Everybody wants a short sale, until they start to figure out that these are really “long sales” based on how long it takes. However, these can still be quite a good deal if you can afford to wait the many months it takes to get one. With that in mind, are there any in the South Bay? My great title representative, Matt Goeglein from Fidelity Title ran the numbers for me and there are very few Notices of Default (NOD — the ones seriously behind in their mortgage payments), Notices of Trustee Sales (NOT — the ones that are actually going to foreclosure auction), or REO (Real Estate Owned — the ones that are owned by the bank) homes, especially in the more affluent areas of the city.
As would be expected, the areas that have better and higher employment, such as the beach cities and more expensive Palos Verdes area, have lower percentages of short sales than the more inland areas of the South Bay such as Lawndale, Gardena, Hawthorne and Torrance. Short sales in Manhattan Beach are very scarce, as are other distressed properties in Manhattan Beach.
I am a short sale specialist and a Certified Distressed Property Expert (CDPE), so if you ARE looking for a short sale I can help. I also can help you if you ARE “underwater” on your home and need to sell your home in Manhattan Beach or anywhere in the South Bay.