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Foreclosure Update: Should you buy a pre-foreclosure Short Sale or REO?

Posted by socal realtor on October 17, 2010

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We have received numerous inquiries this week regarding short sales and REO purchases either in process or awaiting offer response. Here's what we can share with you at this point. If you are buying a REO foreclosure, read the prelim tile report very carefully. If you do not understand what it is exactly that the title insurance is insuring, consult with either your real estate agent or if necessary call the title rep. You may want to consider purchasing additional title insurance to cover any potential unforseen consequences as a result of the anticipated litigation by the AGs in all 50 states. There have been reports that certain title insurers will not offer coverage on REO foreclosures executed by certain servicers and banks.

As for short sale purchases, in theory these have received investor approval as well as the sign off by the current owner who is in the pre-foreclosure stage. In our opinion that would make it somewhat more difficult for either party to come back and claim that the property was transferred incorrectly. We have not heard of any title insurers pulling back from offering coverage on short sale purchases except where they smell a short sale flip.

South Bay Short Sale MLS Listings: Find Homes - Condo, Townhouse, Single Family Residence
El Segundo pre-foreclosure condo, townhouse, SFR short sale MLS listings
Manhattan Beach pre-foreclosure condo, townhouse, SFR short sale listings in the MLS
Hermosa Beach pre-foreclosure condo, townhouse, SFR short sale MLS listings
Redondo Beach pre-foreclosure condo, townhouse, SFR short sale MLS listings
Rancho Palos Verdes pre-foreclosure condo, townhouse, SFR short sale MLS listings
Rolling Hills Estates pre-foreclosure condo, townhouse, SFR short sale MLS listings
Rolling Hills pre-foreclosure condo, townhouse, SFR short sale MLS listings
Torrance pre-foreclosure condo, townhouse, SFR short sale MLS listings
Lomita pre-foreclosure condo, townhouse, SFR short sale MLS listings
San Pedro pre-foreclosure condo, townhouse, SFR short sale MLS listings
Gardena pre-foreclosure condo, townhouse, SFR short sale MLS listings
Lawndale pre-foreclosure condo, townhouse, SFR short sale MLS listings
Hawthorne pre-foreclosure condo, townhouse, SFR short sale MLS listings
Inglewood pre-foreclosure condo, townhouse, SFR short sale MLS listings
Carson pre-foreclosure condo, townhouse, SFR short sale MLS listings

Westside Short Sale MLS Listings: Find Homes - Condo, Townhouse, Single Family Residence
Culver City pre-foreclosure condo, townhouse, SFR short sale MLS listings
Palms-Mar Vista pre-foreclosure condo, townhouse, SFR short sale MLS listings
Santa Monica pre-foreclosure condo, townhouse, SFR short sale MLS listings
Marina Del Rey pre-foreclosure condo, townhouse, SFR short sale MLS listings
Playa Del Rey pre-foreclosure condo, townhouse, SFR short sale MLS listings
Playa Vista pre-foreclosure condo, townhouse, SFR short sale MLS listings
Westchester pre-foreclosure condo, townhouse, SFR short sale MLS listings
Beverly Hills pre-foreclosure condo, townhouse, SFR short sale MLS listings
Bel Air - Holmby Hills pre-foreclosure condo, townhouse, SFR short sale MLS listings
Hancock Park pre-foreclosure condo, townhouse, SFR short sale MLS listings
Westwood - Century City pre-foreclosure condo, townhouse, SFR short sale MLS listings
Pacific Palisades pre-foreclosure condo, townhouse, SFR short sale MLS listings

Malibu pre-foreclosure condo, townhouse, SFR short sale MLS listings

Beverly Hills Condo Find Homes Foreclosure Hermosa Beach Manhattan Beach Marina Del Rey MLS Search Playa Del Rey Playa Vista Redondo Beach REO Short Sale Townhome Venice Westchester

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