Anaheim Hills real estate that have experienced foreclosure are also referred to as Real Estate Owned (REO). The inability to continue monthly mortgage payments on a property, is a position that many good people face when bad things happen to them, divorce, job loss, death. After approximately 90 days, the bank forecloses on the Anaheim Hills real estate and it becomes an REO. During the pre-foreclosure period (reference Anaheim Hills ForeclosureTimeline) some investors find it an opportune time to purchase as they are able to negotiate below market prices and Anaheim Hills homeowners can save their credit score.If a Anaheim Hills homeowner is unable to find a buyer for their property the title reverts back to the bank and the property becomes part of their portfolio. It is not in the banks best interest to maintain property as costs are high and their main focus is MONEY, not real estate.
Banks do not Like Anaheim Hills foreclosures in their books because:
-High cost to keep up – the financial institutions pays taxes, insurance, maintenance and security for the foreclosed property. The longer the property is in their possession the higher the expense.
-Poor Reputation – maintaining a large inventory of Anaheim Hills homes creates the perception that the bank is unable to select good borrowers
-The lending institution must find a way to recover the money invested in the loan and foreclosed home.
In order to reduce losses, the lending institution attempts to sell its foreclosed Anaheim Hills homes as soon as possible. It is then that investors can take advantage of great deals. Depending on the buying power of the investor, it is very possible to obtain a home well below market value. It is a great opportunity to buy low, find a worthy tenant and proceed to sell high at a later date. Currently there are many bank foreclosures in Anaheim Hills, California and many more are becoming available. If you are interested in capitalizing on the current Anaheim Hills housing market, please call a REALTOR today at (714) 702-0713.
Luis Gallardo Anaheim Hills REALTOR
TARBELL, REALTORS
(714) 702-0713 – Phone
lgallardo@tarbell.com – Email
Are Anaheim Hills short sales the only properties not allowed to be bought by investors?
If the short sale / short pay is owner occupied, it cannot be purchased by an investor as an insurance bond to permit the purchase is not available in California. Please reference:
(FAQ for Short Sales)
http://luisocrealtor.wordpress.com/2007/11/07/i-need-to-ask-but-i-dont-know-what-to-ask/
(Purchasing Distressed Properties)
http://luisocrealtor.wordpress.com/2007/11/16/buying-distressed-properties-in-santa-ana-ca/