From the category archives:

6 – Orange County Bank Foreclosure REO Homes

Costa Mesa Bank Owned Homes for Sale

by vbindi on September 4, 2009

This report lists all of the Bank Owned REO homes and condos currently listed for sale in Costa Mesa.  A Bank Owned REO home is a property that has gone through the 3 month, and 3 week Foreclosure process, and is now owned by the Bank.  Banks are typically unwitting owners at this point, and most often price the homes at below market value so they will sell very quickly.

Below is a list of all of the Foreclosed  Bank Owned homes currently active for sale in Costa Mesa.  The homes and condos range in price from a low of $254,400 for a 2 bedroom, 3 bath , 1,282 condo, on up to $545,000 for a 5 bedroom, 4 bath, 2,821 square foot detached home located in central Costa Mesa.

Our small team of Realtors specialize in purchasing Bank Owned REO properties at below market value for our clients, and we have a proven track record of success.    If you would like more information about any of the Foreclosed homes listed below, or if you want to see the inside of any of these Costa Mesa REO properties listed for sale, please feel free to call us at:  (949) 388-3396 or drop us an email at:   Info@BankHomesMLS.com.  If you would like more details on the properties listed below, simply click on the Address Hyperlink shown below.

TypeAddressBdrmsBathsSqFtPrice
CONDO 405 Bryson Spgs 53  , Costa Mesa 231,282$254,400
CONDO 3431 Timber Lk 46  , Costa Mesa 321,317$265,000
CONDO 114 Yorktown Ln  , Costa Mesa 321,240$289,900
CONDO 748 Wingate Bay 5  , Costa Mesa 221,017$308,888
CONDO 2518 Elden Ave B2  , Costa Mesa 331,364$331,650
CONDO 785 W 18th St C1  , Costa Mesa 231,227$344,900
CONDO 2674 Orange Ave A2  , Costa Mesa 331,431$350,000
CONDO 2526 Poplar Ln  , Costa Mesa 331,500$427,900
SFR 151 MESA Dr  , Costa Mesa 221,225$439,000
SFR 2758 De Soto Ave  , Costa Mesa 421,729$478,900
SFR 132 Virginia Pl  , Costa Mesa 542,821$545,000

Irvine Bank Owned Homes for Sale

by vbindi on September 2, 2009

We have compiled an exclusive list of all Bank Foreclosed homes currently listed for sale in Irvine, CA.  These Bank Owned REO properties consist of attached Condos and detached single family homes ranging in price from $222,000 up to $1,719,900.  Our team at REOBenefit has a proven track record of success in getting great buying value for our clients with a high rate of closing success.  If you would like more information on any of the homes listed below, or if you want to see the inside of any of these Irvine REO homes for sale, please feel free to call us at:  (949) 388-3396 or drop us an email at:   Info@BankHomesMLS.com

If you would like more details on the properties listed below, simply click on the Address Hyperlink shown below.  Click on the following link if you want to search for any homes listed for sale in Irvine.

TypeAddressBdBaSqFtPrice
Condo 2105 Apricot Dr 2105  , Irvine 22910$222,000
Condo 162 Greenfield  , Irvine 321,267$333,900
Condo 38 Hollowglen 25  , Irvine 221,125$350,000
Condo 2210 Scholarship  , Irvine 11868$359,000
Condo 8 Sunstream  , Irvine 221,100$429,000
SFR 19 Amoret Dr  , Irvine 431,900$589,050
SFR 5232 Skinner  , Irvine 432,300$649,900
SFR 21 Orangetip  , Irvine 432,300$729,900
SFR 12 Rutherford  , Irvine 332,200$830,000
Condo 3141 Michelson Dr 1504  , Irvine 232,063$839,800
SFR 52 Crimson Rose  , Irvine 342,651$1,125,000
SFR 35 Hidden Trl  , Irvine 453,675$1,719,900

Mission Viejo Bank Owned Homes for Sale

by vbindi on April 1, 2009

Bank Owned REO homes are a great buy in today’s Mission Viejo CA marketplace.  The typical bank owned home is selling for 98% of the asking price and are Sold within 17 days on average according to the statistics from the Orange County MLS.   In addition, Bank Owned detached (SFR) homes in Mission Viejo are selling at an average price of $254/SqFt , and bank foreclosure condos are selling at an average of $215/SqFt.

Many of these foreclosure homes need some modest repairs such as paint and carpet, but sometimes needed repairs can be much more.  If you are planning in buying a bank REO home, make sure you are working with an experienced Realtor, and you employ the services of a professional home inspector.  If you are planning on buying a Condo, make sure you check with your mortgage lender to see if the condo tract is approved with FHA, if you intend to use such a loan.

Below, we have listed all bank owned foreclosure homes currently listed for sale in Mission Viejo.  These homes and condos range in price from $129,900 for a 1 bedroom, 1 bath condo, up to $799,000 for a 4 bedroom, 3 bath detached home.  If you would like to see the inside of any of these homes for sale, please feel free to give us a call at:  (949) 388-3396 or drop us an email at: Info@OCBankREO.com

BANK OWNED FORECLOSED HOMES LISTED FOR SALE IN MISSION VIEJO, CA

Bank Owned REO home just listed for sale in Aliso Viejo

by Vincent Bindi on February 20, 2009

There are some great bargains in the Aliso Viejo marketplace today.  Due to the nations financial crisis, and the severe real estate recession that started in 2007′ here in Aliso Viejo, has resulted in a selection of Bank Owned REO homes for sale at bargain basement prices.

One of these newly listed properties we will feature herein is located at:  17 Rue De Chateau, Aliso Viejo, Ca.  This 3 bedroom detached home was built in 2000′ and listed for just $409,000 (subject to change at any time).  This home is located in the Soleil Tract, and is close to the intersections of Aliso Creek Rd and Liberty street. For more details about this home for sale, click on the Link above.  The home is being sold in it’s “As Is” condition and should sell fast at this price.  Aliso Viejo boasts of some of the areas finest public schools and this home is a short walk to the Aliso Canyon Regional Park.

Interest rates are at an all time historic low, and there are plenty of FHA loans available that allow you to buy this home with 3% to 3.5% down payment.  Our mortgage banks also offer the 203K FHA rehab loan which will let you borrow additional funds for renovation at very low fixed interest rates amortized over 30 years.

If you would like to view all Bank Owned REO homes currently listed for sale in Aliso Viejo, CA., please click on the Link in this sentence.  If you would like to view the above featured home for sale at 17 Rue De Chateau, or any other Bank Owned home for sale, fell free to give us a call at:  (949) 388-3396 or drop us an email at:  Info@OCBankREO.com

Orange County Short Sales Experts – Success Story

by Vincent Bindi on November 10, 2008

We are show casing one of our many Short sale successes in Orange County, CA.  The exact address and buyer seller details will not be published to protect their privacy. 

The home was located in Coto De Caza and was a beautiful 5 bedroom, 3 bath, 3 car garage estate with a golf course view. At the time, this home was worth $910,000 (April 2008′).  There was a 1st Mortgage with Saxon Mortgage with a total outstanding loan balance $1,140,000, and this lender had filed Foreclosure about 4 months earlier.  There was also a 2nd Mortgage with Homecomings with a total outstanding loan balance of $150,000 on the property as well, plus $9,000 in back property taxes.  This resulted in a total outstanding debt of just about $1.3 Million  The homeowner first came to us on a Thursday afternoon, desiring a Short Sale, and he told us that the Foreclosure Trustee Sale was next Tuesday at 1PM at the Courthouse steps in Santa Ana – just 3 working days away.

We told the homeowner, that we could not guarantee success, for we had very little time left to work with the mortgage banks, but we would give it our bet efforts.  To make a long story short, in the first few days, we were able to convince the 1st mortgage bank to postpone the foreclosure sale for 1 month.  During the next 3weeks, we gathered and packaged the short sale documents for both the 1st and 2nd mortgage banks – submitted these packages and got the negotiators assigned – we obtained the BPO/appraisal for both lenders.  The week before the postponed foreclosure sale, we obtained a good offer to purchase from another buyer, this time for a fair price of $900,000.  We were again able to postpone the foreclosure sale one more month.

During that next month, we conducted expert negotiations in order to get the loan balances reduced to allow the purchase of the property.  The 1st Lender, Saxon, eventually agreed to a discounted settlement of $800,000, which represented a 29% discount from the total outstanding loan balance owed… plus we convinced the 1st Mortgage to pay all of the back property taxes.  The 2nd lender, Homecomings, agreed to a settlement of just $15,000, for an outstanding loan balance of $150,000, which represents a 90% discount.  Sounds hard to believe I know, but the 2nd mortgage was faced with the tough decision of  either accepting this massive discount, or receiving nothing from the eminent foreclosure sale. 

The grand total outstanding mortgage debt was $1.3 Million before the short sale, and after our expert negotiations were completed, were able to negotiate this debt down to $815,000 plus misc costs, in order to close the short sale purchase escrow.  It was a win win for all. The 1st mortgage bank got 70% of the original balance plus arrears.  If they were to foreclose, they probably would have only received 65% from an REO sale 6 months down the road.  The 2nd mortgage lender received $15,000, and if the 1st foreclosed, the 2nd would not have received a dime… 

The homeowner also won, in that they were able to sell their home in a relatively dignified manner, versus being evicted by the sheriff in a  bank foreclosure.  Plus the credit will be more easily corrected/improved down the road as compared to a foreclosure.  Plus within 2 years, FNMA will underwrite a mortgage loan for them, if they so choose, versus having to wait 5 years for such a privilege if they chose foreclosure. 

The Team at ShortSalesASAP is one of the leading short sale experts in Orange County.  To be great at short sales, a firm needs to be dedicated full time plus, to this endeavor, for bank negotiations are very trying frustrating and time consuming.  Also, an expert short sale team must be cunning negotiators and know what banks expect in terms of negotiations,  packaging, settlements and more.  Plus there is no substitute for results.  Our team at ShortSalesASAP.com has over a 90% success rate for all short sale clients we have accepted.  

Bank Owned REO Condo for Sale – Irvine, CA.

by Vincent Bindi on November 5, 2008

Price (subject to change):  $509,900

Type:  Attached Condo
Bedrooms:  3
Baths:  3
Living Area (SqFt):   1,510
No. of Garages:  2
Stories:  2
Year Built:  2002
Lot Size (SqFt):  – condo -
City:  Tustin Unified School District

Area: Northpark
Tract:   Monterey (MREY)
Street:  El Cajon
School District: 

Property Description:   DUAL MASTER SUITE WITH UPGRADES THROUGHOUT. CUSTOM PAINT COLORS, PLANTATION SHUTTERS, UPGRADED BASEBOARDS, AND CROWN MOLDING. PRIVATE GREENBELT LOCATION. NEAR SHOPPING AND NEXT TO ALISO VIEJO GOLF COURSE. 

Financing:    FHA 3% down payment financint is availbe to purchase this Condo.

Contact:  To view this Bank Owned REO condo for Sale, feel free to Call Us at:  949-388-3396, or email us at:  Info@SearchOCHomes.com , or Text Message at:  949-283-4679.  We’re easy to talk too.  Let us negotiate a great price for you on this bank foreclosure property for sale in Orange County.  Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at:  www.OCBargainHomes.com  

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Home Sales in Aliso Viejo, CA – Sept 2008′

by Vincent Bindi on September 21, 2008

Currently there are 94 detached home currently list for sale.  Of these, 35 are pre-foreclosure Short Sales and 1 is a bank owned REO.  That is a total of  38% of the total inventory is a property in financial distress.  The Median price for the Short Sale and Bank Owned REO listings is $559,000.  The Median price for the none Short Sale/Bank Owned REO detached home listings is $745,900. 

In the past 90 days, there were 55 detached homes that sold and closed that were not Short Sale/Bank Owned, and the Median price of these 55 homes was $565,000.  In this same period of time, there were 32 detached homes that sold and closed, which represents 37% of the total sold.  The Median price of these 32 detached homes was $529,400. 

Today, there are 134 Condos listed for sale in Aliso Viejo, CA.  Of these, 67 of the active listings are Short Sales (50%), and 12 are Bank Owned REO condos (9%).   The Median priced Condo for the 79 Short Sales/Bank Owned condos is $309,400, and the median price for the none short Sales/Bank Owned condos is  $394,900.

In the past 90 days, there were a total of  70 Condos that sold and closed escrow that were not Short Sales/Bank REO’s.  The median price of these 70 condos was $375,000.  In addition, there we 75 condos that sold and closed in Aliso Viejo that were Short Sales or Bank Owned REO’s.  The median price for these 75 condos was $295,000.  Of these 75 sold condos,  38 were Short Sales and  37 were Bank Owned REO’s.

If you would like more information on homes or condos for sale in Aliso Viejo, feel free to visit our website at:  Search OC Homes for Sale.  If you would like an email list of all Short Sales or Bank Owned REO homes for sale, visit:  www.OCBargainHomes.com

 

 

Bank Owned Foreclosure Condo, Laguna Niguel, Ca.

by Vincent Bindi on July 29, 2008

Price (subject to change):  $220,000
Type:  Attached Condo
Bedrooms:  2
Baths:  2.5
Living Area (SqFt):   1,202
Stories:  2
Year Built:  1973
Lot Size (SqFt):  Condo
City:  Laguna Niguel
Area:  Rancho Niguel
Street:  Hillhurst
School District:  Capistrano Unified

Property Description:  

Financing:    FHA and VA loans can be used to purchased this property, as well as Conventional financing.

Contact:  To view this Bank Foreclosed home, feel free to Call Us at:  949-388-3396, or email us at:  Info@SearchOCHomes.com , or Text Message at:  949-283-4679.  We’re easy to talk too.  Let us negotiate a great price for you on this Bank Owned Foreclosure property for sale in Orange County.  Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at:  www.OCBargainHomes.com 

Price (subject to change):  $417,900
Type:  Detached SFR
Bedrooms:  3
Baths:  2
Living Area (SqFt):   1,300
No. of Garages:  2
Stories:  1
Year Built:  1971
Lot Size (SqFt):  7,400
City:  Mission Viejo
Area:  Mission Viejo Central
Tract:  El Dorado
Street:  Via Zaragosa

School District:  Saddleback Valley Unified

Property Description:   Great price for this single family detached home located in the desirable central Mission Viejo neighborhood of El Dorado.  Great neighborhood and  ready to move in. Nice open floor plan with fireplace in living room.  French doors off of eating area by Kitchen.  Large and private backyard.  Includes membership in Lake Mission Viejo.  The Bank Owned Foreclosure home will not last long at this price

Financing:    This home can be purchase with any Conventional Loan and the new and improved FHA loan which offers 3% down payment financing, and low fixed interest rates.

Contact:  To view this Bank Foreclosed home, feel free to Call Us at:  949-388-3396, or email us at:  Info@SearchOCHomes.com , or Text Message at:  949-283-4679.  We’re easy to talk too.  Let us negotiate a great price for you on this REO Foreclosure property for sale in Orange County.  Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at:  www.OCBargainHomes.com  

Today, foreclosed REO homes and Pre-Foreclosure (Short Sales) make up a large percentage of the Listings and Sales in Orange County, CA. This severe market correction started in the summer of 2006′, and probably has 6 to 12 more months to go. Currently, there are 15,046 homes and condos Active for sale (Listed in the MLS).  Of this total, 29.5% are Short Sales and 6.3% are bank owned REO’s.  This represents a total of 35.8% of all inventory is a financially distressed property on the market for sale.  Below is a table showing these results as well as how these percentages of distressed listings range from City to City.

As can be seen in the table below, this market correction is affecting the lower priced markets much more severely then the highest priced markets.  For example, 64% of Santa Ana’s inventory of homes for sale are either foreclosed REO’s or Short Sales.  While only 4.4% of the inventory or properties for sale in Laguna Beach, CA are bank owned REO’s or Short Sales.

Properties Active for Sale
CityListingsShort SalesShort Sale  %REOREO %% Total Distressed
Anaheim120761551.0%15713.0%64.0%
Huntington Beach69912117.3%182.6%19.9%
Laguna Beach343123.5%30.9%4.4%
Mission Viejo44815935.5%286.3%41.7%
Orange66721131.6%537.9%39.6%
Rancho SM36713135.7%287.6%43.3%
San Clemente5288816.7%152.8%19.5%
Santa Ana159581551.1%20713.0%64.1%
Yorba Linda4266715.7%143.3%19.0%
Orange County15046443229.5%9516.3%35.8%

Looking at the number of properties sold in the past 90 days reveals some other interesting facts.  There are 951 Bank Owned REO properties currently on the market for sale, and 986 REO’s sold and closed escrow in the past 90 days.  This results in just 2.9 Months of Inventory which is a Sellers Market !   For those of us working in the field, this chives with experience in which many REO listings are selling rapidly and many with multiple offers.  The other interesting fact to not is that there are 4,432 short sales actively listed for sale, but only 556 closed in the past 90 days.  This represents 24 Months of Inventory.   What is actually going on here is that the Short Sales are actually selling at a much higher rate, but these sales have a high failure rate for many inexperienced Listing Agents are having hard time getting them approved by the Banks in order to close.  The moral of this story is that if you are interested in purchasing a Short Sale, make sure you are working with an experienced agent who has a track record of success with these types of purchases.