Distressed Condo Sales in Orange County 
Listings and resources for distressed condo sales in Orange County, CA
There are currently 21 blog entries related to this category.
Real Estate Review, Cash Vs. Mortgage
Monday, March 14th, 2011 at 1:29pm. 119 Views, 0 Comments.
Often people considering investing in real estate weigh the option of cash vs. mortgage. There are some great deals in today’s market and often offering a cash deal can make a deal even sweeter. When cash is involved there is no mortgage, therefore no chance of a financial contingency getting in the way of closing. Cash is king, but is cash the best avenue for you and your real estate transaction?
Cash is great for:
- negotiating power
- negating a financing contingency speeding up a closing date
- eliminating a monthly loan payment
BUT cash has its downside as well, a cash deal:
- ties up assets
- eliminates a mortgage interest tax deduction
Buying a property with cash to get the best deal possible could be…
Combating High Property Taxes
Friday, March 4th, 2011 at 1:55pm. 66 Views, 0 Comments.
Combating high property taxes is something people should be aware of in a time when condo values have dropped significantly. It can be a puzzling question to many homeowners, if my condo’s value has dropped 25% why have my property taxes not decreased by the same amount? Your property tax bill can be adjusted if you make an effort to challenge it.
The first step is to take a good look at your property tax bill. This year’s assessment and last year’s assessment should be listed, as well as a breakdown of how your taxes are allocated and added up. You should have a good idea of the value of your property and whether or not you have been assessed properly. A good next step is to approach your Assessor’s Office.
What to…
Short Sale Frustrations
Friday, February 11th, 2011 at 2:15pm. 53 Views, 0 Comments.
Short sale frustrations could easily be the reason so many condos head to foreclosure. The lengthy time frame to complete a short sale, combined with hanging in the balance waiting for the mercy of the lender is wearing to say the least. A short sale can be a great way to avoid foreclosure and save a credit rating but it often takes thick skin and a whole lot of patience.
One of the most frustrating things about a short sale is the fact that if the condo were already foreclosed upon it could be sold immediately, possibly for less than it would sell for a short sale price, so why won’t the bank simply agree to a short sale? Either way the bank is losing money, why go through the foreclosure process if the condo could be sold as a short sale?…
More Foreclosures On Horizon
Monday, February 7th, 2011 at 12:46pm. 52 Views, 0 Comments.
Recent headlines tout the message loud and clear, plenty more foreclosures are on the horizon. For many condo owners the message is a scary one, one that they never expected to face on the day that they moved into their condo. Do not let fear sideline you. Foreclosures do not happen overnight, they take time and plenty of it. In New York, condos in the foreclosure process have mortgage loans that have been delinquent for an average of 600 days, Florida an average of over 500 days, California over 450 days. In other words, in many states it takes well over a year of delinquency before foreclosure occurs.
The lengthy process of foreclosure allows a condo owner a lot of time to avoid foreclosure. The two best avenues to take are loan…
Advice for Selling Your Condo During the Holidays
Tuesday, November 30th, 2010 at 2:27pm. 48 Views, 0 Comments.
There are many things to think about when selling your condo during the holiday season. It is hard to believe that the holiday season is upon us. The day after Thanksgiving marks shopping, with waves of holiday shopping specials, sales and more. The day after Thanksgiving also marks a time when many people begin the search for the perfect Christmas tree. When decorating your condo and preparing it for the holidays there are a few tips to remember that will keep it safe and help avoid any holiday pitfalls.
When using lighting for holiday decorating remember that strings of lights are designated indoor or outdoor and should be used as indicated. In addition no more than three strands of lights should be used per extension cord. Try to keep your…
Ideal Time to Buy Real Estate?
Tuesday, November 16th, 2010 at 3:51pm. 69 Views, 1 Comments.
News of recovery, historically low mortgage rates and the overall feeling that the bottom is here or near, have many people wondering if now might be the ideal time to buy a first condo, trade up to a bigger condo, or simply invest in more real estate. Let’s face it, affordability is here when it comes to real estate. For those who have a steady source of income and have the cash or the ability to acquire a mortgage, there couldn’t be a better time to buy a condo.
What are the benefits of investing in real estate? First of all when investing in anything the best return is made when the original purchase it at, or near, its lowest value. Buying a condo in today’s conditions allows for more equity to be built over the long term…
Focus on the Kitchen
Monday, November 15th, 2010 at 1:22pm. 53 Views, 0 Comments.
Focus on the kitchen when considering a remodel of your condo. The kitchen is a focal point of the condo and is so much more than just a space in which to cook or clean dishes. A kitchen is a place where people sit and eat, pay bills, do homework and socialize. When a kitchen is comfortable and inviting, as well as functional, it will make your condo more appealing to potential condo buyers when you decide to sell.
Some details of a kitchen to consider:
-
Add an island- An island provides extra counter space, extra eating space, and additional seating space. An island can expand the functionality of a kitchen.
-
Comfortable seating- Instead of hard wood or metal choose upholstered seating for your stools and dining…
Is “Vacant” Good?
Thursday, November 11th, 2010 at 2:46pm. 47 Views, 0 Comments.
When selling real estate the question of whether a vacant condo is good for selling is a viable question, the answer, however, is not so easy. Many real estate professionals believe that a furnished condo sells better than an empty condo. Then of course there are those that disagree.
A furnished condo can show a potential buyer how a condo looks when lived in. The trick in this scenario is, of course, that the furnishings should be in good taste, simple and laid out in a way that makes good usage of the condo’s space. In addition the condo should be void of personal belongings like photos that can make the condo hard to envision someone else living in.
A recent article in zillow.com on how sellers can increase their property…
Are You Ready to Buy A Condo?
Wednesday, November 10th, 2010 at 12:38pm. 54 Views, 0 Comments.
Are you ready to buy a condo? Condo ownership is a big step and if there is one thing people have learned from the recent burst of the housing bubble it is that you need to be prepared to become a homebuyer. If you are ready to take advantage of the low mortgage rates that are available as well as the higher than normal inventories and condo prices that must be near or at the bottom here are some points to be familiar with before jumping into real estate ownership.
-
Know the market in your area. Be aware of what condos are selling for and what you should expect to pay.
-
Be prepared to acquire financing. Interview lenders, clean up your credit and get pre-approved for a loan.
- Once you know what you should expect to pay…
Is A Home Inspection Necessary?
Tuesday, November 9th, 2010 at 2:53pm. 65 Views, 0 Comments.
If you are buying a condo and are questioning if a home inspection is necessary, the simple answer is “yes”. Imagine closing on your new condo and moving in to find that the heat doesn’t work, the dishwasher leaks and the windows in your bedroom are so drafty that they feel open when they are shut tight. Of course these are extremes but knowing exactly what you are buying is important and will protect you in your real estate transaction.
Unless you have put your new condo under contract with a completely inexperienced Realtor, or have written the contract on a cocktail napkin, there will be an inspection contingency in your real estate contract. This means that you will have an inspection completed on the property, and a subsequent list…
