In the Live Oak area of Santa Cruz County, there are a number of great deals inLive Oak foreclosures and short sales, than in Santa Cruz properu. For many this is a great place to purchase a good home at a great deak. Watsonville is a super hot marke for foreclosures and short sales and there they have multiple offers on most properties. The number of Live Oak foreclosures comes in at second place to that of Watsonville.
Read more about Live Oak foreclosures, or see all Live Oak homes for sale below.
As of 2016 there are very few foreclosures or short sales that are done due to the rising market, and that is the case in most areas of the central coast.
These Live Oak real estate prices are excellent, and enable a wide range of buyers to enter the much-desired Live Oak real estate market. Live Oak is a large area, about 10 minutes south from Santa Cruz proper.
Buyers looking for foreclosures in Live Oak can choose to buy prior to or after the actual foreclosure process, which is essentially a short sale situations, should the buyer quailfy.If they have all cash ,they can purchase homes at the foreclosure auction, if no one outbids the lender, ownership reverts to the bank. Depending on the encumberances on a Live Oak home, it might be better to let it become an REO or bank owned home, an purchase later. Transactions that occur before the foreclosure stage are known as short sales or sometimes as pre-foreclosures.
A short sale occurs when a home is sold for less than the amount still owed to the bank. Pre-foreclosure transactions, like short sales, can present a great opportunity for buyers looking for a good deal, for sellers who are looking to get out from under their mortgage, as well as for lenders looking to avoid the time-consuming foreclosure process.
Short sales are also less risky for buyers than buying at an auction because they're able to inspect the property before the sale is final. Also, sellers still have a vested interest in keeping the home in good repair. That said, short sales can take a very long time to complete, and there's no guarantee that the lender will approve the deal. Buyers looking for Live Oak short sales are wise to talk to a REALTOR® who is experienced with these types of sales, so they know exactly what they're getting into.
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