Find information on foreclosures and short sales in the South Bay. Although still not a major factor in South Bay real estate, foreclosures and short sales are on the rise and are a potential way of finding discounted properties and homes for sale. Our free real estate services feature all South Bay cities and neighborhoods including Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Hollywood Riviera, Hawthorne, Hollyglen, and Palos Verdes.  

 

Home

Home Search and Daily Listing Updates

Recent Home Sales

First Time Homebuyers

Buyer & Seller Tips

Why Work With Us

Search the MLS

Mortgage and Finance

Foreclosures

Real Estate Taxes

Oceanfront Homes

El Camino Village El Segundo Homes Gardena Golden Hills Harbor City Hawthorne Real Estate Hermosa Beach Homes Hollyglen/ Del Aire Hollywood Riviera RB Lawndale Lomita Manhattan Beach Hill Section Homes Manhattan Sand Section Manhattan Tree Section Manhattan Village Palos Verdes Peninsula Palos Verdes Estates Rancho Palos Verdes Redondo Beach Homes Rolling Hills Rolling Hills Estates San Pedro Torrance Real Estate Walteria Torrance Hermosa Beach Oceanfront Homes Manhattan Beach Oceanfront Homes Redondo Beach Oceanfront Homes Palos Verdes Oceanfront Homes Keith Kyle Realtor®, e-Pro South Bay Brokers 2501 N Sepulveda Blvd Manhattan Beach CA 90266 310-251-2344

 
Search South
Bay Homes
Search the
South Bay MLS
Featured
Listings
What's My
Home Worth?
Home Seller
Help and FAQs
Open Houses Contact Us  

Foreclosure Information

See Current South Bay Foreclosure Listings

With all the news regarding sub prime lending and an ever increasing number of forclosures and auctions, it's good to understand what foreclosures are, the reality of buying a home in the South Bay, and how to go about trying to accomplish it. Please read through our foreclosure information pages to get some valuable information.

What is a Foreclosure?

Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."

The process of foreclosure is lengthy and the timeframes for when the lending institution begins the process vary from state to state. Other factors, such as the increasing availability of personal loans for owners facing foreclosure, present homeowners with foreclosure avoidance options. Websites which connect individual borrowers and homeowners to individual lenders are increasingly used as mechanisms to bypass banks while meeting payment obligations for mortgage providers. The increase in the number of foreclosures in the United States has led to more loan listings which are designed to forestall or prevent foreclosure.

What is a Short Sale?

A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $800,000. You write an offer to the lender for $725,000, which is accepted as full payment for the loan. This is a short sale. Why are they willing to take such a discount? Several reasons. First of all, banks do not like excess inventory and bad loans on their books; therefore, if they see an opportunity where they can sell the property without a huge loss, they will do it. Secondly, lenders know they could lose a lot more money if the property goes to auction. There are so many fees involved if the property goes to auction, that they would be better off taking the discount beforehand and be finished with the headache of it all.

See additional short sale information

 
Quick Links
Foreclosures
 

Foreclosure Types

What is a Short Sale?

Buying a Pre Foreclosure Home or Property

Buying at Auction

Buying a Bank Owned Home

Homebuyers
Homesellers
 
 
 
 


Home  | E-mail | Profile | Testimonials | Manhattan Beach | Redondo Beach | Torrance | El Segundo | Site Map | Links |  
South Bay Home Search | South Bay Neighborhoods | Finance | Request Info | Area Info | Marketing Strategies | 
Free Market Evaluation of your Home | Schools | Home Buying | Home Selling | Mortgage Calculators | Tips for Buyers and Sellers 
RE Glossary | Taxes | Request New Listings | Search the MLS  | Median Home Prices | 
Holding Title | Why Buyers Choose Me | Why Sellers Choose Me | Recent South Bay Sales