Many people dream of becoming a homeowner in Orange County and why wouldn’t they? Within a short distance you have access to some of the best food in the country, the best entrainment opportunities, world class shopping and lets not forget beautiful weather year around.
The problem of course is that Orange County has some of the highest property prices outside of Silicon Valley and the prices just keep rising. Currently, the median home value for homes in OC is just over $650,000, in just the past year home values have increased by more than 4% according to Zillow. With that kind of inflation the dream for owning a home here is out of reach for many.
For those home buyers that are on a budget many of them turn to foreclosed homes as their last chance to own their dream home. Here are a couple tips for those buyers looking to go the foreclosure route.
1. Make sure the property you are looking at has a clean title. So first thing to check off your list is secure a title report. This will tell you if there are unpaid taxes or liens due on the property. These are hidden problems that might show up until you’ve already invested money in buying a foreclosure. Doing a little homework in advance will tell you if the property is worth the investment or not.
2. Get a quality home inspection. When you buy a home through a conventional sale there are disclosure laws that protect buyers from getting stuck with a lemon. Foreclosures by pass many of those laws since past home owners aren’t involved in the sale anymore. Without a good inspection you might discover far to late that a home is prone to water problems.
3. Ask the neighbors. What the banks who own the property can’t tell you the neighbors often can. You often spend years or decades living next to the same people and over that time they learn a lot about you and your home. Taking the time and effort to ask your potential new neighbors a few questions about the home you’re considering could end up being a lifesaver.
Follow these tips and you could be well on your way to scoring a great home at a great price in beautiful Orange County!