Mammoth Lakes Foreclosures
Resort Property Realty Inc has many Mammoth Lakes Foreclosure listings available for viewing. Please contact us today for more information on Mammoth Lakes Foreclosures, Short Sales and other great real estate deals in and around the Mammoth Lakes, CA area 1-888-361-4449. With homes and condos for sale to fit any budget, Resort Property Realty Inc has quickly became one of the most helpful and reliable Mammoth Lakes Real Estate group. Mammoth Lakes Foreclosures aren’t the only great deals available in Mammoth Lakes, California. We also feature Mammoth Lakes Short Sales.
A foreclosure doesn’t necessarily mean that the property will be cheap. It essentially means that it is owned by the bank and that they are trying to sell it fast. If that means selling it a lower price than what it sold for previously that’s great! Since many homes in the Mammoth Lakes, CA area are Million Dollar Homes it is no wonder that many Foreclosures are often as much as $750,000 or more. That being said there are some amazingly good deals for Condos and Duplexes for only $150-$250 Thousand. Being a popular resort town, Mammoth Lakes was never really hit too hard from the recession. For that reason Foreclosures are hard to come by. When they are on the market, they don’t tend to last very long. We are here to help you stay up to date on the Foreclosures in the area and other amazing real estate opportunities in the Mammoth area. Contact Us today for more information about Mammoth Foreclosures and Mammoth Lakes Short Sales/REO’s. Also visit our Property Search page to find more affordable real estate in the Mammoth Lakes, California area.
Are Mammoth Foreclosures Right For You?
If you are looking to make a real estate purchase in Mammoth Lakes, CA you have probably heard about REOs. Many people are unfamiliar with what REOs are and how it can effect your real estate investments. REO is actually just an acronym that stands for real estate owned by the bank. REOs are being listed more frequently now with the increase of foreclosures due to homeowners not being able to make their mortgage payments. Mammoth REOs are unfortunate for the home owner but can benefit the new buyer by making the property more affordable.
When a bank forecloses on a home in Mammoth, it is required by law to hold a public foreclosure auction. Much of the time the home will not get any bidders at the auction. When that happens the bank will end up owning the property. When that happens the property becomes an REO (real estate owned by the bank). An REO isn’t something that the bank wants, but as consequence they are put in a position to manage and eventually sell the property to cover there initial investment. Many foreclosed homes don’t sell in auction because the auctions are not advertised well, because the property is in poor shape or because there might be liens on the property usually from the IRS. Red tape like this often scares potential buyers away until later. Most banks dot want to own real estate, because it is not usually in their business model for generating profits. Basically, an REO property is the sign of a bad loan that was given by the bank and the REO is a liability, not an asset. Every month that a bank owns a piece of property means they are losing money. That is one reason why you can usually find REO and Foreclosure Real Estate in Mammoth Lakes, CA for such low prices.
Mammoth Short Sale
The Mammoth Lakes area is ripe with REO’s, Bank Owned Real Estate, Foreclosures and Short Sales. Many of these properties are great opportunities to buy Mammoth Real Estate For Sale that is reasonably priced and in great locations. Many of the best deals in town are Foreclosures and REO’s, however Mammoth Short Sales are another viable option for anyone looking to make a real estate purchase in Mammoth Lakes, CA.