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
998 listings
Sort by: 
<  1 2 3 4 5 6 7 8 9   >
List View
List
Gallery View
Gallery
Map View
Map
10 Photos
$100
Bath: 1 | Sq Ft: 471 | Acres: 0.02 | Built: 1974 | MLS ID: OC15051284 | Status: Active
Incredible opportunity to live in south Orange County. Resort style senior living. The sales price i...
Listing provided courtesy of Vernazza Realty Inc
10 Photos
$2,500
Beds: 1 | Bath: 1 | Sq Ft: 561 | Acres: 0.02 | Built: 1974 | MLS ID: OC15045205 | Status: Active
Incredible opportunity to live in south Orange County. Resort style senior living. Laguna Woods Vil...
Listing provided courtesy of Vernazza Realty Inc
$3,900
Acres: 0.09 | MLS ID: LC15101264 | Status: Active
Vacant land located on hillside with views of surrounding mountains and Clear Lake. Contact listing...
Listing provided courtesy of D'vincent Real Estate
7 Photos
$4,900
Acres: 1.47 | MLS ID: YG14258132 | Status: Active
This is a beautiful wooded parcel on the corner of Rough & Ready and Rescue. Owner lives too far awa...
Listing provided courtesy of R.E.Huber Realty
11 Photos
$4,995
Acres: 0.66 | MLS ID: PW15076276 | Status: Active
1/2 Mile from lovely Wrightwood homes! Just a little further to Mountain High Resort! Take the roa...
Listing provided courtesy of GRECO Development Corporation
8 Photos
$7,000
Acres: 0.25 | MLS ID: LC15046408 | Status: Active
GREAT MOUNTAIN & VALLEY VIEWS FROM A VERY PRIVATE SPOT IN THE COUNTRY. Gently sloping parcel with Co...
Listing provided courtesy of Timothy Toye and Associates
$7,500
MLS ID: 14814645 | Status: Active
Large lot in a desirable location - perfect for the construction of a new home. Priced to sell imme...
Listing provided courtesy of Wycedra Stokes
$7,500
MLS ID: 14800875 | Status: Active
Large lot in a desirable location - perfect for the construction of a new home. Priced to sell imme...
Listing provided courtesy of Wycedra Stokes
11 Photos
$7,900
Acres: 5.00 | MLS ID: CV15121093 | Status: Active
right next to the water company 8828 Joshua Ave so water is there as well as electricity pols, Great...
Listing provided courtesy of KNIGHT REAL ESTATE CORP.
$7,999
Acres: 0.13 | MLS ID: 215014400 | Status: Active
Conner Lot in Cabazon CA.
Listing provided courtesy of Bona Fide Realty Group
$7,999
Acres: 0.13 | MLS ID: 215014524 | Status: Active
Cabazon Lot
Listing provided courtesy of Bona Fide Realty Group
$7,999
Acres: 0.13 | MLS ID: 215014526 | Status: Active
Cabazon Lot
Listing provided courtesy of Bona Fide Realty Group
8 Photos
$8,000
Acres: 0.25 | MLS ID: LC15046416 | Status: Active
GREAT VALLEY & MOUNTAIN VIEWS FROM A VERY PRIVATE SPOT IN THE COUNTRY. Gently sloping parcel with Co...
Listing provided courtesy of Timothy Toye and Associates
5 Photos
$9,000
Acres: 0.23 | MLS ID: PW13218247 | Status: Active
Vacant land located in semi-rural residential community of Quail Valley in the city of Menifee, nort...
Listing provided courtesy of T.N.G. Real Estate Consultants
4 Photos
$9,000
Acres: 0.23 | MLS ID: PW13218257 | Status: Active
Vacant land located in semi-rural residential community of Quail Valley in the city of Menifee, nort...
Listing provided courtesy of T.N.G. Real Estate Consultants
2 Photos
$11,900
MLS ID: 14811211PS | Status: Active
This is a great vacant lot with newer homes on street and surrounding area. The lot has homes on bot...
Listing provided courtesy of Homequest Real Estate
$12,500
Acres: 27.50 | MLS ID: IV14086232 | Status: Active
27.5 ACRES OF VACANT LAND IN RIVERSIDE COUNTY NORTH OF THE I-10 FREEWAY.
Listing provided courtesy of TARBELL REALTORS
4 Photos
$12,500
Acres: 1.91 | MLS ID: EV15068042 | Status: Active
Nice level parcel of land, electric at the site. This is a well, septic and propane area - buyer to ...
Listing provided courtesy of CROWN REALTY SERVICES
17 Photos
$14,500
Beds: 2 | Bath: 2 | Sq Ft: 1291 | Acres: 0.59 | Built: 1985 | MLS ID: 215021158DA | Status: Active
Great opportunity to obtain an inexpensive 1/4 share in beautiful condo in the best location in the ...
Listing provided courtesy of Keller Williams Realty
11 Photos
$22,500
Beds: 2 | Bath: 2 | Sq Ft: 1056 | Built: 1982 | MLS ID: LC14171189 | Status: Active
Clean well maintained 1982 Fleetwood 2 bedroom mobile in one of the nicest mobile home parks in Lake...
Listing provided courtesy of Shore Line Realty, Inc.
<  1 2 3 4 5 6 7 8 9   >
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.
CACRMLS is current as of 7/29/2015.