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Looking into Purchasing a Foreclosed Home?

Category: Real Estate | Permalink

Published: Friday, February 05, 2010

Buy Before the Bank

Known as pre-foreclosure sales, you take advantage of the fact that banks file Notices of Default (NOD) with the county courthouse when a borrower falls behind in their payments. Smart buyers head to Santa Ana and look over these NODs daily. After finding a property you are interested in, knock on the homeowner's front door and make your offer. If that doesn't work, send a letter. In fact, some buyers skip the knock altogether, reporting better results from sensitively written letters.

Once you have reached a deal, most banks will extend the foreclosure sale until escrow has closed. If the amount of the sale is less than the borrower owes, bank approval of this "short sale" is required. But with home prices in the key Orange County markets of Anaheim, Santa Ana and Fullerton down an average of 32% over last year according to DataQuick, a provider of real estate information, banks are willing to take a loss on individual mortgages rather than go through the more costly foreclosure process.

On the Orange County Courthouse Steps

Sometimes called sheriff's sales or real estate auctions, these Orange County foreclosure sales pose the most risk for buyers. You don't inspect the property and the homeowner has the right to redeem the property if they come up with enough cash to cover your purchase price within a set period of time. You also need to check any outstanding liens against the property, which become your responsibility after the sale.

Even with these potential pitfalls, however, buying at auction can net terrific bargains. If you have a considerable amount of cash, and come up with the rest within a matter of days, buying on the courthouse steps could be the deal for you.

Orange County Bank REOs

These are your safest bets in buying Orange County foreclosures or a Orange County foreclosed home. If no one buys the house at the auction, the home becomes Real Estate Owned (REO) by the bank. They want to sell these properties as quickly as possible, so contacting them directly and making an offer can get you a bargain.

Not comfortable approaching the bank? Look for an agent that specialize with foreclosures in Orange County. By building relationships with the banks, The OC REO Team has done all the work for you. They know which properties are on the market, have the inside track on new foreclosure listings and will guarantee you receive clean title.

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