November 6th, 2020
Palos Verdes Foreclosures
This page will be the main page for you to use from which you can navigate to different resources concerning Palos Verdes Foreclosures. How best can an investor or someone looking to be just an owner occupant take advantage (and I don’t mean that in a bad way) of the foreclosure market? Is best to buy Palos Verdes foreclosures at a bank auction? What of the Palos Verdes short sales? And would Palos Verdes foreclosures in the default status be candidates for buyers?
How do you FIND PALOS VERDES FORECLOSURES
What about the trends in Palos Verdes Foreclosures? Is the frequency of foreclosures increasing or decreasing? How fast is it taking for banks to take back Palos Verdes homes in foreclosure. What about the bids relative to the value of the homes? While it’s said that “all real estate is local”, what are some of the trends across California.
Whether we’re talking about Palos Verdes foreclosures or foreclosures anywhere in the state of California, there is a specific time line that must be followed by lending institutions when and if they decide to foreclose. But before we get into the specifics of the times involved for each process, what are processes involved in Palos Verdes foreclosures? Here’s a flow chart that will help:
The Timeline for Palos Verdes Foreclosures
Notice of Default
Start of foreclosure process. Initial notice recorded after borrower fails to meet the terms of their loan.
Notice of Trustee Sale
Sets auction date. Can be recorded 3 months after Notice of Default
CC 2924 c. (b)(1)
Initial auction date can be just 20 days after Notice of Trustees Sale is recorded.
CC 2924 f. (b)(1)
Auctions can postpone for up to one year.
CC 2924 g. (c)(1)
Postponed/Sold to Bank/Sold to 3rd Party/Cancelled
Transfers property to winning bidder. By default this will be the lender if no bid higher than the lender’s opening bid is received.
CC 2924 h. (c)
Properties are considered to be in Preforeclosure from the filing of the initial Notice of Default until the property is sold at auction. During this period investors can purchase the home directly from the owner, Realtors can list the home, and Lenders can help them refinance.
Auction properties have had a Notice of Trustee Sale filed setting an auction date, and have not yet been sold or cancelled. Investors can purchase the home at auction; and Realtors® and Lenders can monitor their client’s properties, to ensure their listing and loan activities are completed before the auction.
Bank owned properties received no bid at auction, resulting in the bank taking ownership. These properties are commonly referred to by the banks as REO’s (Real Estate Owned). Investors can purchase these properties directly from the bank; and Realtors® can solicit the listing, since banks will almost certainly market the property for sale.
Why Do Palos Verdes Foreclosures Happen? https://www.bestpalosverdeshomes.com/why-do-palos-verdes-foreclosures-happen/
The Foreclosure Process in California https://www.bestpalosverdeshomes.com/california-foreclosure-process/
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