Foreclosure and Short Sale Listings
Sac Valley foreclosure and short-sale listings are available, and our custom MLS search results include these types of properties. These types of distressed homes for sale are unique and really represent a distinct sub-market, and they require some special attention. As a result, they are not for everybody. Given the market recovery over the past several years, the availability of these types of homes is increasingly rare, and they represent a very small, and declining part of our market.
What is a foreclosure and what is a short sale? A foreclosed, or bank-owned home is one where the previous owner failed to make their mortgage payments, and the lender has gone through the formal legal process of taking title to and possession of the property. The lender now owns the home, which is where the acronym REO came from; this is another term for a foreclosed home in a lender's portfolio, and stands for real estate owned. These homes are typically vacant and can be in various stages of disrepair.
By contrast, a short sale is a property where the homeowner still owns the home, but has (typically) experienced some kind of hardship and can no longer make their mortgage payments. In addition, the home is found to be worth less than the amount of the outstanding debt (also known as being "upside down"), and the parties are attempting to sell the home "short" of what's owed. The lender(s) all have to approve the sale, so the process is much different that a regular sale or even a foreclosure. Perhaps more appropriately called "long" sales because of the time involved, this process can be very frustrating and can involve some uncertainty, so not all buyers are good candidates for short sales.
Simply use our advanced home-search function, input your home-search criteria, and the search results can be refined include the selected property type(s). Again, these types of properties require some special attention and we'll be glad to review your situation and help you decide if they are right for you.
If you have questions about NorCal real estate or about the process involved in buying or selling distressed properties, please submit the following form or feel free to call us at 916-960-8895.