Distressed Sales 
Distressed sales are homes where one or more of the following applies: NOD -Notice of Default has been issued. Foreclosure has been initiated. Short Sales has been approved. The home is Bank Owned.
There are currently 10 blog entries related to this category.
Fullerton REO - Super Clean on Coyote Hills Golf Course!
Monday, April 5th, 2010 at 5:09pm. 191 Views, 0 Comments.
Check out this short video of this new REO home for sale in Fullerton - not on the MLS yet!
Coming on the Market Soon
This fabulous 3 bedroom 3 bath home
with a loft on the Coyote Hills golf course in a gated Fullerton
neighborhood is super clean and ready for you to move right in! With
about 2400 square feet of living space on a large lot on a single loaded
street this is great deal! Custom built ins in the loft and the
master bedroom. Gigantic walk in closet in the master with custom
closet organizers. Massive kitchen with sparkling white cabinets and
appliances.
Get on the Early Interest List for REO Homes
Call me at 949-678-3373 to get your name on the interest list - or to write up an offer the bank can't refuse!…
What is a House Short Sale? - Orange County Home Owners Want to Know
Wednesday, February 17th, 2010 at 3:39pm. 71 Views, 0 Comments.
In today's tight economy, many Orange County home owners are deciding that a Short Sale is the best option when it comes to their home.
Options for Home Sellers in the Face of Difficulty
Faced with issues like job loss, divorce, illness, and other life changing events, many times getting out from under the burden of a home mortgage is the best option. Here's some basic information for Orange County home owners evaluating Short Sale advantages.
What is a Short Sale on a house?
A Short Sale is when the bank that gave you a loan to purchase your house for $500,000.00 agrees to let you sell the home on the open Real Estate market for less that what you owe on the home. If you financed 100% of the $500,000.00 purchase, you probably currently owe about…
57 New REO Homes for Sale in South Orange County
Saturday, September 26th, 2009 at 12:21pm. 100 Views, 0 Comments.
NEW REO HOMES HIT THE SOUTH ORANGE COUNTY REAL ESTATE MARKET
In the past week, 57 new Bank Owned, or REO, homes hit the market for sale in South Orange County, CA. They come in all shapes and sizes, from a 1 bedroom 1 bath offered for sale at $134K in Lake Forest to a 5 bedroom 6 bath custom home in the Summit of Turtle Ridge with two kitchens in Irvine offered at $3.4M. Quite a spread in size, price, location, and condition. Just what the REO market is all about!
But here's the scoop - 31 of these are ALREADY SOLD. There is such huge demand for homes that people can acutally buy in today's market, that these REO's are flying off the shelf - in multiple offer situations- many selling for more than the original asking price.
So if you are a buyer in…
The Short Sale Package - What Every Potential Short Sale Seller Needs to Know
Wednesday, August 12th, 2009 at 10:34am. 120 Views, 0 Comments.
What Every Seller Must Have to Request Your Lender to Consider a Short Sale
Once you have come to the conculsion that a Short Sale is the best option for you, there are documents you need to provide to your Realtor. Your Realtor will represent your case to your lender, but you have some work to do up front to give yourself the best chance at being successful with a Short Sale in order to avoid foreclosure.
The following documents necessary to submit what is known as the Short Sale "Package"
- The past 2 months Mortgage Statements (from all mortgage holders including HELOCs)
- The past 2 months of bank statements, including savings accounts
- The past 2 years tax returns
- The past 2 pay period pay stubs for all wage earners who contribute to the…
New Trends in Today’s Wild Wild West in Orange County Real Estate
Friday, May 29th, 2009 at 11:23am. 122 Views, 1 Comments.
Attention Orange County home buyers! Market update! Very important!
What’s hot right now with Short Sale homes for sale in Orange County is for competing buyers to be asked for their highest and best offer - then the higest of the high and bestest of the best offer will be submitted to the bank - IF the buyer agrees to come up with a deposit and open escrow while waiting for a response from the bank(s). Some listing agents in today’s Orange County fast moving (yes, you read it here - FAST MOVING) Real Esate market are even stipulating that the deposit cannot be refunded for 30 days - in order to tie the buyer down and stop him/her/them from continuing to put in offers on other homes. Hmm. What do you think about all of this?
Will this…
Help Coming On Short Sale Woes?
Friday, May 15th, 2009 at 5:55pm. 122 Views, 0 Comments.
The US Department of the Treasury announced yesterday new details about its "Foreclosure Alternatives Program", which is part of the "Making Homes Affortable" program. Short Sales make up about one-third of the homes currently listed for sale in Orange County, and have been a source of frustration for lenders, sellers and buyers because of the lack of any standardized process for handling a short sale transaction. A typical Short Sale can take up to 3 months or more to complete once an offer has been made on the home, and this can often be a problem when the foreclosure is happening at the same time.
The purpose of the Foreclosure Alternatives Program is to streamline the Short Sale process by providing a standardized process flow, establishing…
Has the OC Housing Market Bottomed Out?
Thursday, April 23rd, 2009 at 8:17pm. 138 Views, 0 Comments.
The Orange County Register reported today that the median price of a home in OC climbed for the second consecutive month. The March median was $385,000, up from $375,000 in February and $370,000 in January. Another bullish sign is the continued climb in the number of homes sold. March was the ninth consecutive month of year-over-year sales increases, with 2,433 homes sold - a 46% jump from March of 2008.
There are still plenty of concerns in the market, with homes priced over $500,000 selling slowly, and short sales accounting for about 30% of the homes on the market. One interesting wrinkle is that bank owned homes have become a scarce commodity. Just a few months ago bank owned properties also made up about a third of the transactions, but today…
Home Sales Heating Up, Distressed Inventory Down
Monday, February 23rd, 2009 at 5:04pm. 184 Views, 0 Comments.
Seven Consecutive Months of Year-Over-Year Increases
January 2009 marked the seventh month in a row that more homes were sold compared to the same month in the previous year, as reported by the Orange County Register. The 1,806 homes sold in Orange County in January marked a 40% over the same period in 2008,
Homes Under $500,000 are Hot
A closer look shows that lower priced homes continue to drive the market, fueled largely by first-time buyers and investors. Sales of houses and condos under $400,000 jumped almost 257%, and those priced between $400,000 and $500,000 were up 10.5%. All higher priced homes actually sold at a slower pace than in 2008, as shown by the table below.
| Price Range |
Sales Jan'09 | % Change from Jan '08 |
| <… |
Getting an FHA or a VA Loan on an REO Home for Sale?
Thursday, February 19th, 2009 at 9:15pm. 692 Views, 1 Comments.
Orange County REO Homes for Sale + FHA or VA Financing = Some Things to Watch Out For
So you are ready to make the move off the “I’m one of the hundreds, if not thousands, of Orange County home buyers who can finally get into the Orange County Real Estate market but are sitting on the proverbial fence, waiting for the bottom of the market to finally arrive” because you’ve decided that rates are finally low enough and you’ve found the home that works for you. Congratulations!! Best move you’ll make this decade. But here’s the 411 on your upcoming purchase - if you are using FHA or VA financing and are buying an REO (also known as Bank Owned of Lender Owned) home in Orange County today.
FHA and VA Loans Have Property Condition Requirements…
Bank Owned and Pre-Foreclosure Home Inventory in OC Falls
Monday, December 29th, 2008 at 3:11pm. 142 Views, 0 Comments.
Sales of distressed homes in Orange County currently represents about 50% of all transactions, but the distressed inventory (homes on the market) has been slowly dropping for several months.
The Orange County Register quotes Steve Thomas of Altera Real Estate in his latest market report that
"The distressed inventory peaked in July at 5,950 homes, 41% of the active inventory. Since then, the number of distressed properties hit a plateau and have slowly diminished in recent weeks. Currently there are 5,379 distressed properties on the market, dropping 7.1% in the past month and representing 46% of the active inventory."
Of course, this also means that TOTAL inventory has also dropped, but that's a good sign too. Another positive…
