Good deals in Orange County

Posted on July 21, 2007. Filed under: First Time Buyer help, Informed Investor Alliance |

Hello Orange County bargin hunters!

 We’ve got good properties for you 🙂  Recently we blogged about the market softening a bit, and short sales coming into the picture.  We wanted to let you know about another type of property you can get a good deal on…bank owned! 

 There’s way less bank owned listings than short sales right now, but if you buy from the bank directly you can usually get a good deal because they WANT to get rid of the property.  Bank’s can’t lend the max amount of money when they own properties, so they are like dead weight… the bank wants to get rid of them FAST.  That =’s a deal for you 🙂 

Dealing with a bank is a bit different than the traditional transaction, so you’ll want to remember the following:

1.  These properties are usually sold “as – is”.

2.  The contract is a different form than the usual CA Residential Purchase Agreement, we would be happy to explain further differences if you’re interested.

3.  Although the bank wants to get rid of the property fast; by nature they are slow.  Sorry to offend any bankers reading but you are! 🙂

Buyers should expect anywhere from 30-90 days when working with bank owned properties.  Sometimes these are also called “REO’s” in case you hear the term. 

 My favorite is the property with the city lights view and pebbletech pool in Mission Viejo for under 900K.  Which is yours? 

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    Orange County, CA Real Estate for hip first-time buyers and investors. Plus, fun things to know and do in OC.


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