10 Aug 2008

La Mirada Bank Repos ~ La Mirada CA Real Estate

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The City of La Mirada, CA  like many others in SoCal is not immune to the housing dole-drums experienced in the Southland.  La Mirada’s current inventory of existing listings is similar to many other surrounding communities when it comes to distressed sales.

La Mirada’s current re-sale inventory foreclosures/short sales  vs. “traditional sales”:

169 total properties for sale ~ of which only 15 are identified as Bank Repos, slightly less than 9% of the total inventory. However, when you factor in current short sale properties that total swells to 40% of the current inventory. That’s right another 53 homes are identified as short sales in the Multiple Listing Service. (It’s most likely a few others which may not be properly identified in the multiple listing service as a short sale).

La Mirada bank repos are currently priced from a low of $163,000 for a one-bedroom one bath  condo in the Los Olivos complex at Ocaso and La Mirada Blvd. to $789,000 for a 5 bedroom 3/bathHillsboro Manor home near Beach Blvd. and Hillsboro Drive, south of Imperial Hwy.

Not every distressed sale is a repossession or short sale so let’s define distressed sales, a bank repossession/foreclosures, short sales vs. personal circumstances:

 •1.       Bank Repo, aka REO or Bank Foreclosure~ A bank/lender/government repo is owned by the institution that held the loan on the property, or in some cases actually insured that loan. REO=Real Estate Owned is a term used by institutions to identify properties on their books.

 •2.       Short Sale ~ A term used when a property is offered for and/or sells for less than the current amount owed on a loan. For example, (a)the case where a home buyer purchased a property for  one amount, the value declined and the owner could not sell for the amount owed on  the loan. On the other hand,(b) other short sales may result from a property being re-financed at any period of time and the value declined (c) where an owner has tapped the equity in the form of a home equity line of credit, aka HELOC and again there has been a decline in values. Again where the sales price would be less than the amount owed to the lender.

It takes real stamina to hang in there for these things. I’ve watched repo sales for over twenty-five years and urge you to work with someone who understands your local market. Again, do your homework ahead of time!

If you’re interested in finding out more about a La Mirada bank repo, contact me, Lynda@PreferredHomeBrokers.com


About the Author

I maintains an active residential re-sale brokerage in Brea, CA, located in Orange County, about 20 minutes north of Disneyland. Contact Lynda directly at (714) 595-1494, or Lynda@PreferredHomeBrokers.com – CA License #00402040

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