The Malibu Real Estate Blog

What you need to know about Malibu bank owned homes for sale.

There are bank owned homes and short sales. They can also be called REO’s and foreclosures. One is a pain and one can be really easy and you have a good chance of closing the deal if you have cash. Bank owned homes and condos can close in a week or less. The bank is ready to get it of it’s books. With the last several deals I’ve wrote on bank owned homes, the bank told the listing agent to only send the highest cash deal. One condo last month had 5 offers 4 of which were cash. If the deal appears to be good to you, there are 10 others that think the same way.

Short sales are a different animal. The banks may not get back to you for months and you are stuck in limbo watching other deals go by. If you have nerves of steel and patience like the Dali Lama, then go for that short sale. If you want answers and have cash, go for the bank owned deal.

One last point! You need to work with an agent that makes sure you get the info fast. I just wrote an offer on a bank owned condo and it was my client who got the first offer in. We got there first because I relentlessly called the agent every day for a week and it was on my radar well before everyone else. Also, you need to be set up on an auto notify system that gives you morning emails about market activity. You can also check out or tab up top for foreclosures.

You can email me write now requesting the list of everything on my Malibu Bank owned list.

Email Me

Created Wednesday 11:03AM Email Me to get all properties in Malibu on my Bank Owned/ Foreclosure/ Short Sale list. There are 40 right now within the Malibu real estate market. You can run your own reports anytime on the link above called Foreclosures.

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For seriously straight talk about actually buying or selling a home in Malibu, call me on my cell at 310 699 8428 anytime 7am to 10pm.

There are currently 71 condos for sale in Malibu with prices ranging from $439,000 to $4,500,000.

Only 14 have sold in the last 4 months.

7 of the 14 sold had sales prices above $1,000,000

One notable sale, a condo on Malibu Road sold for $5,325,000.

Over half have had price reductions in the last 120 days.

Tips for finding a great deal on a condo…

Look for listings that have been on the market longer than 6 months.

Find units that have been purchased as rental units and are vacant.

Find sellers that consistently reducing the asking price on a regular basis.

Make sure you have an agent that will present the offer in person!