Foreclosed homes are a hot topic nowadays. When we say foreclosure, it is a legal process in where a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. In foreclosures, a homeowner’s rights to a property are forfeited because of failure to pay the mortgage. If the owner cannot pay off the outstanding debt or sell it via short sale, the properties then will become foreclosure homes. Foreclosed homes for sale are usually sold for a lower price than buying other homes. You can find these homes in foreclosure listings available below on this site. There are also free foreclosure listings that you can view online in our search portal. In Orange County, several foreclosed homes are on sale at all times. Foreclosed homes in Orange County are one of the hot deals in this market. Orange County foreclosed homes are easy to sell because of its strategic location and nice neighborhood. Several villas and townhomes are also available in this area. In buying a foreclosed property, make sure you know the knitty gritty of the transaction. Here are the processes on how to buy a foreclosed home.
1) Contact the Lender’s Representative – contact the trustee or sheriff and ask what is required to purchase the property at the auction. Traditionally, an earnest money deposit amount in the form of a cashier’s check or money order is acceptable. Ask for a copy of the purchase agreement, or contract of sale document, that you will need to complete if you are the winning bidder. Have your attorney or Real Estate Broker review it carefully and negotiate any changes in advance, if necessary. Be aware that the seller, as represented by an attorney, trustee or other official, may not be open to making many substantive changes – if any at all. Make arrangements to view and inspect the property if it is vacant. Even if it is still occupied, the attorney, trustee, or the realtor if it has been listed for sale, may be able to gain access for you. Realize that the owners may not be very cooperative. 2) Inspect the Property – once there, carefully examine the entire property, and take pictures for your file – provided the homeowner doesn’t object. You should also prepare a checklist to take notes throughout the tour. If you’ve found your ideal property, work with the broker/owner to schedule independent professional inspections. Even though the home may look like it’s in fine condition, hidden defects may lurk beneath the surface or between walls. From the electrician to the exterminator, these inspections are critical because they will ultimately save you money. 3) Bid on the Property at the Auction – on the day of the public foreclosure auction sale, meet the lender’s representative at the courthouse and show him or her the earnest money deposit and an acceptable form of identification. Have your top bid worked out in your mind in advance. When bidding starts, be aware of your competition and increase your bid to exceed theirs by the increment set in advance. When you have won the bid, complete the transaction per the direction of the lender’s representative by signing the purchase agreement and submitting the deposit.
These simple steps are easy to remember and easy to undertake if you just do your homework and be prepared on each step. Invest on your dream house now and purchased a property at a lesser cost during foreclosure. Contact use here at Integrated Realty group for more help.