Home Buying in 92656>Question Details

Monique, Renter in Aliso Viejo, CA

Is it even possible to find a single-family home in or near Aliso viejo for under 200 k? Are foreclosures a bad idea?

Asked by Monique, Aliso Viejo, CA Wed Sep 14, 2011

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Hi Monique,
This is the closest thing you will find in Aliso. 1247 sq ft ranch style home with a 2 car garage and a big patio for $175,000. Copy and paste the link for more info on that home. If you would like a complete list with pictures, descriptions and maps please feel free to cantact me. No fees or obligation, just free information have a great day!

http://socallistings.marketlinx.com/SearchDetail/Scripts/Prt…


Jon Ettelson Realty One Group
949-295-0059
1 vote Thank Flag Link Thu Sep 15, 2011
Monique,

This is an REO right now! They pop up every so often and go quickly. The best thing you can do is be ready for one. You need a solid strategy, financing in order, and you have to be ready to move fast.
0 votes Thank Flag Link Tue Jan 22, 2013
I love this site because I get to add content that the other areas of expertise leave out!

Well, the good news is the real estate piece has been very well taken care of with all the posts before mine, now to the financing piece. You've probably purchased a home by now but for those who haven't and read this, you may have run into issues trying to finance these bank foreclosures or other properties that aren't in the best of shape, well a rehab loan is your solution!

To avoid thread hijacking, I'll just post a link to another Trulia post about rehab lending. These loans can be done anywhere in the country, not just in the state the post is for.

If you have additonal questions, you may contact me directly via my profile/website.

http://www.trulia.com/voices/Remodel_and_Renovate/When_using…

Have a fantastic day!
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Tue Sep 11, 2012
I specialize in foreclosures, they're never a bad idea, there just aren't a lot of them on the market right now. There isn't a lot of inventory, period. In fact, we are at a record low in OC.

You can get a condo or small detached condo for just under or at $200k right now... there is very low supply and high demand in most of Orange County right now. Here's a blurb I posted on my Facebook page 'OC Lisa': http://www.facebook.com/#!/oclisa


"OC housing inventory beat a record low set in March 2005, dropping to 4,886 Active listings vs. 4,912 over 7 years ago. In contrast, the inventory at the height during the downturn market in Sept 2007 was 19,898 listings. 2011's height was in June at 11,388 - consistently dropping since."
0 votes Thank Flag Link Mon Sep 10, 2012
Foreclosures and/or short sales are a great idea if you want to get a fixer upper which most are since the people had little means to pays for the property. Near Aliso Viejo is kind of tough unless you are interest in adjacent communities like Lake Forest, RSM and Mission Viejo.


949-273-1355
0 votes Thank Flag Link Sun Jul 29, 2012
Hi Monique.

The reality is that there are no single family detached homes for $200,000 in South Orange County, be they standard sales, short sales or foreclosures.

I lived in Aliso Viejo and have sold real estate for years there so I can tell you that some of your surrounding areas are very nice and I would not rule out looking there for your home. For instance in Laguna Hills there are several 3 bedroom / 2 bath condos with garages for under $200,000

Working with a local agent with years of experience and a vast knowledge of Aliso Viejo and it's surrounding communities is your best solution for getting you the home that you can afford and one that you will enjoy for years to come. It is espescially important to work with an agent that knows the intricate dealings of getting an offer accepted on foreclosures and short sales. Not every agent has great negotiating skills! Choose your agent wisely.

With A Smile,

Mark and Theresa Thoburn
0 votes Thank Flag Link Thu Sep 15, 2011
Hi Monique.

You've already gotten lots of offers of help, but I agree with folks...a single family, detached home for under $200k doesn't exist in Aliso Viejo or really in the surrounding area. You could find a one bedroom condo or maybe a one bedroom and loft or smaller two bedroom condo, but that's about it. Not that those are bad options. I've seen lots of condos with better floor plans than a SFR. It just depends on what your needs are. If, for instance, you are open to manufactured homes, your options open up a bit in the lower price ranges.

As for the foreclosures...here's my take on it all...there are plusses and minuses to all transactions whether they be standard, short sales or foreclosures...if you are looking for a house to be your home, find the place that is right for you and then together with your agent, work through the rest of it. As long as you know what you may be facing ahead of time with the different types of sales and you can live with those differences, go for the best home you can find!

Best of luck to you.

-Meredith
0 votes Thank Flag Link Thu Sep 15, 2011
You can purchase a single family attached home which is part of a Home Owner's Association in Aliso Viejo or Lake Forest for around 200K. Contact me if you would like more information about these properties.

Purchasing a foreclosure can be a great idea, especially if you take appropriate precautions and do a thourough check for liens on the property before you buy. Most foreclosures are either in the short sale stage or have been taken back by the bank and are in the REO phase. Close to half of the properties in most markets are short sales.
0 votes Thank Flag Link Thu Sep 15, 2011
HI Monique,

It will be hard to find a Single Family Home under $350,000 in South Orange County.. Are you looking to have no HOA fees, There are 2 near Aliso Viejo with hoa fees under $100 per month. Are you open to the nearby cities?
Foreclosures may not be a bad idea, it is something we would talk about to let you know the differences and what you are willing or not willing to do..
Contact me through my email or call, as I do not come back to this trulia thread.. Thank You Monique and talk to you soon..

Ingrid Ski Realtor
949-874-0432
IngridSki2@yahoo.com
http://www.IngridSki.com to look at properties
0 votes Thank Flag Link Thu Sep 15, 2011
Hi Monique,

South Orange County has varying tax rates, with some areas having Mello-Roos taxes and/or additional special assessments. If you're in a lower price-range for the property itself, it may be wise to look at only the areas with the lowest tax rates (and frankly, most of Aliso Viejo is not one of them).

Looking at short-sales and pre-foreclosures are not a bad idea at all. They are a different animal than a regular sale, and the buying procedure is somewhat different, but with a huge chunk of the inventory out there being distressed sales, you would be missing lots of properties if you didn't look at everything. And the short-sale process has been getting a little more streamlined than in years past.

Please check out my website! You can search for homes, and see my credentials and testimonials, etc. It all starts with a no-hassle consultation, so feel free to contact me at any time! I'm here to help!
Web Reference: http://www.HighcrestRE.com
0 votes Thank Flag Link Thu Sep 15, 2011
Hi Dee Dee,
That sounds GREAT! Where do you find the $255,000, detached SFR? Not in Aliso Viejo- or $250k or $300k? So how does the payment on $175k with $375 HOA compare to a $305,500 house, which is the lowest price detached SFR in Aliso? It is important to know the market. Have a wonderful day!
0 votes Thank Flag Link Thu Sep 15, 2011
Monique,
Buying a home that needs repairs (utilizing a FHA 203K loan) may help you find a property at your price point. The improvements are rolled into the final loan and you will often end up with bonus equity. Do keep in mind that it would not be advisable to compare condos or townhomes with HOA fees with a traditonal single family residence. A condo for sale at 175,000 with $375 HOA fees will probably cost you more monthy than a 225,000 single family residence. But comparison would have to be on a case by case basis; however, one thing you can do is research the approximate HOA fees for condos in your area. Also, be aware that you will need to put down 20% on a condo unless the project is FHA approved. In short, financing for condos is more complicated these days in a number of ways. If you would like specific information, please feel free to contact me.
0 votes Thank Flag Link Thu Sep 15, 2011
The properties currently listed for sale under $200K (all condos) in Aliso Viejo are all short sales. They can be viewed at http://www.hartanovteam.com/aliso-viejo-home-search/100000-200000/

Same situation in Lake Forest, however many ore options at http://www.hartanovteam.com/lake-forest-short-sale-reo-prope…

As Raquel stated, foreclosures can be a great buy depending on what your expectations are.
Web Reference: http://www.hartanovteam.com
0 votes Thank Flag Link Thu Sep 15, 2011
It is possible to find a townhome ..however a single family detached home would be a major challenge. Foreclosures are great to buy...some need work and other properties are move in ready. The price point that is mentioned above...a home that does not need work might be more suitable at this time.

Please visit my web site and set yourself on a search for the property you are interested in previewing.
0 votes Thank Flag Link Thu Sep 15, 2011
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