Orange County Short Sales & REO
Orange County tends to have a steady supply of Short Sale and Real Estate Owned (REO) - Bank Owned properties. That's because many buyers here end up with mortgages they can't afford on luxury coastal homes. When property values flatten or start to drop, 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 can also help home owners get out of a tough financial situation with as little loss as possible before they go to foreclosure.
Short Sale & Bank Owned - REO Property
South Orange County listings by city and area
The Orange County Short Sale & REO Market
Orange County has hundreds of Short Sale and REO (also known as "Real Estate Owned" or "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 REO and Short Sale listings comprise as much as 50 per cent or more of the total market in recent quarters.
Investors who approach each Orange County Short Sale and REO listing on its own merits will find the best deals faster. REO and Short Sale homes commonly list together because they relate to foreclosures, but they are quite distinct from one another. Short sales happen before a property goes to foreclosure, while REO/Bank Owned properties are sold after the home is foreclosed and the bank or lender takes control of the property. Short Sales also typically involve the owner of the home getting lender approval to sell below what is owned to the bank(s), while REO sales are usually direct negotiations between the lender and the investor or potential buyer.
Contact The Hartanov Team for more information on Orange County Short Sale and REO - Bank Owned real estate.
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San Juan Capistrano
Talega
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