Monday, November 21, 2011

Foreclosure Filings Impact Newport Beach CA Real Estate Investors

Newport Beach real estate

 

Foreclosure filings are important for investor buyers to consider at Newport Beach - a spectacular Southern California city with expensive properties and ocean views at Orange County CA real estate.

47 Newport Beach properties had notice of default filings during October 2011, which is up more than 23% from the same time last year (Notice of Default filings are the first step in the foreclosure process).

Newport Beach foreclosure filings

27 notice of trustee sale filings were filed re Newport Beach properties in October, which is up more than 42% from same time last year (Notice of Trustee Sale filings set date and time of an auction and serve as homeowner's final notice before foreclosure sale).

After filing of a Notice of Trustee Sale for non-judicial foreclosures in California, there are three possible outcomes.  

  1. Sale can be canceled by trustee because of instructions from owner of the note, a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.  
  2. If the property is taken to sale, the lender/bank will place the opening bid.  If a 3rd party, typically an investor, bids more than the bank's opening bid, the property will be sold to 3rd Party.
  3. If property is not sold to third party at auction, it would go back to the bank and become part of that bank's REO inventory.

12 Newport Beach properties went back to bank/lenders and became REOs after trustee sale auctions during October, 2011 -  while Newport Beach properties were sold to third parties at the auctions. 

Click here to see active link to Newport Beach REO bank owned properties now listed.

320 Newport Beach properties are now in preforeclosure with notice of defaults filed.  158 Newport Beach properties are now scheduled for trustee sale auctions at some time during the next 60 days.

If you want more information about the non-judicial foreclosure process in California and foreclosures at Newport Beach, please contact us

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Source of information is ForeclosureRadar.com, is for information only and is not the providing of legal or tax services.  If you are a California property owner facing foreclosure, you should consult with an experienced real estate attorney in your area. 

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Please contact us about listing and sale of Newport Beach and Orange County CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Posted via email from Explore OC Homes

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