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.

Search Foreclosures and Short Sales

Location: *
Price Range: Beds: Baths:
-
Other Search Criteria:  Type: Residential Homes, Mobile Homes, Lots and Land, Condos Lofts and Townhouses; Bank Owned/Short Sale: Bank Owned, Short Sale
Basic Options
Keywords
Listing Type:
Square Feet: 
Lot Size: 
Year Built: 
Property Types
Bank Owned/Short Sale
Returned listings must match at least 1 of the selected Bank Owned/Short Sale options
997 listings
Sort by: 
<  1 2 3 4 5 6 7 8 9   >
List View
List
Gallery View
Gallery
Map View
Map
$520,000
Beds: 4 | Bath: 2 | Sq Ft: 1653 | Acres: 0.11 | Built: 1976 | MLS ID: OC14079226 | Status: Backup Offer
Nice home in quiet street. It is Short Sale Situation. Tried to work out with Lender.
13 Photos
$26,000
Beds: 1 | Bath: 1 | Sq Ft: 677 | Acres: 4.36 | Built: 1966 | MLS ID: SK14233502 | Status: Active
Lakeshore Condo #6,Built in 1966, 677sq.ft. Located on Second Floor. Not a Repo or Short Sale. HOA D...
Listing provided courtesy of Coldwell Banker Best Realty
13 Photos
$26,000
Beds: 1 | Bath: 1 | Sq Ft: 677 | Acres: 4.36 | Built: 1966 | MLS ID: SK14233441 | Status: Active
Lakeshore Condo #5, Built in 1966, 677sq.ft. Located on Second Floor. Not A Repo or Short Sale. HOA ...
Listing provided courtesy of Coldwell Banker Best Realty
8 Photos
$36,500
Beds: 2 | Bath: 2 | Sq Ft: 1248 | Acres: 0.61 | Built: 1983 | MLS ID: SW14249675 | Status: Active
This Home Sits On A Large 26,572 Square Feet Lot. This Property Is Situated At 6142 Some Way, In Th...
Listing provided courtesy of RealHome Services and Solution
8 Photos
$41,000
Beds: 2 | Bath: 2 | Sq Ft: 1080 | Acres: 0.08 | Built: 1972 | MLS ID: CV14184388 | Status: Active
SHORT SALE. Affordable condominium in good condition in the heart of the city of Victorville conveni...
Listing provided courtesy of SHEAR REALTY
15 Photos
$44,000
Beds: 2 | Bath: 1 | Sq Ft: 1058 | Acres: 0.22 | Built: 1956 | MLS ID: DC14202913 | Status: Active
Attention investors or first time homebuyers! Here is an old 29 Palms Charmer with a nice view of t...
Listing provided courtesy of Thacher & Daughter Real Estate
9 Photos
$44,060
Beds: 2 | Bath: 1 | Sq Ft: 838 | Acres: 0.16 | Built: 1956 | MLS ID: SW14190244 | Status: Active
This Single Family Residence Is A Cozy Home That Sits On A Respectable Sized Lot. This May Be An Op...
Listing provided courtesy of RealHome Services and Solution
11 Photos
$52,500
Beds: 2 | Bath: 1 | Sq Ft: 1008 | Acres: 0.21 | Built: 1946 | MLS ID: DC14138644 | Status: Active
Approved Shortsale!! Great investment opportunity. Short sale. 2 bedroom 1 bath, 1008 sq. ft. Whole ...
Listing provided courtesy of COLDWELL BANKER RESIDENTIAL
$54,000
Beds: 3 | Bath: 2 | Sq Ft: 1983 | Acres: 0.24 | Built: 1986 | MLS ID: SR14133662 | Status: Active
This home is a short sale subject to lender of record's approval. Large spacious property away from ...
Listing provided courtesy of Re/Max All-Pro,Inc.
13 Photos
$55,000
Beds: 3 | Bath: 2 | Sq Ft: 1344 | Built: 1986 | MLS ID: SR14102525 | Status: Active
Not a Short Sale or REO, Traditional Sale. 3 bedroom 2 bath mobile home in Leisure Lake Senior Mobil...
Listing provided courtesy of Keller Williams Realty Antelop
6 Photos
$56,800
Beds: 2 | Bath: 1 | Sq Ft: 914 | Acres: 0.08 | Built: 1910 | MLS ID: SW14056933 | Status: Active
This Single Family Residence Is A Cozy Home That Sits On A Reasonably Sized Lot. This May Be An Opp...
Listing provided courtesy of RealHome Services and Solution
7 Photos
$61,700
Beds: 2 | Bath: 1 | Sq Ft: 905 | Acres: 0.14 | Built: 1944 | MLS ID: SW14054065 | Status: Active
This Single Family Residence Is A Cozy Home That Sits On A Respectable Sized Lot. This May Be An Op...
Listing provided courtesy of RealHome Services and Solution
3 Photos
$63,000
Beds: 3 | Bath: 2 | Sq Ft: 1224 | Acres: 0.02 | Built: 1964 | MLS ID: SB14131220 | Status: Active
***Short Sale***Two Story Condo In Need Of TLC. Condo Features 3 Bedrooms, 1.5 Bathrooms, & A Spacio...
Listing provided courtesy of Financial Solutions & RE Ntwrk
2 Photos
$65,000
Beds: 3 | Bath: 2 | Sq Ft: 1440 | Acres: 2.55 | Built: 1988 | MLS ID: SR14210386 | Status: Active
Short Sale, All Terms and Conditions are subject to lender approval. Starry nights, and desertlife. ...
Listing provided courtesy of Berkshire Hathaway HomeServic
$65,000
Beds: 2 | Bath: 1 | Sq Ft: 818 | Acres: 0.16 | Built: 1939 | MLS ID: SR13199250 | Status: Active
This is a short sale! Beautiful home, in a great neighborhood. This property is to be placed in an ...
Listing provided courtesy of Pinnacle Estate Properties,In
$65,000
Beds: 1 | Bath: 1 | Sq Ft: 760 | Acres: 2.89 | Built: 1973 | MLS ID: CH14221374 | Status: Backup Offer
Investors dream project! Nice starter home on almost 3 acres. County records show 2 bedroom, 1 bath ...
Listing provided courtesy of Keller Williams Realty Chico
5 Photos
$73,500
Beds: 1 | Bath: 1 | Sq Ft: 589 | Acres: 0.01 | Built: 1981 | MLS ID: CV14238342 | Status: Active
Lovely Condo! Nestled in One of the Most Desirable Locations. Move in Condition! New Paint, New Floo...
Listing provided courtesy of SAUDER REAL ESTATE
18 Photos
$74,000
Beds: 2 | Bath: 1 | Sq Ft: 827 | Acres: 0.10 | Built: 1979 | MLS ID: SW14163574 | Status: Active
Valley Hermosa 2 bed 1 bath home. Very large back yard. Needs some cosmetic work. Home has ceiling f...
Listing provided courtesy of HOMESMART
4 Photos
$75,000
Beds: 1 | Bath: 1 | Sq Ft: 520 | Acres: 0.17 | Built: 1949 | MLS ID: IV14013013 | Status: Backup Offer
Small older house with lots of potential in upper Yucaipa. Property is in need of repairs, and clean...
Listing provided courtesy of COMMUNITY REALTY ASSOCIATES
10 Photos
$77,380
Beds: 3 | Bath: 2 | Sq Ft: 1127 | Acres: 0.23 | Built: 1961 | MLS ID: IV14227622 | Status: Active
This charming single family residence is located near the intersection of Spadra St and Colby Ave in...
Listing provided courtesy of REAL HOME SERVICES & SOLUTION
<  1 2 3 4 5 6 7 8 9   >
CRMLSBased on information from California Regional Multiple Listing Service, Inc. as of 11/27/2014 9:25:22 AM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Information deemed reliable but not guaranteed.
Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
CRMLS is current as of 11/26/2014.