In Monterey County, as with many other places around the country, has some foreclosures. The county is huge and the different communities and price ranges vary in each. Not many places are immune and you can find Monterey REO's and short sales in many areas of Monterey County. As of late 2012 we seem to be seeing fewer foreclosures and generally more short sales reflecting a trend of banks working with sellers to sell as a short sale instead of a foreclosure.
Read more about Monterey foreclosures, or see all Monterey bank owned homes for sale below.
Buyers looking for foreclosures in Monterey can search the Monterey MLS for foreclosed homes for sale. If a home goes to the foreclosure auction, if no one outbids the lender, then the ownership reverts to the bank, making the home an REO or bank owned home. Usually these homes will be available for sale at a later time. Transactions that occur before the foreclosure stage are known as short sales.Both are good opportunities for the investor or homeowner.
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 a bit of a process for buyers before the sale is final. Also, sellers still have a vested interest in keeping the home in good repair, as they usually live there. 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 Monterey short sales are wise to talk to a Monterey REALTOR® who is experienced with these types of sales, so they know exactly what they're getting into.
Based on information from MLSListings MLS as of All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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