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 and interest rates on their loan increase, 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 help home owners get out of a tough financial situation by buying the property before it goes 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.
Buyers and 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 are commonly lumped 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 homeowner and/or their agent getting lender approval to sell below what is owned to the bank(s), while REO sales are usually direct negotiations with the lender and the real estate agent for the investor or potential buyer.
Contact The Hartanov Team for more information on Orange County Short Sale and REO - Bank Owned real estate.
Bank Owned (REO) and Short Sale Property List -
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Aliso Viejo
Costa Mesa
Coto De Caza
Dana Point
Huntington Beach
Irvine
Ladera Ranch
Laguna Beach
Laguna Hills
Laguna Niguel
Lake Forest
Mission Viejo
Newport Beach
Rancho Santa Margarita
San Clemente
San Juan Capistrano
Talega
Tustin
Yorba Linda
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