Brea Bank Foreclosures ~ Brea Bank Repors ~ OCT/NOV 2008

Brea Bank Repos and Brea Foreclosure Sales for October - November 2008 ~ Brea, Orange County CA

Brea, CA like other cities in So Cal, and is not immune to the housing dole-drums experienced in the Southland. Brea's current inventory of existing listings is similar to many other surrounding communities when it comes to distressed sales.

Understanding Brea's bank repossessions, distressed sales market in a snap shot for mid October through mid November:

134 total properties for sale (up 15% from the last two months) of which only 12 are identified as Bank Repos, just under 12% (the same percentage as last two months) of the total inventory. However, when you factor in current short-sale properties that number increases to about 35% of the current inventory. Compared to 33% for the prior two months.

That's right another 35 homes (condos and single family homes) are identified as short-sales or, are currently in the process of foreclosure as identified in the Multiple Listing Service. (It's most likely a few others which may not be properly identified in the multiple listing service are also short sales at this point).

So now that you know the numbers, what does that mean for you? If you're a home buyer or seller today, it's important to note that one-third of the homes currently available for sale in Brea are distressed sales. The number of short-sale properties far outweighs the current repo properties. However it's my opinion that because so many of the short-sales do not actually sell and close escrow, many of these listings today could be tomorrow's foreclosures.

At Preferred Home Brokers, we represent a variety of lenders from across the southland in bank repos in Orange, Los Angeles, Riverside and San Bernardino Counties.

If you're looking to buy a bank repo or a distressed sale contact me, at repos@PreferredHomeBrokers.com. You will be connected with one of our foreclosure specialists!

• Or call direct, 714 595-1494

We've served home buyers and sellers for more than 30 years under the same family ownership.

If you're interested in learning about Brea check out more on down town Brea in Downtown Brea Living, and see why Brea's The Place to Be. Hungry? view Brea's Down Town Dining.

Have a day to spend in the OC? View Brea ~ CA as Featured in Westways Magazine for day tripping around town.

--CA Department of Real Estate License Number 00402040.

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Here's the scoop on short-sales~

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 the decline in values. Again where the sales price would be less than the amount owed to the lender.

• As an aside, many lenders have recently frozen or reduced many homeowners existing credit lines on loan that are also current.

It's important to understand that on a short sale, each lender must approve the terms of a sale. Just because something is listed for sale at a reduced price, does not mean it will actually sell for this amount. A fairly recent tactic has been to offer a property and an unbelievable price in hopes of creating buyer interest and therefore an acceptable offer to the seller and his/her lender.

Oh, one more wrench in the works, you may be negotiating with more than one lender making a decision if there's more than one loan on the property.

It takes real stamina to hang in there for a short sale. I've watched repo sales for over twenty-five years and I urge you to work with someone who understands your local market. Do your homework ahead of time!

Author:Lynda Eisenmann, Broker