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
Situated on a large corner lot, this spacious pool home is located in the coveted community of Nellie Gail. As you enter the foyer, the soaring two-story ceilings and draw you into the bright open floor plan. Rich, hardwood, and marble flooring adorn this amazing home. Downstairs there is an office with a library, formal living room with fireplace, formal dining room and living room, an expansive gourmet kitchen featuring stainless steel
Great Location, Nice large home in the back bay area of Newport beach in the Santa Ana Heights area. Very close to all the great restaurants, shopping and entertainment in nearby Fashion Island which features and open air concept mall. It is very close to all transportation and walking distance to back bay area and short bike ride to beach areas. Right next to Newport Beach financial district. House just needs a little TLC to make it the perfect
This beautiful two story home, located in a prestigious neighborhood in South Huntington Beach. Enter into the formal living room and the formal dining room that leads into the updated kitchen Open to the spacious living room that has a cozy fireplace and is open to a large bonus room The downstairs also has the laundry.. The upstairs has spacious bedrooms. You will love the master suite with modern en-suite and a walk in closet. You will love
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
This is a great opportunity for Investor or first Time buyers at a Great Location of Westpark Area, Open spacious floor
plan with 2 bedroom, 2 bath, Inside Laundry, One Designated Carport, Close to Pool & Spa, nearby Parks, Schools,
Crossroads, Districts, Shopping & Dining, Easy Access to 405 & 5 Freeway, Top rated Irvine schools. Offers responded to within 24 to 48 hours.
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 October 30th, 2020 at 5:14pm PDT. 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.