News, Current Events, Resources, Press Releases & More...
|
Share this Article:
Looking into Purchasing a Foreclosed Home?Category: Real Estate | Permalink Published: Friday, February 05, 2010 Buy Before the BankKnown 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 StepsSometimes 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 REOsThese 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.
Be the first to share your Comments...
Post a CommentOther Recent ArticlesHave You or A Loved One Been Injured in an Automobile Accident?Category: Professional Services Published: Friday, March 12, 2010 Has your life recently been interrupted by an automotive accident? Sweeney Attorney’s understands how difficult returning to your everyday life can be. James Brennan: Your Riverside Real Estate AgentCategory: Real Estate Published: Wednesday, March 10, 2010 Home price haven’t been this low in quite some time and there are plenty of opportunities available for you to find that perfect home for an unbeatable price. Get Ready for a Night of Glitz and Glamour at Ponte Winery!Category: Leisure Published: Monday, March 08, 2010 Ponte Winery will be hosting a night of glitz and glam for all you Ponte Wine Club Members! Join Ponte Winery as we debut our 2007 Dolcetto, 2007 Petite Syrah and 2007 Tempranillo. Seven Reasons to Buy a Piece of Murrieta Real Estate or Temecula Real EstateCategory: Real Estate Published: Friday, February 26, 2010 There is no time like now to purchase a piece of Murrieta real estate or Temecula real estate. James Brennan can help guide you through this real estate market and answer all of your questions. Contact James Brennan today. Mothers day is coming up, how will you pamper the mother in your life?  CategoriesBlog Roll & Resources
|
