Orange County MLS inventory has a decent amount of homes listed as bank owned, commonly known as foreclosure sales or REO's ( Real Estate Owned). These homes have been acquired by the banks or lenders through the process of foreclosure, which is basically a home that the bank needs to get off its books, and where noone showed up at the courthouse to bid on the minimum amount of the existing mortgage, or mortgages.
These homes typically are listed at a 'market price' or even below it, so be ready and act fast.With these luxury foreclosure homes in Orange County, Be ready to compete too, as these homes tend to have multiple offers on them too. What's nice about them, is that these escrows tend to be much shorter than those of shortsales. Bank Owned homes are clear of liens but offer no repairs. They are sold 'as is' condition.
When purchasing or writing an offer to a bank for an Orange County home listed as a Bank Owned, remember that many banks are not likely to pay closing costs for the buyer. Fees like transfer taxes, county and state fees will have to paid by the buyer, not the bank. Banks do not often pay for pest reports, repairs or home warranty plans.
Are you ready? Here's some of the nicest bank owned foreclosures currently available: