Bank Owned REO Homes for Sale in Orange County
Orange Counties most comprehensive website of Bank Owned REO Homes listed for Sale. Here is every Bank Owned REO listed for sale in Orange County.
Orange County - Bank Owned REO
A Bank Owned Home is a property that went through the Foreclosure process, and was taken back by the bank, who now owns the home. These types of properties are often referred to REO homes which simply stands for Real Estate Owned (REO). A foreclosure is a legal process that is initiated by the mortgage bank when the homeowner becomes very delinquent on their home loan payments. This process usually takes 3 months and 3 weeks to complete in Orange County, CA. Properties listed for sale during proceeding are referred to as pre-foreclosure homes. If the Home is worth less then the sum total of the mortgage loans, arrears, and other home liens, this is referred to as a Short Sale property for sale. Not every foreclosed REO home is a great bargain and can sometimes morph into unexpected nightmares. But in most cases, these properties represent a good to great opportunity for a prospective Buyer. The reason being is quite simple, in that you are dealing with the ultimate motivated seller. In depressed markets, the Bank must sell rapidly, and will price the home the below market so that it sells very fast. Times are good for buyers who are looking to find a foreclosure bargain.
There are many homes to choose from, prices have come down substantially in the past 3 years, and interest rates are at historic all time lows. We have a select group of real estate professionals within our company that specialize in working with buyers who are seeking to buy a pre-foreclosure Short Sale home, or a bank owned REO property. These transactions can often times be very tricky, so we highly recommend that you use a seasoned real estate agent to assist you in the selection and purchase process.