. This home is close to shopping and dining and conveniently located next to the 71 freeway. This community is FHA approved.
Beds: 3 | Bath: 3 | Sq Ft: 1404 | Acres: 0.14 | Built: 1937 | MLS ID: OC14050822 | Status: Back Up Offer
Broadway Home 3 bedroom 2 & 1/4 baths 2 car garage, large cemented back yard. Investor "fixer" dream house.
Beds: 5 | Bath: 3 | Sq Ft: 3214 | Acres: 0.26 | Built: 2002 | MLS ID: OC13236441 | Status: Back Up Offer
Wonderful corner lot property with RV Access located in the foothills of Corona includes 3 large bedrooms upstairs and a Master Suite with Sitting Area and 1 large bedroom downstairs, 3 full baths, formal living and dining room and inside laundry room. Open floor plan with souring ceilings and spiral staircase lend to the circular layout of the first floor to mingle while entertaining. Large gourmet kitchen opens to cozy family room and includes breakfast island/counter, higher end stainless appliances including double oven and a view of the outdoor kitchen. The rear yard includes plenty of lawn with a pergola on one side and raised planters on the other including a separate area for vegetable and herb gardening. Newer community rarely o
Beds: 3 | Bath: 3 | Sq Ft: 1536 | Acres: 0.04 | Built: 1971 | MLS ID: OC14133328 | Status: Active
Welcome home to this beautiful, well maintained, Tiburon South townhome. Original owner upgraded property with double pane windows, beautiful custom window shutters, copper plumbing, newer air conditioner, upgraded bathrooms, oak kitchen cabinets and recessed lighting. Enter to spacious, inviting living room followed by very bright and open kitchen with walk in pantry. Family room of kitchen can be used as a formal dining area. Huge master bedroom with custom mirrored closet doors and its own upgraded bathroom. Between the unit and 2 car detached garage with washer/dryer is a very low maintenance backyard. Property is located just steps from community club house, pool and playground. Walking distance to many shopping strips, restaurants, Or
Beds: 3 | Bath: 2 | Sq Ft: 2200 | Acres: 0.35 | Built: 1956 | MLS ID: OC14043006 | Status: Active
Great gated home with 2,200 square feet of living space and over 15,000 square foot lot. The kitchen boasts tons granite counter tops and cabinet space, a center island for food preparation, plenty of natural light and a breakfast nook area off of tile flooring. The spacious living room (approx 30'x16') has wonderful hardwood floors, wonderful fireplace, recessed lighting, sliding glass door leading to enclosed bonus room and backyard. The spacious 3 bedrooms all feature full sized closets, hardwood floors, newer dual pane windows & ceiling fans. Master bathroom has shower over full sized tub and secondary bathroom features large soaking tub with jets, both with tile flooring. Separate laundry area with gas and electric 220 volt hookup
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Bath: 1 | Sq Ft: 471 | Built: 1974 | MLS ID: S720984 | Status: Active
Incredible opportunity to live in south Orange County. Resort style senior living. The sales price i...
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Bath: 1 | Sq Ft: 471 | Built: 1974 | MLS ID: OC14004098 | Status: Active
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Acres: 0.03 | MLS ID: K12085519 | Status: Active
North of Hwy 74 , Gunnerson St and Pinnel St.; 0.03 acre lot; Buyer to verify zoning, permits, land ...
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Acres: 0.16 | MLS ID: K12078926 | Status: Active
Just reduced! This is flat usable land. Tax records show that there may have been a house on this l...
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Acres: 0.22 | MLS ID: K12078927 | Status: Active
Just reduced! This is a large flat usable/buildable lot of 9,625 square feet. No sewer, water or ut...
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Acres: 0.16 | MLS ID: K12078920 | Status: Active
Just reduced! This is a flat buildable parcel of 7,000 square feet in the heart of Trona. Sewer and...
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Acres: 0.07 | MLS ID: K12093441 | Status: Active
North of Hwy 74 , Gunnerson St and Pinnel St; 0.07 Acre Lot; Buyer to verify zoning, permits, land u...
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Acres: 0.02 | MLS ID: K12093444 | Status: Active
Parcel near Lakeshore Dr on Ryan Ave; 0.022 Acre Lot; Buyer to verify zoning, permits, land use, eas...
Acres: 0.05 | MLS ID: K12034504 | Status: Active
0.05 acre parcel zoned R3 and between the lake and the 15 freeway. In the Country Club Heights area...
Acres: 0.06 | MLS ID: K12034487 | Status: Active
0.06 acre parcel zoned R2 and between the lake and the 15 freeway. In the Country Club Heights area...
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Acres: 0.03 | MLS ID: K12093437 | Status: Active
Parcel near Lakeshore Dr on Ryan Ave; 25 x 60 Lot; Buyer to verify zoning, permits, land use, easeme...
Acres: 0.06 | MLS ID: K12034493 | Status: Active
Corner Lot very close to 74 highway at corner of Illinois and Strickland. Commercial Lot. 0.06 acr...
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