FORECLOSURE LISTINGS SANTA MONICA
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We should first establish what Santa Monica Foreclosure means. Foreclosure goes under many names;
REO, Real Estate Owned Properties, Lender Owned, Owned by Bank and I could list many more but these are the most popular. The term foreclosure is really not correct when you see a listing that says ?Foreclosures Santa Monica ? Foreclosure is a verb showing an action has being taken not how the listing is being sold. The property should be sold ?REO Santa Monica Houses? or Lender Owned Real Estate ?Santa Monica Houses?
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For the sake not to confuse people I will use the term Foreclosure throughout this article.
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There has been a lot of talk about the deals you can get today with properties that have been foreclosed and are for sale as an REO.
Buying a Santa Monica Foreclosure has many pros and cons
1. Pros
a. You can sometimes a find a below market price on listings
b. There are many houses on the market due to economic conditions.
c. Banks take into account and lower the prices knowing work needs to be done
d. Banks are usually eager to sell these properties and usually act fast.
e. For cash buyers the bank usually takes an additional discount
2. Cons
a. The property is usually not in the best of conditions. Remember that the former owner did not have the money to pay the mortgage let along keep the property up
b. The bank will sell the property as is and unless there are major health hazards have no obligation to fix anything. What you see is what you get
c. You are dealing with a bank so there are no emotions involved and when they take a position on any part of the transaction they are usually inflexible.
d. Banks have had the house appraised numerous times and are very up to date with market conditions don?t expect to buy a Santa Monica Foreclosure at a fire sale price
e. Special transactional steps and paperwork
3. Conclusion
a. When looking for, Foreclosure listings Santa Monica, you can find great deals but there are a lot that are also not discounted enough to balance the negative aspects
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Now the question is where you look for Santa Monica foreclosures:
1. The easiest is looking through the newspapers
2. Talking to a Santa Monica Realtor that specializes in Bank Owned Properties
3. Of course there are many publications on line that specialize in ?Foreclosure News Santa Monica?
4. To get a total reference guide to bank foreclosures and to see Foreclosure Listings ? Santa Monica, here is a link to my website that specializes in foreclosures Santa Monica Foreclosure. West LA Real Estate Group
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As in all communities, Foreclosures Santa Monica , are not located in all areas. The upscale areas of North of Montana, Santa Monica Mountains, and beach houses have not been economically hit that hard and this there are not that many Bank Owned Properties. You will find Foreclosure Listings Santa Monica in the blue collar area near Venice, Sunset and Ocean Park. These neighborhoods have a lot of Santa Monica Foreclosures.
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