Almaden Foreclosures and Short Sales
Almaden Short sales - Almaden bank owned listings (REO)The following page lists Almaden short sales and bank-owned (REO) properties currently on the market. These properties are commonly in the foreclosure process; these often fall under the categories of either pre-foreclosure or post-foreclosure. While they sound similar, it is important to distinguish the differences between the two listings.
Short sale properties occur when homeowners’ existing loans or mortgages exceed the current market value for the property and the homeowners default on loan or tax payments. Consequently, the homeowner will want or need to sell the property quickly. In other words, the lenders agree to sell the house “short” because the homeowners owe more than the property value. In the case of a short sale, lenders first must approve a short payoff because the lender will be losing the difference between the mortgage value and property value. The homeowners must provide evidence that they are unable to make home payments. The lenders then must agree to release their claim on the property so that the buyer can purchase future property with a free, clear title while remaining in good credit standing. Lenders take a role in approving the short payoff, but are not considered a direct party of the property sale. This process can take as long as six months or be as quick as one week.
Bank-owned (REO) properties have already been foreclosed by the lender. The lender, which is the bank, becomes the owner of the property. Because the banks become an active party in these transactions, response times for REO property purchases are typically one week or less. Foreclosure sales make many homes more affordable, but the process for negotiating prices on short sale and bank-owned properties often times is long and confusing. We recommend contacting us directly to understand the process of purchasing these distressed Almaden properties.
Almaden Foreclosures and Short Sale Homes For Sale
Current Foreclosures and Short Sale Homes for Almaden Valley
There are no properties currently for sale in this area. Contact us for upcoming listings.