Foreclosure activity for 90266 (Manhattan Beach, updated with Excel spreadsheet

Read More: Hermosa Forclosure Activity Sept. 2009,  Hermosa Beach Foreclosure Activeity Aug. 2009,  Manhattan Beach School Map,  Manhattan Beach Salaries,   Hermosa Beach New Construction,  Manhattan Beach Property Tax

Contrary to my greatest hopes, foreclosure activity for Manhattan Beach is up a little over the last four weeks, with 89 homes in some stage of foreclosure. Also, the map image above is missing 39 of the 89 homes in the list because the tool I used can only show 50 homes at a time. See our previous entry on Manhattan Beach foreclosure activity here: July and August Foreclosure activity <<-- click here

If you'd like more detailed information, have a look at the linked spreadsheet. If there's a particular home you'd like more information on, please let us know. 

Download Foreclosures for 90266 SEPT09 <<-- click here (EXCEL File)

When you explore the list, you'll see that over 50% of the entries are labeled "preforeclosure," which probably means a notice of default has been issued. In today's economy, it's pretty common for local families to be experiencing some degree of constrained cash flow. I would guess, as I have before, that the bulk of the owners who have received a notice of default will cure the default by bringing their mortgage current, or they will work towards selling their home well before the bank sends the home to auction. 

There are a couple of surprises in the list, which look like they are going to be saved by the bell*. 

For those of you who are fixated on foreclosures and are trying to purchase a foreclosure property, please consider the following:

1. Is there something wrong with the location?
2. Was it originally priced so far above market that people stayed away when it was listed?
   
3. Why did it sell for at auction? Why didn't the bank keep it as an REO? I can't think of a single "great" property that has become bank owned—there's always a "catch."
   
4. If the home has gone through foreclosure and it's now investor owned, how much did the investor pay for it? Again, why didn't anyone else want it if it was auctioned so far below market. 
5. What kind of foreclosure was it, can the owner reclaim the property during the next year? This is called the redemption period and is not normally the way foreclosure sales go, but it's worth asking. 
   
6. Have you looked at the tax records, is the title clear? If you're curious, you can try out www.propertyshark.com, which has lots of great tax info. A full title search as part of the purchase will be needed to verify that the home can be sold. I know you all know most of this, but I thought I'd put it down in a list
   
7. The property is probably going to be sold "as-is." Meaning that there will no repairs, and because the investor or bank has no knowledge of defects in the property, there won't be much in the way disclosures. 
   
8. Many foreclosure homes have damage, for example it's pretty common for the previous owners to have pulled all of the appliances, what other damage may have been done to home?
   
9. If you're going after new construction, has the Certificate of Occupancy been issued by the city? If not, what's missing and what will it cost to bring the house up to code? Check with your lender about this. Some lenders will not lend on the property without a final certificate occupancy in place.

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*When our ancestors realized that they were burying a great deal of people before their time had actually come, they came up with a solution. They tied a string onto the "dead" person's hand, buried them, and tied the other end of the string to a bell and then tied it to nearby tree branch. If the person revived enough to ring the bell, their survivors would rush out and dig them up. Hence... "saved by the bell" From Goodwords.com (http://www.goodwords.com/sayings/)