“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Robert Foust |North Orange County | Fullerton Real Estate | Brea Real Estate

Fullerton REO (bank owned) homes - still hard to find - selling fast

If we use Fullerton real estate as any gage at all, then REO (bank owned) homes are still very hard to find. At this moment there are on 14 of them in all of Fullerton. These are single family homes, not condos. Of these, 9 are priced under $400,000, which is to say that the low end of the market has more available than any other segment. We are sure this is due to the mortgage defaulting situation of lower income families - but this is also where the "bargain hunters" are shopping. Homes in this range move very quickly, thus creating the "hard to find" situation.

Looking for these homes can be easily done at North Orange County real estate or at Fullerton real estate.

Buyers Alert - Cancelling escrow is not free

I suspect many buyers believe that they can cancel an escrow and not lose any money. Not 100% true. Some escrows in North Orange County real estate have a cancellation fee, plus some out of pocket costs that escrow has to pay will be allocated to the buyer. Even the sellers cost of HOA documentation fees will be paid out of the deposit of the buyer (only until either another escrow is open on the property or the seller brings in some money to escrow). This will surprise many people. But remember, the only money in the escrow to pre-pay HOA document fee is the buyers money - until escrow closes of course. So be alert Buyers - you may not get all of your deposit back. (At least right away)

Bank Owned REO homes - Still hard to find

The Fullerton real estate market is still very lightly sprinkled with REO opportunities. And even the North Orange County market is sparse. On a month to month comparison the inventory of REO homes in all of Orange County has remained flat. That is to say that for each REO that gets sold, only one more comes onto the market. Hardly the "glut" of foreclosures that some experts have predicted. In fact eager buyers have to "rush" to the new offerings/listings in order to get a chance to buy. Usually it is a bidding auction for the descent ones. Today we have lots of buyers looking for bargain REO homes and very little to choose from.

Attorney tells Escrow to honor electronic signatures in Fullerton real estate

Yep --It actually happened. Escrow (not to be named) called their attorney about my use of electronic signature for buyers. He told them to honor them -- yes, a legal opinion that makes sense. Thanks to the attorney, we are now closing the escrow. -- Way to go, I will make a lot fewer attorney jokes from now on. Fullerton real estate will be "on board" with current technology (at least this escrow). We can make progress, even if it is painful (for all of us).

Electronic signatures - Will Fullerton Real Estate systems accept the change?

Real estate in Fullerton has a new obstacle to overcome. Times have changed, progress is happening. But can our systems "step up to the plate" with new technology and consider electronic signatures for their legal and solid validity?? Not so sure. We have tried several affiliates and are only batting about 65%. It seems some people just don't get it - they need the "boss" to say it is OK or get a memo changing the in-house rules to allow electronic signatures. We are battling with two firms as we speak. It will happen of course, they will some day get the word, but wow, some people don't like to change. We will fight on - it is worth it.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.