Foreclosures – Bank Owned Homes
Bank owned properties are providing a larger and larger percentage of our housing market.
While prices are very attractive, there are things to consider. First, banks do not want to own these properties very long. The list prices are normally designed to be so attractive as to result in multiple offers within the first week of listing, when many properties sell for over asking price. The best opportunity for price concessions occur after the bank has had the home on the market for 20-30 days or more. Unlike other sellers, banks list homes for the price they want to get. However, this doesn’t mean they will get this price and you will notice price reductions take place in a methodical fashion. Although foreclosures can effect any community, did you know there are great bank owned properties in cities you might immediately think of:
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| Mission Viejo | Ladera Ranch | San Clemente |
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| Irvine | Costa Mesa | Anaheim Hills |
Banks sell properties “as-is”. It’s important to note that this does NOT eliminate your right to a thorough home inspection nor does it mean that you have to accept the condition you find a home in. You can still use your home inspection contingency to close an escrow based on the information you receive. Additionally, if the inspection uncovers a major problem, such as toxic mold, most lenders will provide some form of compensation. They will either fix the problem or provide a credit so that the buyer can fix the problem after the close of escrow. With bank owned properties, the home inspector you use is critical.
We at The Fiddler Realty Team will make sure you have access to our independent inspector who is also a certified mold expert so that you can make an informed decision about the condition of the home.
You can use the search option in the navigation barto the left to search for foreclosure properties that fit your criteria. You can make your search more specific by using zip codes such as 92656 (Aliso Viejo), 92629 (Dana Point), 92673 (Talega), 92646 (Huntington Beach), 92677 (Laguna Niguel), 92863 (Orange), 92688 (Rancho Santa Margarita), 92680 (Tustin), etc.
The Fiddler Realty Team agents are members of the National Association of REALTORS®.
