Orange County has very few foreclosures. The foreclosure and REO market in Orange County while rare, brings bargains to all types of home buyers: from condos and town homes, single family homes, to high end luxury homes.
With foreclosures and short sales, not only is market knowledge important to have, but to also have access to the right properties at the right time with the right information is critical. When you buy a foreclosed home, you're cashing in on a home someone was no longer able to afford. Orange County Bank Foreclosures are a little difficult, but the potential to turn them over for a profit may be there. At OCDreamhomes and OCExecutives - our agents will check nearby for comparable homes to see if the asking price for a foreclosed home is, in fact, a bargain.
Bank Foreclosures in Orange County, or REO properties ( Real Estate Owned in Orange County) by city:
Sprawling estate home with over 11,000 square feet of living space (per tax assessor), situated in the highly coveted and exclusive neighborhood of Pelican Hills. Situated on an expansive 19,970 + square foot lot (per tax assessor) with a 9 car underground garage (per assessor), perfect for the auto enthusiast. Ideally located minutes from fine dining, shopping, and entertaining at Crystal Cove shopping center and Fashion Island, plus beaches,
This sleek, contemporary home has been tastefully updated to capture the stunning views overlooking iconic Victoria Beach. An open-concept kitchen, family room with custom cabinetry, quartz counters, and center- island, creates a subtle blend of neutral tones, allowing the views to take center stage. Draw back the wall of Cantina doors and double your entertainment space. Downstairs are three bedrooms and two and a half baths. The entire second
With an impressive array of high-end upgrades & luxurious finishes, this executive residence rivals professionally decorated model homes in Irvine. Featuring the most popular Vicenza floor plan in Orchard Hills’ guard-gated Groves collection, the generously proportioned design was built in 2017 & feels brand-new w/ an abundance of natural light, impeccable attention to detail, and numerous upgrades since purchase. Enjoy relaxing daily
The charming beach cottage has been completely remodeled and is ready to be called home. The bright airy floor plan makes this the perfect family home with an oversized living room, family room, LED overhead lighting, kitchen island and two fireplaces. The kitchen has new appliances, counters, backsplash and cabinets. All bathrooms have been completely redone with new tile, vanities, mirrors and fixtures. The spacious master bedroom has a
Welcome home landlords to the city of San Clemente and to the opportunity to own one of the rare fourplexes in this Coastal Resort. The city is home to the former Western White House, great surfing, and perhaps the center of the media world for surfing magazine publishing. This Four-Unit Two Story property features one 3 bedroom two bath unit, two 2 bedroom 2 bath units, and one 1 bedroom 1 bathroom unit. Other features include a community
Tri-Level Condo in gated Community. 3 Bedroom + 2 Bathroom with a 2 car attached Garage. Bedroom #1 on the lower level with connecting Bathroom and a small patio off of bedroom. Second floor features Kitchen that opens up to a large Family area with Fireplace, hallway bathroom, + second bedroom with walk-in closet and washer/dryer area. Third floor is #3 Bedroom with walk-in closet and a large Patio. Property needs some TLC. This complex is not
Single Level San Sebastian. Recently Renovated. 2 bedroom + 2 bathroom in Laguna Woods. Approx. 953sq.ft. of living space. Shows light and bright with recent renovations. Private entry. Newer Carpet. Living room with access to private, covered, patio. Kitchen with white counters and cabinets. Ceiling fan in dining area. Laguna Woods community boasts many amenities including walking paths, sport courts, clubhouse and more.
Orange County REO and Foreclosure Properties For Sale:
Orange County Foreclosures: A REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction ( when the owner stopped making payments and lender took over the home). Most foreclosure auctions do not result in bids or sales because if there was enough equity in the property to satisfy the loan, the owner would more likely have sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.
A foreclosure sale will begin with a minimum bid that includes the loan balance, interest, plus attorney's fees and any costs association with the foreclosure process. If you want to bid in a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.
Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.
Orange County REO's: the bank now owns the property and the mortgage loan no longer exists. The bank will handle any evictions, and may even do some repairs before listing the property for sale. The banks remove the tax liens and pay off any HOA dues if existent. When a buyer purchases a REO, a title insurance policy and the opportunity to investigate the property. A bank owned property might not be a great bargain. Do your homework before making an offer. Make sure that the price you pay (if you’re successful) is comparable to other homes in the neighborhood. Consider the costs of renovation, and be careful with over bidding and pay over market value. For the most part , in Orange County when a REO becomes available, there's multiple offers on the home, so the highest and best offer will be submitted by the listing agent to the bank. There's no waiting around like in short sales, as the price has been already approved and in the majority of the cases, is a short escrow. REO's and some standard sales are the best bets for those buyers looking for a quick escrow and to move into the property fast.
Based on information from California Regional Multiple Listing Service, Inc. as of January 23rd, 2021 at 8:06am PST. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.