Orange County Bank Owned Foreclosures & REO Properties

We Specialize In Orange County FORECLOSURES!

Orange County bank foreclosures also known as REO properties (Real Estate owned) often represent a great way to get a below-market price on a home. We have put together on our site all available bank foreclosure homes and REO properties for sale conveniently organized by city and price range. Feel free to browse the current inventory below or search by individual city, and make sure to read our foreclosure tips on how to buy bank foreclosure homes for sale. Sign up for daily updates to ensure you receive all new foreclosure listings right as they become available.

Read more about Orange County bank foreclosures below.

Orange County Bank Foreclosures for Sale

All Listings Under $500,000 $500,000 - $700,000
$700,000 - $900,000 $2,500,000 - $3,000,000 $7,500,000 - $10,000,000
Over $10,000,000
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$10,500,000
 

7 Shoreridge, Newport Coast

5 Beds, 8 Baths, 9,712 SqFt
Enjoy California coastal luxury living in one of Southern California's most exclusive communities, Pelican Crest. This custom estate is carefully designed to maximize the sun exposure and views of the California coast line, Pacific Ocean, and rolling hills. As soon as you walk into this 9,712 sq ft custom estate you will be greeted by the grand double staircase leading to the second floor, which hosts a grand master suite with a his and her
$8,000,000
 

21 Skyridge, Newport Coast

5 Beds, 8 Baths, 11k SqFt
Sprawling estate home with over 11,000 square feet of living space (per tax assessor), situated in the highly coveted and exclusive neighborhood of Pelican Hills. Situated on an expansive 19,970 + square foot lot (per tax assessor) with a 9 car underground garage (per assessor), perfect for the auto enthusiast. Ideally located minutes from fine dining, shopping, and entertaining at Crystal Cove shopping center and Fashion Island, plus beaches,
$2,900,000
 

2545 Iris Way, Laguna Beach

3 Beds, 3 Baths, 2,446 SqFt
BEAUTIFUL, UNIC LAGUNA BEACH mini mansion ! BEACH CHIC PROPERTY WITH 3 LEVELS , EVERY WINDOW W OCEAN VIEW - GORGEOUS YARD MADE INTO A TRUE BEACH - SUCH A DREAM LIFE STYLE -
$881,900
 

611 Calle Campana, San Clemente

8 Beds, 7 Baths, 3,680 SqFt
Welcome home landlords to the city of San Clemente and to the opportunity to own one of the rare fourplexes in this Coastal Resort. The city is home to the former Western White House, great surfing, and perhaps the center of the media world for surfing magazine publishing. This Four-Unit Two Story property features one 3 bedroom two bath unit, two 2 bedroom 2 bath units, and one 1 bedroom 1 bathroom unit. Other features include a community
$850,000
 

16 Blanco, Lake Forest

4 Beds, 3 Baths, 2,076 SqFt
Don't miss out on this premium canyon cul de sac lot against a backdrop of rare natural splendor with sweeping backyard canyon views backing to Whiting Ranch Wilderness.If waking up to song birds and the morning sun,going to bed listening to the hooting of owls at night appeals to you, you'll love this house.Highly sought after "California Parke'' home featuring 4 bedrooms,2.5 baths & upstairs loft that could be a study area or office
$564,900
 

21412 Dahlia Court, Rancho Santa Margarita

2 Beds, 3 Baths, 1,415 SqFt
Located in a prime area of Rancho Santa Margarita, and close to all services. This home offers new paint and flooring throughout, window shutters, recess lighting, 2 bedrooms, 2.5 bathrooms, nice open floorplan. As you enter from the 1st floor you are greeted with a nice foyer and closet. Heading upstairs to the 2nd floor you will enter the Living Room, a covered balcony with a nice neighborhood view, the Kitchen features stone counters,
New
$457,600
 

3411 Timber Lk, Costa Mesa

2 Beds, 2 Baths, 1,270 SqFt
VILLAGE CREEK DESIRABLE END UNIT. LOCATED IN SOUTH COAST METRO WITHING WALKING DISTANCE TO SOUTH COAST PLAZE, ENTERTAINMENT AND DINING. OPEN AND BRIGHT LIVING ROOM WHICH OPENS TO PRIVATE PATIO. GALLEY KITCHEN WITH STAINLESS STEEL APPLIANCES, GRANITE COUNTERS AND EAT IN AREA. UPSTAIRS YOU WILL FIND A LAUNDRY CLOSET WITH LINEN SHELVES. 3/4 HALL BATHROOM WITH WALK IN SHOWER. SECONDARY BEDROOM WITH BUILT IN DESK AND SHELVING. NICE SIZED MASTER SUITE

More About Orange County Bank Foreclosures & REO Property

Locating and Purchasing Foreclosure Properties

Properties heading into foreclosure, or actually in foreclosure can be very "good buys". So can properties offered by relocation companies and corporate owned. Finding homes that fall in these categories can be difficult, often properties that are advertised as foreclosures are already sold by the time the advertisement is published. Web sites offering foreclosures for sale are often woefully "out-of-date". Negotiating for these types of properties requires representation by Real Estate agents experienced in these types of challenging negotiations - there are often "multiple offers" to buy these properties! Our Consulting Team has handled many properties in foreclosure and those being sold by relocation and corporate owned companies. Please contact us if you are looking for experienced representation.

Five Ways to Acquire Orange County Foreclosures

In general, there are five basic ways to acquire foreclosure homes for sale at discounted prices. All but one of them permit the buyer to pay for qualified assistance from other sources (such as a title and/or escrow company). Unfortunately, the most popular technique (buying properties at the trustee's sales) allows no such luxury. The purchasing process at the trustee's sale requires each buyer to make his own thorough investigation of both title and debt on the chosen property within a limited time frame.

1. Delinquent Seller

The first and simplest way to buy properties under the fair market value arises when the delinquent (not defaulted) owner is uncovered. The delinquent seller will not have made recent payments of principal, interest, taxes or insurance and/or may have reduced the value of the property through benign negligence or lack of funds. When the delinquent owner realizes that he will be unable to meet the commitments on promissory notes and trust deeds for an extended period, he may choose to sell his property even at a discounted price rather than proceed through the foreclosure process.

The wise buyer will point out to the delinquent (and later defaulted) owner how he will be harmed by proceeding through the brief foreclosure process to the trustee's sale. At that point, the owner will lose his property, lose his equity, reduce his credit standing as a result of the recorded foreclosure and may have taxable income due the IRS for the amount of the debt reduction (elimination of the trust deed debt) resulting from the trustee's sale. Selling to an interested buyer at a discounted price may well be the most convenient solution for the troubled, delinquent owner.

2. Defaulted Seller

The property owner becomes a defaulted owner when the trustee for the beneficiary records a Notice of Default. During the following three month plus three week period, a Notice of Trustee's Sale also will be recorded and  published in a local adjudicated newspaper once a week for three weeks just prior to the trustee's sale. Live-in buyers of the property of the defaulted owner may negotiate any reasonable purchase price and terms for the property with the defaulted owner. Investors who seek to purchase the primary residence of a defaulted owner of one to four units and who are not related to that owner must work with the equity seller under the restrictions of two California Civil Codes which can make such purchases more difficult. These restrictions require the use of a special contract with a Notice of Cancellation, permit the equity seller to pursue the equity purchaser for unconscionable advantage for two years after the sale, and eliminate the use of outside assistance in the pursuit of a foreclosure property. Investors who unwittingly or intentionally become foreclosure consultants to equity sellers may also place themselves in jeopardy under certain conditions.

3. Trustee's Sale

Most purchasers of foreclosure homes for sale prefer to acquire their properties at the trustee's sale. At thistime, it is possible to make property purchases without being in contact with the defaulted owner or foreclosing lender. Money talks. Anyone with money may make a purchase regardless of credit, race, religion, etc. The verbal auction permits the highest bidder to acquire a property by paying off only the remaining balance on the foreclosing loan regardless of the fair market value of the property.  Debt recorded after the date of recording of the foreclosing loan is eliminated. Problems of unanticipated repair, eviction, payoff of superior loan(s), possible IRS redemption and inadequate research can present formidable obstacles to the inexperienced buyer.

4. REO Lender

When a trustee's sale is held with no bidder present, the property is said to be "sold" to the foreclosing lender. The REO lender usually will sell the property rather than retain the property as part of the lender's non-performing assets. If no one buys the property at a Trustee Sale, the mortgage holder becomes the owner of the home. These are called "REOs." or Real Estate Owned (It's possible that a homeowner could also tender the deed due to an inability to pay.) The bank is now selling the property with the intention of getting the loan amount out of the sale. The bank specializes in lending money for home loans not the disposition of assets. Of course the bank wants to maximize the amount of the sale, but given the speed at which the bank wants to recover their money, many times REO properties for sale will be sold at discounted prices.

5. Friendly Junior Note

The fifth way to buy foreclosures is just a bit more complex but is an attractive way to acquire properties with less competition than purchasing at the trustee's sale. If the holder of the junior loan to the foreclosing loan agrees to sell his promissory note and trust deed at a substantial discount, the purchaser of the junior loan may cure the underlying senior loans and then foreclose himself on the newly acquired junior loan. The sale of the property through the junior loan can bring immediate return on the face value of the junior loan of the acquisition of the property with attractive equity.

Recommended Books 

  • Buying Real Estate Foreclosures
  • Big Money in Real Estate Foreclosures
  • How to Invest in Real Estate Using Free Money
  • How to Pick Up Foreclosures: Step-By-Step Guide
  • Real Estate on the Brink: Making Money in Distressed Properties

If you would like further information or assistance regarding foreclosure real estate and available foreclosure homes for sale throughout Orange County, please contact us. We can also set up your own custom foreclosure search which will be emailed daily; please complete the form below, and we will get you started right away.

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