www.MammothLakesForeclosures.com
UPDATED DAILY!
Click on the following buttons to view the active Foreclosure listings in our area. Results will be sorted from the newest listing to the oldest.
<--- REO CONDOS in Mammoth
<--- REO HOMES in Mammoth
<--- REO Other in Mammoth (Lots, Multi-Family)
<--- REOs in Surrounding Areas (June Lake, Crowley Lake, Bishop)
*** Click Here for All 3 NEW REO Listings (Jan 26 -Feb 2) ***
*** Click Here for All 5 Changed REO Listings (Jan 26-Feb 2) ***
Call
Dennis & Tara for more details on a any listing. You can also give
us your email address and what type and size of property you are looking
for and in what price range and we will consistently send you listings
which match your criteria. We can also provide sales comparables for
any of the listings above.
SHORT SALES
Click on the following links for short sale listings in our area. Disclaimer: Due to a different status code in our MLS for short sales, some of the short sale listings have accepted offers but are still waiting for bank approval. Contact us for more info.
Short Sale Condos in Mammoth
Short Sale Homes in Mammoth
Disclaimer: Information above is taken from the listing details from the Mammoth Lakes Board of Realtors Multiple Listing Service. It is for the consumer's personal, non-commercial use. This information is deemed reliable but is not guaranteed.Call Dennis & Tara for more details on a any listing. You can also give us your email address and what type and size of property you are looking for and in what price range and we will consistently send you listings which match your criteria. We can also provide sales comparables for any of the listings above.
Sales Statistics for 2010 REO's in Mammoth:
| # of Foreclosed CONDOS Sold: |
69
|
|
Financing:
|
|
| Time on market: |
# Sold: |
Sales Price as % of Original List Price: |
Cash: |
Loan:
|
<1month
|
46
|
99% |
36 |
10
|
1-2 months
|
8
|
86% |
4 |
4
|
2-3 months
|
9 |
86% |
7 |
2
|
3-4 months
|
4
|
72% |
2 |
2
|
4-5 months
|
2 |
68% |
2 |
0
|
|
| # of Foreclosed HOMES Sold: |
17
|
|
Financing:
|
|
| Time on market: |
# Sold: |
Sales Price as % of Original List Price: |
Cash: |
Loan:
|
<1month
|
9
|
99% |
4 |
5
|
1-2 months
|
4
|
91% |
0 |
4
|
2-3 months
|
2
|
86% |
0 |
2
|
5-6 months
|
1
|
61% |
1 |
0
|
8 months
|
1 |
81% |
1
|
0
|
Reporting of sales information in the following section is not meant to imply that the owners of this website were involved with every single transaction. Based on information from the Mammoth Lakes Multiple Listing Service (MLS) for the dates stated in each sale. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.
** Please call or email us for information on any pending or sold REO's. **
Call or email for more info on the REO and Foreclosure market in Mammoth Lakes. These properties are sold "As-Is" and banks want very short loan and inspection contingencies (if any). Be prepared to provide proof of down payments.
The banks also tend to drop prices every 30 days or so if no offers have been received.
Short Sales:
A word on short sales in Mammoth Lakes. Early on (2008) when no one knew how to deal with them and banks were only helping those in true need (as opposed to those who own 2nd homes up here), they were not happening. Only in rare cases where the borrow had true hardship (loss of job, death in family, etc) and where the property was their primary residence were these approved. If it was a 2nd home and the bank saw you had other assets you could sell off or cash limits on credit cards to tap into, they would deny the short sale.
Then short sales picked up steam in 2009 and were a way to prevent foreclosure. Banks like Wells Fargo were quick on the ball to approve them (if they fit their formulas) and get them closed. Others, like Countrywide/BofA and WaMu, took forever to review/evaluate.
Then in late 2009 we saw more banks opt to foreclose than deal with a short sale. Maybe it is not as expensive as we thought for banks to foreclose instead of approve a short sale. One recent short sale had three all-cash offers at what we considered was market value, but the bank went ahead and foreclosed on the borrowers and will probably list the property below the price of the three offers.
Then in 2010 we saw the reverse. More and more short sales were getting approved. But often times they were approved only to see that the buyer had lost patience and moved on to another property. So the listing agent scrambled to find another buyer and they were able to at the same price, then the short sales often worked.
In late 2010 we saw banks (esp. BofA) ask sellers to pitch in to the short sale. Sometimes they are asking for large contributions from sellers and steep reductions in commissions. Sellers are countering back at lower contributions and are often getting them accepted. However, the bank's approval letter have language such as "...may pursue a deficiency judgment for the difference in the payment received and the total balance due." It is advised to speak with a real estate attorney and a tax professional about any short sale.
In 2011, we saw banks stop asking for sellers to pitch in to the short sale. More short sales are getting approved, even if it seemed like the borrow did not have 'hardship.' Banks finally streamlined their processes and became much more efficient. They are able to respond to offers much quicker than in the past and some even reach out to contact the agent to check in rather than the other way around...amazing.
Short sale list prices are attractive, but it is not even a real list price. It is a price that may entice an offer, but then the borrower has to submit a 50+ page short sale application to the lender. And most often, it is not just one lender. Many people took out a 'first' and a 'second' loan to purchase the property and have to get agreement from both to reduce the loan amount due to them. In some cases, the 1st will pay off the 2nd at 10 cents on the dollar or $3,000, whichever is less.
Trustees Sales:
Before a property is foreclosed upon, it is auctioned at a Trustees sales at our local escrow office. An interested buyer will need cash to purchase an auctioned property. One way is to have your bank prepare cashier's checks for the starting bid amount and additional checks in appropriate increments up to your highest planned bid amount. If you are the winning bidder, you will then be refunded the difference (if any) between the winning bid amount and your sum of cashier's checks.
These properties as sold as is without any rights to an inspection, leaving a big risk for the buyer of non-working appliances, possible water leaks, and other health or safety issues.
Occupancy may not be immediate, especially if there are tenants in the property who need to be evicted and if there is personal property left behind valued at more than $300.
Buyers are not attending and bidding on most of these sales since the bid amounts are sometimes as high or higher than what they are currently worth on the market (since the defaulting borrower bought them at the peak of the market with 100% financing).
When no one bids at the auction, the property is foreclosed upon and buyers wait until they come back on as an REO ("real estate-owned," or foreclosure).
ACTIVE MARKET NUMBERS - Mammoth Lakes: (Updated 10/1/2011)
Mammoth CONDOS
# Active: 206 (22 are short sale listings, 11 are REOs)
# Pending: 55
Average Days on Market: 215
Average List Price: $407,000
Median List Price: $318,000
Condo Supply: 5.8 months
Mammoth HOMES
# Active: 69
# Pending: 12
Average Days on Market: 168
Average List Price: $1,278,000
Median List Price: $775,000
Home Supply: 10.5 months
Mammoth LOTS
# Active: 45
# Pending: 4
Average Days on Market: 776
Average List Price: $846,000
Median List Price: $395,000
