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4 Things to Watch Out for When Buying a Foreclosure in Orange County

Buying a foreclosure in Orange County can be a great way to make some extra cash… as long as you know what to look for. The process can require you to be much more diligent in your research of the house.

In this article, we will go over things to watch out for when buying a foreclosure so you can make a smart investment decision.

General Wear, Neglect & Vandalism

When a homeowner falls victim to foreclosure, they often fail to properly upkeep the home. The yard can become badly overgrown, pools improperly maintained and common repairs will go ignored. Everything from a minor leaky faucet, to a major leak in the roof, can affect the condition of the home. And once a homeowner learns that they will be losing their home, they are less likely to sink any money into fixing it.

Sometimes the banks can stall the sale of the home, leaving the property vacant for months at a time. You can expect major appliances to be removed by either the previous owner or by people who know the house is empty.

Even things such as copper pipes can be removed as there is a cash value for them. Sometimes, an owner who knows they are losing their home will cause damage to the house, either due to anger or in an attempt to retrieve items from the home after the bank has locked them out.

You can expect some broken windows and for items to be ripped from the home haphazardly.

Dealing With Dirt & Items Left Behind

Watch Out for When Buying a Foreclosure - broken windowsIn addition to the lack of routine repairs and maintenance, you can expect things to be dirty. It is highly probable the house will not have been cleaned in months. And with the possibility of broken windows, critters, dirt and leaves can find their way in, making a mess of the floors.

Sometimes, if a homeowner leaves quickly, or lacks the space for their belongings, things can be left behind. This includes larger pieces that you will have to move out yourself.

No Disclosures

You will be working with the bank to buy this home as opposed to the previous owner. Because of this, you cannot expect the bank to offer you any insight into previous repair work or issues with the home. The bank has never lived there. You will need to have your own home inspection done so can understand the home’s foundation, both literally and figuratively.

The bank is under no obligation to disclose anything about the home. They sell as-is, leaving you to deal with any issues that may arise.

Financing Hurdles

A bank will not give you a loan for a house that appraises lower than what you are paying. They will not see the value in giving you a loan for a property they consider uninhabitable. Many foreclosures are paid for in cash, by investors who want to fix and flip the home.

You can expect high competition from cash buyers who are able to work with the banks and quickly pay the amount for the home the bank is requesting.

Many of these investors flip homes for a living and will be able to get the inside track on when a good deal is about to hit the market. Position yourself by thoroughly educating yourself on the property in question, and what is required of you to make an offer.

If you are interested in making an investment in foreclosed properties, fill out this form, and a member of our team will get back to you! Or feel free to call our office anytime! 949-625-4533


Broker/Realtor/Investor/Mentor (41 years experience) Specialties: Buyer's Agent, Listing Agent, Foreclosure, Short-Sale, Property Management, Landlord I'm a Full Time Real Estate Professional, house flipper and mentor to many of my clients. I am here to help you get top dollar for your home or get you the best price for a home that you are going to live in. I have over 40 years of real estate experience for you to draw on and actively list and sell over 20 homes a year. I have sold over 600+ homes in the last ten years alone. I am a very skillful negotiator and will work diligently to help you realize the best possible price when buying or selling your home. With my Exclusive Home Acquisition & Sales System, I can find the Right Home for You! I have access to homes no other Realtor will show you. I can show you how to save an average of $10,000.00 on the purchase price. We will find a home that fits your needs, in a neighborhood that suits your style. If you are selling your home then I can bring all the professionals to you. I always include professional photos in ALL my listings. I have contractors standing by to assist with those upgrades if needed. I can also quickly get you ALL CASH offers for your home if you desire. My marketing surpasses all other agents. It begins with extensive internet advertising to hundreds of websites throughout the world. I do direct mail marketing for you home and also knock on doors in your neighborhood when I am holding an open house. I hold you home open to expose it to as many buyers as possible. My Exclusive program is designed to sell your home for Top Dollar in Any market. I am an experienced flipper here in Orange County and therefore can offer you my over 40 years of real estate experience. The information is available to you at no charge! If you like what you see, please call me and setup Your Free Consultation.

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