Below is a list of ALL of the Central Coast Foreclosures and short sale properties: Arroyo Grande, Avila Beach, Grover Beach, Nipomo, Cambria, Cayucos, , Los Osos, Morro Bay, Pismo Beach, San Luis Obispo, Oceano,, Shell Beach, and Atascadero, Paso Robles, Santa Margarita, and Templeton
Now that the recession is over, there are only a few Central Coast Foreclosures today. There are less to choose from, but if you see a home fitting you need, it may cost you less. Sometimes these homes need to be torn down or repaired. There are also homes that are in perfect condition, but the owner forgot to make the loan payment.
What are Central Coast Foreclosures? What is an REO?
Buying a foreclosed home from a lender is similar to a normal real estate sale. However, lenders often will not sign or provide all of the disclosures. Many foreclosed homes are sold AS-IS. So, I would suggest getting a professional inspection, as it is difficult to get the lender/seller to pay for any repairs or major problems after the property closes escrow. You will normally have 17 days to inspect the home before you have to commit to forfeit your earnest money / deposit.
What is a Short Sale?
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower. The lender has the final determination on how much the home will sell for. The owners just have to sign all of the paperwork.
Short sales can be very complicated and can take months before the lender agrees to sell the property at a reduced amount. If the buyer is patient, they will often get a great deal.
Central Coast Foreclosures-Tear Down
For More Information On Central Coast Foreclosures
Call me, and I will explain in detail what is involved in buying or selling a home as a short sale or a Bank owned home REO. 805-270-5860
If you really do not care if you get a Central Coast Foreclosures I recommend looking at all of the Central Coast Homes in your price range.