When a Orange County foreclosure takes place, a homeowner’s rights to a property are forfeited because of failure to pay the mortgage.
If the homeowner is unable to pay off the outstanding debt or sell it by doing a Orange County short sale, the property then goes to a foreclosure auction and if it fails to sell at auction, it becomes the property of the lending institution.
You May Want to Consider Purchasing a Orange County Foreclosure
If you are looking to purchase a home, you may want to consider buying a Orange County foreclosed home, which is also referred to as a “real estate owned (REO) property.” An REO property is one that is owned by the lender as a result of the previous owner defaulting on the loan, also known as a bank-owned property or foreclosed property.
A Few Things to Consider
The two most common ways of buying a Orange County foreclosed home are working with a Orange County real estate agent or through public auction. REO/foreclosed properties are an affordable housing option, but there are things you should be aware of such as:
- Foreclosure Property Condition – There may not be any record of property repairs or maintenance that would assess the true property condition if the bank has not maintained or had first-hand knowledge of the foreclosed home before acquisition, Often times, the bank is unable to verify the condition of the property or complete a Seller’s Disclosure. Buyers are allowed and encouraged to complete professional home inspections on the property.
- Out-of-Pocket Foreclosure Expenses – With a typical real estate transaction, out-of-pocket expenses can occur before and after an offer to purchase a property has been submitted. They may include lender required documentation such as an appraisal or home inspection and bank-required minimum earnest money or “good faith” deposit demonstrating the buyer’s interest in the property and may be an indicator of how much money will be deposited as a down payment.
- Title Issues – If these are discovered during the closing process, they will need to be addressed and resolved, along with completion of all necessary paperwork to support the transaction. An extension of the close date may also be requested by the seller if these issues cannot be resolved by the contract close date. You as the buyer, should allow enough time after the scheduled contract close date to schedule movers, furniture deliveries, utilities, etc.
Orange County Real Estate Specialists – Call Now at 949-355-9558
If you are thinking about selling your Orange County property, we have years of experience and extensive training in cutting-edge, online marketing technologies for today’s competitive market. If you are behind on your mortgage and don’t know what to do, we are experts in Huntington Beach short sales.
The first step in the selling process is to provide you with an in-depth comparative market analysis (CMA) on your home. We will then create a comprehensive online game plan to get your Orange County real estate in front of as many people as possible and get it sold as quickly as possible!
As an investor, we have several services available in the preparation for the sale of REO’S and Short Sale properties. This includes a variety of professional sub-contractors who can do whatever is needed to prepare the property for sale. Once the property is ready, we can also help you with your specific marketing needs.
We provide Orange County real estate services for buyers and sellers within the following cities and communities:
- Laguna Beach – Emerald Bay , Irvine Cove , Crystal Cove,The Village, Crescent Bay and 3 Arch Bay
- Newport Coast – Pelican Hill
- Corona Del Mar – The Village , Spyglass and Cameo Shores
- Newport Beach – Newport Heights, Lido Island, Balboa Island, East Bluff, One Ford Road, Port Streets and Big Canyon
- Costa Mesa – Eastside Costa Mesa
- Huntington Beach
- Irvine – Turtle Ridge, Shady Canyon, Turtle Rock and Woodbridge
Give us a call today at 949.355.9558 or fill out our online contact form and let us know how we can best serve your Orange County real estate needs.
We look forward to speaking with you!
Real Estate Consultant
BRE License # 01771487
2010 Main St Suite 1250
Irvine CA 92614