Welcome to our special foreclosure homes page. On this page you will find links and information on real estate owned homes (bank foreclosures), short sales (pre-foreclosures) and other distressed property information.
With all of the hype over the subject of foreclosures, television and special seminars would have you believe that hundreds of thousands of dollars are just waiting to be plucked from the tree of life.
I can tell you this having been working the foreclosure market over the past nine years; I have learned a few things. First, finding and purchasing distressed property as your primary source of income can be a full-time job. It’s a lot of work and the payoff may not be as great as you think. That’s not to say that it can’t be profitable. I am a firm believer that great deals can be made in any market. It’s just that most people are not going to simply hand over their property happily unless there is really something wrong. And that simply means working through many, many problems.
Our company specializes in Orange County Short Sales during the financial collapse. While that market is mostly gone, we still have unrivaled expertise and resources to assist with your real estate problems.. We are proud to announce that 95% of our short sale clients have had success in their sale.
We offer a 100% satisfaction guarantee. See our “No Worries” program details. We also specialize in helping buyers take advantage of current bank-owned and short sale home buying opportunities. If you are looking for an REO home or short sale and would like information on bank-owned properties, we will set up an exclusive search and send you these hot bank-owned real estate deals.
Work with an Orange County Real Estate Pro and find out how I save my clients thousands of dollars!
A popular source of motivated sellers can be the notice of default list. This is information that can be obtained on potential sellers that are behind on their mortgages. When a homeowner gets behind on his mortgage, the bank typically files the notice of default with the county recorder. This public knowledge can be used to try to contact these individuals to work out a deal. USE EXTREME CAUTION! The state of California has some severe penalties for investors and agents who violate what is known as Equity Sales Contract law. If you are an investor and do not plan to occupy the property, you must use a specific contract that gives the seller the right of rescission, and do not lend them any money prior to the sale. If you do, you may be in violation of the law and could be sued by the seller for hundreds of thousands of dollars after the sale closes. Again, please use extreme caution when dealing with these individuals.
Regardless of whether or not you choose a foreclosure home, REO property, short sale, or notice of default, you will need a source for information. Since most banks have established relationships with agents, most foreclosures end up in the MLS. We have provided this information free on our REO and Foreclosure page. In addition, we also have a large supply of short sale properties. Notice of default information can be obtained through public information services. I have linked to some of the more popular services below. Be advised that this information is available to thousands of potential investors, so these data services may be a little overworked.
When working these properties, it is useful to have a realtor on your team.
1. Realtors in your market know the inventory. I can usually save my investors hundreds of hours of work since I know most of the tracts and have been in many of the models. We always discuss them before they start running around.
2. The best indicator of the market is what is happening in the active MLS listings. You can’t know what is truly happening in a tract of homes unless you look at this recent trend. It’s not available anywhere but in the MLS. And for that, you need to consult with a Realtor.
3. Turning the property timely (if that is what you intend to do) is critical to making money. The longer you hold it vacant, the less your profit will be. In order to turn it quickly it is imperative that you list it in the Orange County MLS for exposure to thousands of agents and buyers. We offer a discount program on commission costs for anybody that buys and sells multiple homes with my company. It will save you money and put more in your pocket.
4. It’s going to take many offers before you get a deal together. Since realtors have all of the forms and know how to use them, they can save you a lot of time.
5. My network of Agents can be very influential in helping to locate and secure the right deal. It takes a lot of effort be all parties involved and it helps to have people willing to advance your cause.
I am sure you can think of a few more, but the bottom line is that two heads are better than one. So happy house hunting and please let me know if you have any questions or would like assistance with one of the properties on our REO and Foreclosure homes pages.