Foreclosure in Irvine>Question Details

Montessa, Home Buyer in California

I am a medical resident soon to be working at UC Irvine Medical Center. I am looking for a foreclosure home

Asked by Montessa, California Tue Apr 15, 2008

since my income is rather low. I would like to be in a neighbor hood that has a good highschool for my stepson. It doesn't seem that orange county has been hit as hard with foreclosures and thus the home search is difficult.

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11
Hi Montessa,

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.
1 vote Thank Flag Link Sat May 3, 2008
Hello Dr..........

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
http://www.officialochomesearch.com

I look forward to hearing from you.

Kurt Steinhebel ** Century 21 Orange County
714-365-6135
kurt.century21@yahoo.com
1 vote Thank Flag Link Wed Apr 16, 2008
Other than pricing is there a reason you're focused on foreclosures? I want to caution you that buying foreclosures presents your to a greater level of risk and in addition rarely are they the deals most buyers think they are.

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.
0 votes Thank Flag Link Sat Oct 13, 2012
Congrats on your career, that is awesome. You have some good answers here and I do agree with Sandra about not limiting yourself to bank owned homes. The inventory is low in general and in most areas.

Best wishes.
0 votes Thank Flag Link Sat Oct 13, 2012
Buying a house, that is a right choice! Considering the rates and prices are so low. You can buy more house these days.
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.
Thanks.
Mike
0 votes Thank Flag Link Fri Oct 5, 2012
Montessa, I can help guide you with more information about buying a home in foreclosure, and about the local market it's in. It might be a good way to go, it might not, depending on several factors, and your needs. You might want to consider looking in Long Beach, it has more affordable areas, and more to choose from. I can also help direct you to information about the school district. If you would like to call, I'm at 562-896-2609.
0 votes Thank Flag Link Sun May 4, 2008
Hello Montessa,

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 REALTOR®, but I spent the last 7 yrs running a Mortgage Bank and Negotiating loans. I CLOSE deals.
0 votes Thank Flag Link Tue Apr 29, 2008
Montessa, there are great values in foreclosures in the OC but you have to know how to find them. If you go to http://www.getitbeforethebank.com I can help you find the great buy. We can setup a search by neighborhood, area, city or the whole county. We can narrow it down to a single street or a school boundary. Our system will search for foreclosures, short sales, probate sales, bank owned properties and other distressed properties. Good luck and happy house hunting.

Sherman Smith
Sherman Smith & Associates
(714) 544-5445
http://www.getitbeforethebank.com
http://www.shermansmith.com
0 votes Thank Flag Link Thu Apr 17, 2008
You are correct about Orange County being one of the Counties in California that has not been hit as hard. I would recommend looking at ALL of the inventory in Irvine instead of limiting yourself to only those in the foreclosure process. Owners who have owned their homes the longest (and have the most equity) have a lot more room to negotiate than the handful of foreclosures you are going to run across. They have probably been maintained better as well. You have the opportunity to create a deal instead of sniffing around the same bush as everyone else.

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.
0 votes Thank Flag Link Wed Apr 16, 2008
Montessa,

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.

Joe Homs
Realty Partners
949-625-4533
Web Reference: http://www.joehoms.com
0 votes Thank Flag Link Tue Apr 15, 2008
Montessa,

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.



Joe Homs
949-625-4533
Realty Partners
Web Reference: http://www.joehoms.com
0 votes Thank Flag Link Tue Apr 15, 2008
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