La Habra Bank Repos

La Habra foreclosure sales and bank repos in Orange County, CA. Condo prices hit hardest in the city.

La Habra like other communities in Southern CA has it's share of home foreclosures. Compared to some of the other surrounding communities it appears the number of foreclosures sales combined with short-sales is somewhat higher than surrounding communities.

La Habra currently has about 135 single family homes for sale, the inventory is up about 9% from the prior month.

• Of that number there are 17 bank repos currently for sale now that represents just over 12% of the inventory.
• Howeverthere are at least 53 homes now for sale identified as a short-sales. Meaning the sellers currently have a loan balance higher than today's pricing. Some of these will be sold as short-sales with lender approval, others will most likely be the bank repos of tomorrow.
• Therefore when you factor in the number of bank repos and short-sales combined, the number of distressed sales swell to 52% of the total market for single family homes.

La Habra has 65 (26% fewer than last month) condo/town-homes for sale:

• 13 condos are identified in the MLS as bank owned in a price range from $120,000 to $242,000. That represents almost 38% of the condo market.
• Another 34 properties are identified as a short-sale and/or are in the process of foreclosure. As I've said before, a large number of today's short-sale inventory will become foreclosure properties in the near future.
• The total number of distressed sales (foreclosures and short-sales) is a whopping 72% of the total condo inventory!

*************************************

So if you're interested in buying a bank repossession/foreclosure property it's important you understand the Common Traits In Purchasing a Bank Repo:

The vast majority of bank repos are sold in as is or present physical condition depending on your contract in your area or state. It's usually the existing condition on the date of purchase, with very few exceptions if any. Probably (yet not always) a pest control clearance may be provided by the lender/seller.

You also need to be prepared for an avalanche of seller (lender) generated addendum's mostly holding them harmless for almost anything. Many states exclude banks from traditional property disclosures. The logic being, since most lenders have never viewed/occupied a property they're usually not required to provide normal seller disclosures on property condition. And if you're not in agreement to the terms, their attitude is usually, next. Be sure to check the laws of your state and understand your contract!

So what's in it for you as a home buyer? Hopefully a home at a great price! -Lenders are not in the business of owning real estate, they make loans on real estate. Yet depending on your market I've seen some buyers pay more than they should have, especially at some of the live auctions!

La Habra is located in Northern Orange County you can visit Living in La Habra to learn more about our city.

Preferred Home Brokers represents a variety of lenders in bank repos in Southern California. If you're interestd in buying a bank repo/foreclosure email me at BankRepo@PreferredHomeBrokers.com. You will be connected with a bank repo specialist.

Want to know more about La Habra Real Estate? Contact me Lynda@PreferredHomeBrokers.com, check out Preferred Home Brokers and see why we're one of the longest established independent brokerages in Orange County under the same ownership

************************************

If you are thinking of selling your Orange County home consider this:

• 84% of all home buyers begin today with the Internet for their home search.
• 80% of Orange County is on-line.
• The average age in Orange County is 36 and I don't know of a "thirty something" person in Orange County who is not on line.
• For the maximum on-line marketing exposure contact me Lynda@PreferredHomeBrokers.com