Foreclosures Bank Owned Short Sales Redondo Beach

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Your Reliable Source for Current Local Foreclosure Information in the South Bay for Manhattan Beach, Hermosa Beach, Redondo Beach, Hollywood Reviera, Torrance, Gardena, El Segundo, Lomita

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Residential Foreclosures

The Best Foreclosure Listing Service in the South Bay!
REOs – Pre-Foreclosures – Foreclosures

Bank Owned, Short Sale and Foreclosure Properties For Sale

Search and find foreclosures, REOs, short sale listings and bank owned properties and real estate in the South Bay. Search Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, and El Segundo bank owned homes and foreclosures. Find current South Bay homes for sale, real estate agents, and current home values in Southern California's South Bay. Find real estate listings with our free home search and South Bay MLS access. Look at open houses, and our listings. Our free real estate services features all South Bay cities and neighborhoods including Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Hollywood Riviera, Hawthorne, Hollywood Riviera, and Palos Verdes.

With homebuyers looking for great "bank owned and short sale deals" these days, it is natural to assume that the best house bargains in Manhattan Beach, Redondo Beach, and Hermosa Beach, as well as other beach towns, will be found in the foreclosure market. Although disressed properties can often be a great deal, they also take a knowledgable Realtor to guide you through the difficulties and delays of negotiating with the banks. We have experience working with both buyers and seller in foreclosure and short sales and we can help guide you through the stressful process of finding and buying that perfect home.

If you would like to receive daily updates with current foreclosures, REOs, short sales and notice of default properties for a certain cite? Search Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Hollywood Riviera, Hawthorne, Hollyglen, and Palos Verdes and many other South Bay cities for these homes with our state of the art home finding software. You will see the same properties as all the real estate agents see. Best of all, you won't be constantly pestered and will be able to take your time to view these south bay properties. If you have questions, we are always here to help you. We will keep you in mind for all the best deals in the south bay, even if they aren't distressed.

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What is Foreclosure?

Foreclosure is a process that allows a lender to recover from a defaulted loan by selling or repossession of the property securing the loan. The foreclosure process begins when a borrower defaults on their mortgage payments. The lender files a public notice, called a Notice of Default. The following could happen after the NOD has been filed:

1. In the pre-foreclosure period, the borrower could re-instate the loan by paying off the defaulted amount. Every state has a different grace period to allow this to happen.
2. The property could be sold, and the loan would be paid off. If there is a balance due, this would be up to the creditor to forgive the borrower, or persue them legally. Currently the laws allow loans to be forgiven under certain conditions.
3. If the property is not purchased at the auction, then the lender takes ownership of the property, usually with the intent to re-sell it on the open market. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).

This allows for opportunities to find properties greatly under market value.

Benefit of buying Pre-Foreclosure

Buying a property in pre-foreclosure means approaching the homeowner (the borrower) and offering to buy the property from them. The property owner can walk away with possibly with equity and avoid a foreclosure on their credit.

What happens at the Auction

If the loan has not been reinstated by the end of the pre-foreclosure period, the property is put up for auction usually at the local county courthouse. Buying at an auction can be quite tricky and a good understanding of the aution process should be had, before attempting such.

When a property is bank owned

If the lender takes back ownership of the property at the public auction or through deed-in-lieu of foreclosure which would be during the pre-foreclosure period, the property is then known as bank owned, or REO (Real Estate Owned). The lender will want to re-sell the property to recover the unpaid loan and the potential to get a bargain for these homes, is great.