September 10th, 2010 10:39 PM by Dave Gubler
Orange County Foreclosure Homes For SaleOrange County has a steady supply of Short Sale and Bank Owned (Real Estate Owned or REO) homes. Many buyers here ended up with mortgages they could not afford after the bubble burst and/or their mortgage began adjusting. When property values flatten or start to drop and pick a pay minimum payment requirement rise, it becomes especially hard for struggling home owners to sell and pay off debt. For investors or home buyers, these market conditions have yielded great deals on a wide variety of properties. Short Sale buyers help struggling home owners get out of a tough financial situation by buying the property before it goes to foreclosure. If you are looking for short sale information, short sale assistance or just interested in finding out more about the short sale process, visit our top Orange County Short Sale agents at IMLShortSale.com.
Orange County Foreclosure Homes For Sale: If you are looking to buy a foreclosure home in Orange County CA you can find Short Sales & Bank Owned homes by community.
The Orange County CA Foreclosure Market.Orange County has hundreds of Short Sale and Bank Owned listings on the market at any given time - these range from starter homes in newly developed communities to custom estates priced well into the millions. Newer residential developments like Talega in San Clemente, or Ladera Ranch in the Mission Viejo area, have seen Bank Owned and Short Sale listings comprise as much as 50 per cent or more of the total market recently.
Buyers and investors that approach each Orange County Short Sale and Bank Owned listing on its own merits will find the best deals faster. Bank Owned and Short Sale homes are commonly lumped together because they relate to foreclosures, but they are quite distinct from one another. Short sales happen before a property goes to foreclosure, while Bank Owned homes are sold after the home is foreclosed on and the bank or lender takes control of the property. Short Sales also typically involve the homeowner and/or their agent getting lender approval to sell below what is owned to the bank(s), while Bank Owned sales are usually direct negotiations with the lender and the real estate agent for the investor or potential buyer.