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