Looking for  Bank Owned Real Estate in

Southern California?

 

If you have any questions about the process of purchasing bank owened real estate please don't hesitate to call or email us. We have been working with various banks for several years and have the knowledge and experience to help you purchase bank owned real estate.

 

What is the differnce between  bank owned and a short sale?

Bank owned is already owned by the bank. It has ZERO liens recorded against the property. The bank wants to sell this home as soon as possible. They do not want to keep the real estate in their portfolio any longer than they have to.

 

A short sale is sold at a sale price that is less than the amount owned against the property. Because the payoff is short of the mortgage balance, the bank is taking a loss.

 

Buying a short sale can take longer than buying a bank owned property because the bank has to approve the short sale which requires the seller to get approved for short sale much like they had to originally get approved for the purchase loan and show that they could afford to make the payments, now they must show the bank they have no way of continuing to make their mortgage payment.