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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$230,000
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
$258,400
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.
$385,000
Beds: 3 | Bath: 3 | Sq Ft: 1404 | Acres: 0.14 | Built: 1937 | MLS ID: OC14050822 | Status: Active
Broadway Home 3 bedroom 2 & 1/4 baths 2 car garage, large cemented back yard. Investor "fixer" dream house.
$425,000
Beds: 3 | Bath: 3 | Sq Ft: 1134 | Acres: 0.17 | Built: 1962 | MLS ID: OC14072177 | Status: Active
This home needs some work but has alot of potential. Corner lot, pool home.
$550,000
Beds: 3 | Bath: 2 | Sq Ft: 1280 | Acres: 0.14 | Built: 1965 | MLS ID: OC14013373 | Status: Back Up Offer
Nice and clean 3 bedroom, 2 bath house in great cul de sac location. Dual paned vinyl windows, remodeled kitchen with newer glossy white cabinets with pull out shelves, corner Lazy Susan storage, under cabinet lighting and nice and spacious kitchen counter eating area. Recessed lighting and scraped ceilings throughout the house. Newer tile floors in entrance, dining room and kitchen, ceiling fan in dining room. Laminated wood floors in living room and hallway. Fireplace in living room. Addition bonus room, can be great for entertainment. Attached 2 car garage with direct access and enclosed laundry area with hookups. Back yard with grass and concrete, block wall around the back area. White vinyl fence in front yard. You will love the locati
$575,000
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
$675,000
Beds: 3 | Bath: 2 | Sq Ft: 2045 | Acres: 0.19 | Built: 1963 | MLS ID: OC14025939 | Status: Active
Nicely redone single story home in well kept tract. Home suffered a fire and has been remodeled and upgraded. Dark wood cabinets, granite counter tops, stone & tile baths. Scraped ceilings with recessed lighting. A wall of glass that opens to pool, fireplace, hardwood floors, high end new carpet. 2 car garage has additional workshop area. Covered patio area off dining room. Inside laundry, linen closets, ceiling fans. Designer vanities, lighting, fixtures and doors.
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$100
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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$209
Bath: 1 | Sq Ft: 471 | Built: 1974 | MLS ID: OC14004098 | Status: Active
STUDIO UNIT IN A SENIOR COMMUNITY,... HOA DUES 1816 PER MONTH FOR ONE PERSON ,... HIGH RISE BUILD...
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$2,500
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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$2,500
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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$2,500
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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$2,500
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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$2,800
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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$2,900
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...
$3,625
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...
$4,250
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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$4,300
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...
$4,350
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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$4,400
Acres: 0.14 | MLS ID: K12090285 | Status: Active
North of Hwy 74 near Turnbull Ave and Baker St; 0.14 Acre Lot; Buyer to verify zoning, permits, lan...
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