No doubt about it. Real Estate Foreclosures are helping to heat up the marketplace throughout the country. And one of the most popular foreclosure hotspots is Mission Viejo. There are many reason for the undeniable appeal of this fair city. Among them are high quality of life, an acclaimed school system, abundant recreation, safety, stunning architecture, and plenty of good ‘ol sunshine. Now factor in the great price of a foreclosure property, and Mission Viejo becomes downright irresistible.

Alright, you want to grab one of these amazing Mission Viejo foreclosures. Great. But there are a couple of  things you should know to plunge into the market at full power.

Move at Lightspeed

There are plenty of foreclosure properties available. But they go fast, folks. One nanosecond late, and you could miss the deal of a lifetime. On an average, these properties are snapped up within 7 days of being listed. That’s no surprise, since these homes generally on the market at about 10% below market value. So don’t sit around waiting for one to fall into your lap. You’ve gotta get up and get out there if you want to grab those deals. We’re talking lightspeed.

Be Prepared

A  lending institution expects all relevant documents to be in order at the time you make your offer, NOT when your meticulously crafted offer is accepted. Your agent will know more about what to have and when to have it. Just make sure you’re ready. Because if you aren’t, the local bank can choose from plenty of other eager buyers who are.

Grab a Great Deal in a Great City

No doubt about it. Mission Viejo Real Estate foreclosures offer great deals in a great city. Act fast and go in prepared, and you tremendously improve your chances of snapping one up. If you’d like to learn more about these buying opportunities, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

What exactly is a HUD home?

Of course, you know HUD stands for US Dept of Housing and Urban Development.  The listing agent, Barbara Kerr with Realty Execs, explained HUD homes as properties with FHA loans that had been foreclosed on.  Because FHA is a government backed loan, these properties go back to HUD when owners abandon the property or go through foreclosure.

How do I buy a HUD property?

Not just anyone can get their hands on one.  HUD homes have a special key to enter; they don’t have normal lockboxes and supra keys us Realtors typically use.  Interesting… *thought* there could be less competition for our buyers on these properties because this is an additional hoop to jump through. Of course, we checked the details on the website – we need to have a Name and Address Identifier number with HUD in order to make a bid.  It appears the required NAID # is issued to our broker, not us.  So, we’ve been in touch with Darrell our fabulous broker to see about getting all set up

Barbara, the nice & helpful *yay, rare!* listing agent, said she gives a class on it, I told her I would like to attend.  I’ll blog more after that…We’re always learning something in real estate!

Having capability to offer on HUD properties will help both our investor and first time buyer clients – double win!!

Thought you’d enjoy this real estate update from Suze Orman – feel free to post questions below!

When banks foreclose on a property, their goal is to recoup as much of their money as possible, and to do it quickly.  Sitting on a home for months does the bank no good – especially when they have thousands of Orange County CA foreclosures to deal with.  That’s why right now is a great time for buyers to get into the market.  Not only can you already find reduced home values in general, but if you choose an Orange County bank-owned home then you will most likely pay an even further reduced price.

Since there are tons of Orange County foreclosures on the market right now, it’s really in your best interest to get the help of an Orange County realtor to help sort through which properties hold the best potential and value for your future.  You’ll want to make sure you know exactly what you’re getting – so CALL a REALTOR TODAY!

You can also get a list of all Orange County foreclosures, Orange County CA REO homes (real-estate-owned), and Orange County CA auction homes to get you started.  Just shoot me an email at Angie@AskAngie.com with your contact info and I will be glad to get a list to you.