Here is a list of 91 REO properties for sale in Santa Cruz County as of 9/18/2011. These listing were found in the local MLSListings.com Multiple Listing Service database. The REO listings below are in the Santa Cruz County Cities/Towns of: Aptos, Ben Lomond, Boulder Creek, Brookdale, Capitola, Felton, Freedom, Los Gatos Mountains, Santa Cruz,…
Acceptable proof of funds is a critical element when buying an REO property in Scotts Valley and Santa Cruz County. What are acceptable proof of funds? 1) Your bank statements showing funds on deposit in checking or savings account (liquid assets). Some REO banks want three months statements showing sufficient funds on deposit. Others require…
Foreclosure Timeline in Scotts Valley and Santa Cruz County California real estate uses a Deed of Trust as the primary security instrument when a property is purchased using borrowed money such as a mortgage. The Power of Sale clause within the deed grants the trustee the power to sell the property in case of default….
Santa Cruz County Mortgage Delinquencies rise Mortgage delinquencies have risen from 7.3 percent to 7.6 percent for the past two years. In 2011, so far, more than 480 homes have been sold through foreclosure auctions. An uptick since 2010, when 471 homes were auctioned. Since the 2008 economic meltdown, 6,400 local borrowers have defaulted on…
Investing in a bank-owned REO property is not something to be taken lightly What’s an REO property? “REO” or Real Estate Owned are homes which have completed the foreclosure process that the bank or mortgage company now owns. This differs from real estate up for foreclosure auction. When buying a property during a foreclosure sale, you must pay…
