The Market in Orange County is chaotic right now. Activity is huge, especially Foreclosed properties. The Banks are pricing properties to sell which is causing multiple offers. I previewed a Foreclosed property with a Client who loved it and wanted to put in an offer. Called the Listing agent and was informed that there were multiple offers on it. How many? I asked, “60 he says”
The property wasn’t on the market a day and it had 60 offers on it. Of course I asked what the highest price was knowing theres no way he will give me the exact $$$ amount. Well over the asking “he replies”.
Properties are being priced so well, by the end of the day the banks are getting pretty much what they are looking for.
” Sellers, Note to self
I Should Price My Home to SELL “
You never know you might even get more than you thought. 
A Foreclosed property in Stanton, CA, the bank dropped it’s price from $469,000 to $319,900. I caught it, phoned my client and we rushed over. They absolutely loved it, put in an offer that night, called the agent the next morning who sent it into the Bank, got back a counter offer a couple of hours later, signed the counter and bank Addendums (Bank Addendums override the original Purchase Offer).
Now, while all this is going on, offers were coming in all over the place on this property. In only one day the Listing agent had over 40 offers. From all cash offers to well well over asking price.
Rubbish you might say, but let me tell you how you can be ahead of the rest when in the Market for a Foreclosure. And let me tell you Why and How we got the best deal in Orange County.
1. Get a Realtor you are completely comfortable with and know he / she will have you best interests, if not call me - (714) 943-0444
2. Call me.
3. Shop around at least 3 Different Lenders. Pick one that meets your needs best. And make sure he / she works only within your comfort Zone. What I mean regarding your comfort zone, your monthly payments. Get that Pre-Approval letter.
4. (714) 943-0444
5. Photo copy of the Good Faith Deposit which is normally 1% of the asking price.
6. Photo Copy of your Credit Scores.
7. This one will help you to get your offers accepted that much quicker, ” PROOF OF FUNDS “ a copy of your account statement showing that you actually have funds to close Escrow. Ask your lender to estimate (approx) the closing costs to close Escrow. And show that in your bank account.
8. Not sure if I gave you my number (714) 943-0444
9. Get your Realtor (excuse me) me to write up an offer before you preview.
10. Be the first to preview that property, don’t be the 3rd, 4th or 5th be the first.
Be Prepared, Below is the Receipy
A ” Realtor “ (714) 943-0444
Approval Letter
Photo copy of ” Good Faith Deposit “
Photo copy of ” Credit Scores “
MOST IMPORTANT ” PROOF OF FUNDS “ print out a copy of your account
Write up the OFFER before you get there
Be the FIRST to catch that deal, be the FIRST to preview the property
FORECLOSED PROPERTIES
Be Careful when buying Foreclosed properties. Always get advice from experienced Realtors who have represented the Buying side of a Transaction. (714) 943-0444
Buying Foreclosed properties is a completely different animal. It is normally one sided, Banks of course. Their Addendums override the Purchase Contract. They do not have to disclose anything to the buyer. Why you ask? Simply the Bank has never lived there. They are exempt from disclosing anything. They do not have to do any repairs, so if you think you might be getting a deal, think twice.
NEVER EVER EVER waive your rights to get a Home Inspection on a foreclosure it could be your ruin. When you do get a Home Inspection it will have to be IMMEDIATELY the day you go into Escrow. On a Foreclosure property your Request For Repairs have to be done within 7 Days and submitted of course to the Bank for review.
My Clients and I have been 100% successful on getting all repairs done and getting termite work done also. And getting Home warranties for one year.
If you have any questions regarding Foreclosures please do not hesitate to contact me. I will be happy to help whether you need to buy or not.
Need more information regarding the buyers market in Orange County?
4 Comments until now.
Nice writing style. Looking forward to reading more from you.
Chris Moran
I discovered your homepage by coincidence.
Very interesting posts and well written.
I will put your site on my blogroll.
Hi Chris,
Thank you. Come back any time.
Hi Tony,
Thank you for the compliment. I look forward to reading your posts also.
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