La Habra, CA foreclosure sales and bank repos in Orange County, CA.

La Habra like so many other So-Cal communities 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 122 single family homes for sale, the inventory is down about 10%  from the prior month.

• Of that number there are 12 bank repos currently for sale now that represents only about 10% of the inventory.
• However there are another 48 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 almost 50% of the total market for single family homes.

La Habra has 87 condo/town-homes for sale:                                             

• 17 condos areidentified in the MLS as bank owned in a price range from $114,000 to $350,000. That represents almost 20% of the condo market.
• Another 40 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 65% of the total condo inventory.

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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!

Read more here on short-sales in the Brea Bank Repo Report. 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

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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