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,
Set behind the guarded-gates of prestigious Pelican Hill is this 7,300+ square foot residence with a backdrop of ocean and golf course views. The pause on an existing renovation has rendered a blank canvas within the highly coveted community – an ideal opportunity for the design perfectionist to create their dream estate. The shell for this luxe residence accommodates six bedrooms, six and one-half bathrooms, and boasts soaring ceilings, formal
Ideally located on an oversized lot with Pool & Spa, rare opportunity to own a fully remodeled inner loop home in the Port Streets community.
3 bedrooms downstairs including a spacious master suite, 2 bedrooms and one full bath upstairs.
Perfect location close to school, community pool, play area and clubhouse.
This is an excellent home in the Fountain Valley area located in a beautiful and well-manicured neighborhood. The interior has been remodeled for a bright and luxurious appeal with marbled flooring and a modern-style kitchen. From bedroom to bathroom this house will have family and guests feeling comfortable and right at home. The large sliding glass doors open up to a beautiful oasis-style patio featuring a large pool and deck areas for
Mesa Verde State Street home with great curb appeal! This property went through major renovations and nearly doubled in size from the original footprint a decade ago. Custom hardscape and landscaping in the yard. The kitchen features a professional JennAir 6 burner cooktop and dual oven. One bedroom and bathroom downstairs plus family room/den which can potentially be converted into a 5th bedroom. Two bedrooms and a master bedroom upstairs.
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
VILLAGE CREEK DESIRABLE END UNIT. LOCATED IN SOUTH COAST METRO WITHING WALKING DISTANCE TO SOUTH COAST PLAZE, ENTERTAINMENT AND DINING. OPEN AND BRIGHT LIVING ROOM WHICH OPENS TO PRIVATE PATIO. GALLEY KITCHEN WITH STAINLESS STEEL APPLIANCES, GRANITE COUNTERS AND EAT IN AREA. UPSTAIRS YOU WILL FIND A LAUNDRY CLOSET WITH LINEN SHELVES. 3/4 HALL BATHROOM WITH WALK IN SHOWER. SECONDARY BEDROOM WITH BUILT IN DESK AND SHELVING. NICE SIZED MASTER SUITE
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 April 17th, 2021 at 3:17pm 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.