Searching for bank-owned homes can be an especially difficult thing in Irvine and surrounding areas . Not necessarily because there are *none* but more so, when they do come on the market - particularly if they are in good condition - they can go quickly. Recently, there were two - three foreclosed homes in Quail Hill Irvine that sold within 6-11 days. I can name other neighborhoods as well where I've seen this similar thing. They were great buys! So you need to know about these homes the minute they come available, honestly, to best position yourself.
So be sure to work with an agent that specializes in finding these 'deals' and who knows the area(s) so as to help you find the best value in the best school district, etc.
Good luck and don't give up hope on your search! OC has a relatively stable economy, and that's a good thing, as far as jobs are concerned. And remember, don't go it alone! There are deals to be found, you just need to be armed with the right tools to find them.
Congratulations on your blossoming career!
Navigating the foreclosure market requires market savvy.
1) Avoid short sale properties to best your chances for succes......success rate for buyers is very low and the process can take months and months...average time on market 10.2 months
2) Look for the term REO or 'bank-owned' instead, these are post-forclosure/auction properties and have landed soley in the lap of the bank.....easier to negotiate...much faster responses....higher success...better deals..average time on market...1.87 months!
3) Not all good deals are found in the foreclosure market.....we are in the midst of a BUYER'S market...which by definition means lower than historical prices....deals are available the traditional way from a real seller/homeowner
4) The KEY to getting a great deal is finding the MOTIVATION of a homeowner through forensic finiancial investigation.....fact-checking.....etc.....don't discount getting a great deal from a regular seller.
5) The other key to getting a great deal is tough negotiations....something I pride myself in!
6) You need to get pre-approved by a lender.....if you haven't already....BEFORE shopping.....most foresclosure offers we right will require this AND it is fundamantal to the success of any buyer's plan
I would love to help you navigate the foreclosure market AND the other avenues available in this market to finding a great deal.
My office is local to the area.
You may also search online for properties at my client site....Official OC Home Search.com
I look forward to hearing from you.
Kurt Steinhebel ** Century 21 Orange County
I don't work in California, but have been a full time broker for over 20 years and have been buying, renovating and selling real estate for close to 35 years. early in my career I used to list foreclosures (i gave this up quickly as I couldn't stand the arrogance and sheer stupidity of the asset managers I dealt with) and now will only handle foreclosures on the buyers side. I have a lot of familiarity with foreclosure sales and have blogged about this subject in the past. I've attached a link below that i encourage you to check out as you consider buying a foreclosure home.
Best thing to do is talk to a lender and see what you can qualify for. I sold a house to a medical resident with special financing formthe medical industry only only. That was the only they would qualify and they did!
Feel free to call or email me for more details.
You will be able to find 'pockets' of affordable homes in ANY town/county that you look in. Also, Orange County is full of "Distinguished Schools". Schools that pride themselves in higher education practices. Also, FHA loans are quite beneficial for 1st Time Home Buyers, 97% financing, allowing credit scores as low as 580.
To search for Listings, Short Sale Listings, REO's, mortgage loans, local businesses, schools, and probably most of everything else that you may need....visit this site. OC ShortSale Arena
If, after viewing the site, you would like more assistance....please fill out the Buyer's Questionairre. Or, feel free to send an email or call me directly at the number listed. The process isn't really that hard if your Agent knows what they're doing. Not only am I a REALTORÂ®, but I spent the last 7 yrs running a Mortgage Bank and Negotiating loans. I CLOSE deals.
Sherman Smith & Associates
There are just over 32,000 homes in the foreclosure process in Orange County. Irvine accounts for only 1.06% of those homes with 342 properties being somewhere along the foreclosure process. Most of these home are not currently listed and the owners have no intention of selling. Irvine Residents are sophisticated and have more resources than other areas. This is why Irvine has one of the higher rates of homes getting out of foreclosure than other areas in California.
For the number of foreclosures by zipcode and a snapshot of the market activity in Irvine, click on the Web Reference below.
Let me know if you have any other questions or if you would like help creating a deal you won't have to compete for on a home in Irvine.
California is one of the top three states that is suffering a foreclosure problem right now. Please visit my website where you can create your own search, research the schools and crime rates, or just give me a call and I can assist you.
Send me your email and I will send you the foreclosure list for Orange County. California is in the top three states for foreclosure difficulties right now. Not really proud of that, but a reality. Good for buyers market conditions. You can go onto my webisite and create your own search or you can call me. My website is also linked to the schools and crime statistics for all of Orange County.