Our team of experienced eReal Estate Corp agents has more than 30 years experience selling homes on the Palos Verdes Peninsula. Our agents have sold homes in every community on the peninsula including Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills Estates, Rolling Hills, Academy Hills, Westfield, Portuguese Bend, Malaga Cove, Lunada Bay, San Pedro, Torrance Riviera and the surrounding South Bay and Beach Cities communities.
Palos Verdes Foreclosures, Short Sales and Bank-Owned Properties
In today's real estate market, Palos Verdes tends to have a steady supply of foreclosed homes, short sale properties and bank-owned houses. While there are many reasons houses become distressed homes in the Palos Verdes area, the primary reason is that the homeowners are underwater on their mortgage, meaning they owe more to the bank than the home is worth.
Many Palos Verdes homes purchased at the peak of California's housing bubble are now worth significantly less than their purchase price, creating a dilemma for the owners of the homes, but a tremendous buying opportunity for those in a position to purchase foreclosed homes and distressed properties. Many homeowners who are not confident that their homes will return to these bubble-era valuations have chosen to seek loan modifications to reduce their principal and monthly payments. Other homeowners have chosen to negotiate short sales with their lending institutions, or have simply seen their homes fall into foreclosure and be repossessed by the mortgage lenders. These socalled bank-owned homes, or REO properties, are often available at significant discounts versus standard listings.