Pacific Grove,CA in Monterey County, as with many other places around the country, has some foreclosures. Not many places are without some, and you can find Pacific Grove REO's and short sales here,and in neighboring Carmel.
Buyers looking for foreclosures in Pacific Grove can search the Pacific Grove 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 REALTOR® who is experienced with these types of sales, so they know exactly what they're getting into.
If you have any questions about buying short sales or REOs in Pacific Grove, feel free to contact Gregg for answers or call 831-818-7524. You can also expand your search by viewing all homes for sale in Pacific Grove.