Foreclosure properties continue to lead the market in Orange County home sales. In the last three months, 2,438 out of the 5,907 sales (41%) have been bank-owned properties!
Sometimes, these homes are agressively priced to immediately attract buyers, which leads to multiple offers and results in selling for over the list price! The average time on the market for these REOs is only 36 days – almost twice as fast as the average 69 days that non-REOs are taking.
In order to buy one of these homes from a bank, you need to be pre-approved and non-contingent on the sale of any other property. They also almost always require that you “pre-qual” with their selected loan officer.
With foreclosed homes making up such a large portion of our active real estate market, I’ve set up a new page on this blog where I will post the REO lists for each city in South Orange County. If there is an area that I’ve left out, please let me know and I’ll send out exactly what you want!
If you aren’t looking for an REO, take a look at all the other properties available:
Search ALL the homes for sale in the Southern California MLS (there must be at least one that you like!)
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