Sunnyvale Foreclosures Sales
Sunnyvale Short Sales - Sunnyvale Bank Owned Listings (REO)This page highlights properties in the Sunnyvale area which are either short sales or bank-owned properties also known as REOs. Both of these types of properties represent a good value for today's buyer. Each of these categories of sales has their own unique characteristics. It is important that a home buyer understand what to expect when dealing with these types of sales.
Short Sales are defined by the seller attempting to sell a property for less than their outstanding mortgage balance. With today's market values at all time lows, homeowners who currently need to sell are often underwater. The term underwater means the seller has a mortgage amount on the property which exceeds today's current market value. A homeowner who is attempting to do a short sale must typically provide documentation showing evidence of a financial hardship requiring the short sale. Further, with a short sale, a buyer of a Sunnyvale home which is a short sale must be aware the bank (mortgage holder or lender) must approve any sale of the property. Along with the approval, the lender(s) agree to release their lien on the property and provide clear title. The process of bank approval can take anywhere from 30 - 90+ days to obtain short sale approval depending on the lender(s).
For bank-owned property, often referred to as REO (Real Estate Owned) or Foreclosures, the property has been taken back by the bank and has been put on the market for sale. In the case of a bank-owned property, the buyer can expect a much quicker response time to any offer when compared with a short sale. The average response time is 5 - 7 business days. For these types of properties, buyers must be aware they are typically purchasing a property As-Is and the bank will not provide any repairs or credits for work to be done. While these types of sales can be a good value, a buyer must be prepared to possibly incur repair costs.
Sunnyvale Foreclosures Listings
Current Foreclosures Sales for Sunnyvale, California
There are no properties currently for sale in this area. Contact us for upcoming listings.