Manhattan Beach Foreclosures & Short Sales
Manhattan Beach is an affluent community but, like any other real estate market, foreclosures and short sales occur when homeowners can’t meet their mortgage obligations. Although rare, Manhattan Beach foreclosures present a unique opportunity to purchase desirable coastal real estate at or below market value.
Explore the listings on this page for all current short sale and foreclosure homes for sale in Manhattan Beach, updated daily from the SoCal MLS. You can also read more about foreclosure real estate below.
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Manhattan Beach foreclosures are rare, as the affluent community is known for its high-demand real estate and strong property values. Manhattan Beach homes have historically increased in value over time and, as a result, most homeowners can sell their properties at a profit before their home reaches a foreclosure state.
However, there is the occasional foreclosure or short sale in Manhattan Beach, which present a unique opportunity for savvy buyers.
Foreclosures vs. Short Sales In Manhattan Beach
Foreclosures and short sales both occur when Manhattan Beach homeowners fall behind on their mortgage payments, but the two situations vary considerably.
A foreclosure is a legal process that is triggered by the lender, in which they take action to repossess a property and then re-sell it. The lender’s goal is to recover the outstanding debt on the mortgage. Foreclosure is a complex process involving many steps, which can be a time-consuming investment.
A short sale is triggered by the homeowner and occurs when the market value of the property is lower than the amount owed on the mortgage. With a short sale, the homeowner gets the lender’s approval to accept the full proceeds of the sale in exchange for the debt. It allows the homeowner to wipe their slate clean, and the bank to avoid the costly foreclosure process.
Foreclosure & Short Sale Real Estate Agents
If you’re considering buying a home within the complex world of foreclosures and short sales, we recommend working with an experienced real estate team in Manhattan Beach. The DOMO Group will guide you through the nuanced foreclosure process, helping you seize the right opportunities and avoid potential pitfalls. Contact us today to get started!