We are seem to get a lot of calls from clients looking for distressed properties, especially bank owned and short sale transactions. Another type of a distressed sale to keep in mind when looking for a home are homes listed as a Bankruptcy Court Sale. A perfect examples of this is current listing in Laguna Beach that may be a good deal for the right buyer. The home is currently in the middle of a renovation as the picture below displays and also features wonderful ocean views as well. It's located in the Alta Vista neighborhood in Laguna Beach which is a short driving distance down to the beach from many of the homes here.
This type of sale often requires the approval from the Bankruptcy Trustee as well as Court confirmation and overbid procedures. Often times the sale must be an all cash offer since a lot of lenders would typically not be willing to lend on a home that is not completely finished. Some buyers may get a hard money or a construction loan in order to pay for the home with all cash. Also it's pretty typical in these kind of sales that the home is sold as-is without any repairs being done by the seller. This doesn't stop you from doing your inspections but know in advance the seller is not willing to offer any kind of repair credit or fix any items. For further information on locating distressed properties please contact us at 949-355-1622 today.