Torrance Foreclosures Torrance Real Estate, South Bay Real Estate, Palos Verdes Real Estate
Bob Owens, Realtor, Manager, e-Pro & Kimberly Park, Broker
FORECLOSURES: There are many of these in the market right now, and the number is growing. It's a broad term that covers several aspects of a process that takes a while, and there are several ways this can benefit you as a Buyer looking for a bargain in either a home or investment property. Let's look at a few examples:
A homeowner may have equity, but has fallen behind on the loan payments. They may decide to sell their property for whatever the market will bear, pay off the loan(s), take whatever cash is left and move to a less expensive home or just rent for a while. Sometimes you can find a bargain in this category.
Another situation is where a homeowner is "upside down" in the property (owes more than the property is worth), but has the resources to bring cash to the table to pay off the lender. Sometimes you can find a bargain in this category too.
SHORT SALES: This term also applies to the second example above, but in common usage it is generally understood to mean a short payoff to the lender. The homeowner owes more than the property is worth, is behind on payments and cannot bring it current, and does not have resources to make up the difference. The property goes into the foreclosure process, but can still be sold, with the sale price and all terms to be approved by the lender.
THIS is the place to find a bargain! The lender does NOT want to own the home, and very likely will agree to a sales price that is substantially below what is owed on the property. The seller gets the benefit of being relieved of their debt obligation, while the buyer gets the benefit of a home that is still being lived in and cared for by the homeowner and a terrific deal as well.
SHORT SALES are our specialty, for both Buyers and Sellers. CALL US! We can help!
REO or Bank-Owned Properties: This is the category most often looked for by Buyers and most often touted by Realtors. The bank already owns the property and it is listed for sale by an "REO specialist". You can find bargains here, but almost without exception the property will be somewhat (or massively) neglected, it may have been stripped by a disgruntled homeowner as they left, and the bank will take no responsibility in regards to disclosures: the TDS and other required forms that must be filled out by any seller who occupied the property at time of sale. Yes, you may find a bargain, but you really need to be on your toes and do your own due diligence. It's not a process most people decide to go through with once they take a hard look at it. Further down the same road are so-called "HUD" properties, which can be even scarier to contemplate unless you're an experienced professional investor.
But, having said all that, whatever your preference in this broad range of "Foreclosure" possibilities, we will be glad to help you achieve your goals and we invite your inquiry.
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HOME BUYERS: Right now is a better time to be a buyer than at any time in the last several years. But maybe you're hesitating because of all the news about foreclosures, lender troubles and the like. There are bargains to be had, for sure, but there's no assurance that the bottom is here yet - plus the fact that market conditions are very neighborhood-dependent. Far more important is your long term strategy, in other words, buying a home in a neighborhood that satisfies you and will feel like "home" for at least the next few years. That's the real test of a "good deal".
You can use this website to find any home on the market today. You can use the two MLS links we have provided to search for homes in Torrance, Redondo Beach, the Palos Verdes Peninsula, Long Beach, Lomita, San Pedro, Hawthorne, Gardena, and other communities throughout the South Bay and Southern California.
HOME SELLERS: You need expert, sound advice BEFORE you put your home on the market and all the way through the process of selling in this very strong Buyer's Market. We can help you, with not only competitive pricing strategy but also the proper staging of your home to make the best possible first impression - because the FIRST time is often the ONLY time a typical Buyer will see your property in this highly saturated market. There are too many homes to look at for anyone to remember, unless your home is TRULY outstanding - and then it still has to be priced right to sell in a reasonable time frame. Call us for expert help.
And here's some unusual advice: if you're a discretionary seller (meaning there's no compelling reason why you NEED to sell right now), this is a great time NOT to put your home on the market. There's lots of competition from distressed sellers and REO's (bank-owned properties). So you might be wise to wait it out until the market improves again, which it surely will - it's just a matter of time.
On the other hand, if you're in trouble because of a variable-rate loan or the loss of a job or other family crisis, don't feel alone. You have lots of company. There are several options, and we can explain all of them. But please don't delay, because your options WILL DIMINISH as time goes by. CALL US. We're here to help!
On this website you'll find information about preparing your home for sale, pricing your home appropriately, marketing it effectively, going through the inspection processes, and receiving a timely market evaluation. Don't miss the very important (and free) Seller Tips. Again, no sign-in is required to access any of these features. Just contact us any time with any questions you don't find answered here - or if you just want to get started.
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