Mission Viejo Bank Owned Homes ( REO)

mission_viejo_reo_foreclosure_homesREO ( Real Estate Owned) Homes in Mission Viejo are great bargain for your family or if you are looking for an investment home. These homes are better known as bank owned homes listings, will be  subject to bank approval. All offers submitted for this type of home will have different details or specifics that need to be discussed prior to writing an offer, in which case, please contact us for information.

Looking for a bargain home in Mission Viejo for your family or an investment? Bank foreclosures, bank owned or REO homes may be the best opportunity to purchase a home in Mission Viejo at a below market price. Take a look below at what is available right now as a bank owned home in Mission Viejo. Also, if you are interested in getting updates, we will send you an email when a new bank owned home that meets your criteria becomes available, all you have to do is sign up to get our updates. Read more about Mission Viejo Bank Foreclosures

All of these are bank owned homes currently for sale in Mission Viejo. We are not including Ladera Ranch Bank Owned Homes or Covenant Hills foreclosures listings, which can be found following the link. Search all Mission Viejo REO listings or properties that are bank owned within specific price range below.

Mission Viejo Bank Owned Homes ( Repo's)

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Mission Viejo Bank Foreclosures ( REO)

The terms "foreclosure," "bank-owned property" and "REO" are used interchangeably these days.
Technically, a "foreclosure" is the process where the bank or lender goes through while the borrower stops making payments on the mortgage of their home. You can find a list of foreclosure homes in Mission Viejo, which may likely become ' REO ' or real estate owned. Basically when the home gets foreclosed on, and the borrowers get evicted, the home goes to auction and the bank buys it back. The home becomes bank owned then. The list of homes provided above, are already 'owned' by the bank. Those homes already went through the foreclosure process and are ready to be sold by the bank, as they are on the market as REO's.

When Buying A Mission Viejo Bank Owned or Foreclosure Home remember:

  • Even when banks seem to be pricing properties to induce multiple offers, there are some that are way over priced. Or get overbid, and at the end will have a purchase price higher than the 'market' value. Get an understanding of what is happening with home prices in Mission Viejo. Not all foreclosures are a bargain.
  • Even when no inspection might be necessary, we always recommend buyer's to conduct an inspection
  • Be aware of Title, make sure of a clear one. No one wants surprises of unpaid liens after closing.
  • Make sure to have enough cash budgeted for closing costs, fees and unexpected repairs. A common mistake overlooked is under-estimating the cost of repairs. A large portion of foreclosed properties require decent repairs. Before you write the offer, get a solid idea of what needs priority repairs. Some items might be able to wait until you get settled in. But you might want to make sure appliances are in proper working condition along with other major mechanicals.
  • Ask questions! You need to know about all relevant permits, past due association assessments or dues.

Experienced representation is very important in negotiating and buying a Mission Viejo bank foreclosure. Unforeseen circumstances can change a good deal into a not so good deal. Due to the high demand for foreclosures and the complexity of short sales, it is extremely beneficial to have Real Estate professionals who are experienced in getting your offer through while negotiating the best possible price along with protecting your interests throughout the escrow process. We are dedicated Realtors who have years of experience in negotiating the purchase of distressed properties. Please feel free to contact us for valuable insight on how to buy a bank foreclosure and/or short sale.