Unfortunately for sellers, but fortunate for buyers, foreclosures and short sales are a real part of the comparables in a neighborhood just as much as the non-foreclosures. As an investor you want to watch out for too high of a foreclosure ratio vs. non. Too many in a neighborhood could be an indication of an undesirable neighborhood that's loosing it's value. The average price per square foot is calculated to include all sales regardless of the reason for the sale. But if there's a home you want and think a good investment, these distressed home sales give you great bargaining power!... more
No it is not a bad time. The holiday season is sometimes more difficult for sellers as they have to keep their home show ready & it can be bothersome if you have guests or family in your home with the possibility of showings. Many people will try to relocate during a school holiday if they have children. This allows an easy transition into their new school. Others want to be in and settled before the beginning of a new year. Hope this helps.... more
Orange County is out of my service area, an Oakland REALTOR should really address your question. I'm sure one will come along soon... For now, please re-post and indicate particulars about the lot: what are the dimensions? Is it in a platted subdivision? if yes, what type of amenities does the subdivision offer? Or is it a lot in an established neighborhood? Is it near a lake/park/school, etc.? Is it a corner lot? larger than the rest in the neighborhood? Does it have a view? Is there anything negative about it--like: it's next to the retention pond? It"s smaller than most others in the neighborhood? will it have to be cleared? Leveled? Oh, lots of stuff like this... What ever information you can think of--the more specifics, the better! Best of luck and happy hunting!
P.S.-A paid appraisal is probably your best bet--especially since you're buying from friends.... more