| Most everyone home seeker wants to buy a house | | | | times, the heirs simply want the house sold quickly, in |
| in Orange County at below market. Due to strong | | | | it's 'As Is' condition, with the minimum amount of |
| demand for housing and the limited supply in this area | | | | hassles and be done with it. Make sure your agent |
| it's not easy to do. Here are some tips and strategies | | | | knows the in's and out's of Probate real estate |
| one can use for buying that illusive Orange County | | | | procedures before making an offer to purchase. |
| California house under market value. | | | | In today's marketplace, houses in foreclosure in |
| The various scenarios in which you might find a | | | | Orange County do not come up very often, but |
| house for sale below market are: Fixer Uppers, | | | | when they do, they are a great way to buy below |
| neglected rental houses, houses in Probate, houses | | | | market. There are actually three times at which you |
| that have been on the market unsold for a long time, | | | | can buy. One, the house is not technically in |
| houses in foreclosure and pre-foreclosure, and | | | | foreclosure yet, but the owner is behind on |
| relocation sellers. | | | | payments and needs to sell now. Two, the owner |
| Fixer uppers are a great way to acquire a house at | | | | has procrastinated, and the bank has begun |
| below market. Before you buy, make sure you first | | | | foreclosure proceedings, and the owner is now even |
| do your financial homework. Calculate the cost of the | | | | more motivated to sell. Third, the foreclosure auction |
| house repairs or renovation, and subtract that figure | | | | took place, and now the bank owns the Orange |
| from the fair market value of the other houses in | | | | County house, in what is commonly called an REO |
| the neighborhood that are in fixed up condition. Then | | | | property. In any case, you are dealing with a |
| have your agent make an offer that is 5% to 10% | | | | motivated seller, which is always to your advantage |
| below that calculated price. | | | | when buying. |
| Rental houses in which the landlord is from out of | | | | Houses for sale in which the owner is relocating to |
| town can sometimes be a good way to pick up a | | | | another state, usually produces a motivated seller. |
| house under market. Often times you'll find that out | | | | They seller doesn't have much time, and they are |
| of area landlords wound up with a rental house by | | | | usually consumed with the details of the new job, |
| default years ago and are not very experienced at | | | | learning about new neighborhoods, schools and finding |
| property management. After several years of hassles | | | | a replacement home, etc. A quick offer, with a short |
| and headaches, and the most recent tenant just | | | | closing period and few contingencies will sometimes |
| moved out of the house behind in payments and the | | | | enable you to buy the house for below market. |
| house in disrepair, the landlord may be ready to cut a | | | | Finally, if the house has been setting on the market |
| deal and sell quickly. | | | | for sale in Orange County for 70 days or more with |
| Homes for sale that are part of an estate are | | | | no offers, usually means that the house is a bit |
| termed probate property. Many homes in Probate | | | | overpriced for what it is. In this situation, the seller |
| are in need of repair, but you have the extra | | | | may become desperate and will jump at the first |
| advantage from the 'penny's from heaven' syndrome. | | | | offer that comes in, even if it is a below market |
| There may be multiple heirs who do not get along, | | | | price. |
| and/or they may be from out of the area. Often | | | | |