There are currently 510 properties in the Orange County MLS that are coded as Bank Owned, REO or Foreclosures. There are probably more that aren’t coded correctly, but I’m not going to sift through all 17,635 properties that are currently on the market to find them. Most of these are priced very close to “market value” (whatever that is!) for owner-occupied homes, but there are a few that stand out in the crowd as worthy of consideration for bargain hunters.
Unless there are multiple offers, my experience with foreclosed properties in the last real estate downturn (mid-nineties), is that there can be some negotiating room for well-qualified buyers! Generally, the banks are exempt from providing seller disclosures, like the “Transfer Disclosure Statement”, they are very strict with sticking to contractual deadlines, they won’t accept your offer in writing until they get around to it, and they won’t fix anything discovered during your inspections. (Other than that, they are swell to work with!) It takes some courage to deal with them, but many of my clients have successfully completed the process and eventually profited from their efforts.
Here is the list of better valued properties that I published last week on my other blog , and I decided to provide the lastest status of what has happened to them.
Aliso Viejo Single Family – $593,500 – (last sale $735,000) 4 bedroom, 2.5 bath, 2 car garage w/full driveway, 1740 sq ft, built in 1989. HOA dues $63, Mello Roos approximately $1500/year. SOLD
Corona Del Mar Condo – $689,000 – (last sale $780,000) 2 bedroom, 2 bath, 918 sq ft, built 1963. HOA dues $402, no Mello Roos tax. SOLD
Dana Point Single Family – $654,900 – (Last sale $995,000) 3 bedroom, 2.5 bath, 1270 sq ft, 4000 foot lot, built 1958, close to Harbor, no HOA. SOLD
Huntington Beach Single Family – $795,150 – (Last sale $866,000) 3 bedroom, 2.5 bath, 2022 sq ft, 2 car garage, built 1977, only 5 blocks to beach! STILL AVAILABLE
Irvine Single Family – $674,900 – (Last sale $830,000) – 3 bedroom, 2.5 bath, 2 car garage, 2194 sq ft, built 1969, HOA dues $198, no Mello Roos. SOLD
Laguna Niguel Condo – $464,900 – 3 bedroom, 3 bath, 1527 sq ft, 2 car garage, HOA dues $350, no Mello Roos. SOLD
Mission Viejo Condo – $419,900 – 3 bedrooms, 2.5 bath, 1400 sq ft, 2 car garage, built 1987, HOA dues $216, no Mello Roos. STILL AVAILABLE
Ladera Ranch Single Family – $679,000 – (Last sale $812,000) 4 bedrooms, 3 bath, 2200 sq ft, 2 car garage, built 2001. HOA dues $207, Mello Roos tax approx $3000/year. SOLD
Dove Canyon Single Family – $829,000 – (Last sale $975,000) 4 bedroom, 3 bath, 2900 sq ft, 2 car garage. HOA dues $205, Mello Roos approximately $1800/year. SOLD
New list of recommendations to consider:
Aliso Viejo Detached Condo – $574,900 – (Last sale $730,000) 4 bedroom, 3 bath, 1600 sq ft, 2 car garage. Mello-Roos approximately $1500/year.
Lake Forest Condo – $369,000 – (Last sale $490,000) 4 bedroom, 2.5 bath, 1550 sq ft, 2 car carport. HOA $330. No Mello-Roos.
I check the new listings daily, looking for any “diamonds in the rough.” If any of these properties are of interest, or you would like to be notified of other foreclosure, REO, bank-owned properties, please call me at (949) 457-0281 or send an email to Foreclosures@VickiLloyd.com