La Habra foreclosure sales and bank repos in Orange County, CA. Condo prices hit hardest in the city. Numbers are almost idential for the past two months.

La Habra like other communities in SoCal 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 175 single family homes for sale, the inventory is up about 20%  from the prior month.

• Of that number there are 21 bank repos currently for sale now that represents just over 12% of the inventory, exacty the same as last month.
• Howeverthere are at least 69 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, almost idential to last month.

La Habra has 70 (up slightly from last month) condo/town-homes for sale:                                             

• 13 condos are identified in the MLS as bank owned in a price range from $114,000 to $287,000. That represents about 18% of the condo market.
• Another 38 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, exactly the same as last month.

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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!

La Habra is located in Northern Orange County and La Habra is well known for the lively Children's Museum,  click here to see more, we've been there many times ourselves with our family   If you're interested in learning more about La Habra check out Living in La Habra, and see why La Habra is a city with a heart.

View the bank repo report for Sept/Oct, or see the October 2008 re-sale market report. Or see a report on So Cal Homes Prices a Foot at a Time.

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