SHORT SALES OR PRE-FORECLOSURES

We specialize on these foreclosure properties in Orange County. After approximately six months of missed payments, the lender files a Notice of Default (NOD) at the County Recorders Office, as required by California real estate foreclosure laws. This puts the borrower on notice that he or she is facing the real estate foreclosure process. For info on Short Sales click here.

TRUSTEE FORECLOSURE ACTION (TRUSTEE SALE)

If the default is not corrected (the loan must be brought current) within three months, a real estate foreclosure for sale date is established.

The homeowner in Southern California will receive a notice of sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the Orange County Recorders office as a real estate foreclosure in O.C. or the county where the property is located.

The foreclosure Trustee Sale typically occurs on the steps pf the local county courthouse in which the property is located.The time and location of the sale aree designated in the Notice of Sale and listed in real estate prperty foreclosures. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the bid price in cash, typically with a deposit up front and the remainder within 24 hrs. The winner of the auction will then receive the trustees deed to the real estate and foreclosure property.

Foreclosure Auction: At auction, an opening bid on real estate property foreclosures is set by the foreclosing lender in California. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the distressed property will be purchased by the attorney conducting the sale, for the lender.

BANK OWNED (REOs)

In Southern California Forclosure auctions, if the opening bid is not met, the property is deemed a REO or Real Estate Owned property. Many of the foreclosed properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender. The lender now owns the forclosed property. The REO foreclosure property is now put on the open market for sale.


We can help you find and purchase bank owned commercial real estate, land, and REO residential real estate. Investors REO nationwide bulk sales available! We appreciate your loyalty and confidence.