Orange County Real Estate Investors say that once you decide what neighborhood to move into, it’s highly recommend to contact that local realtor. Now, the idea isn’t to find an agent that already has your dream home waiting, but rather to find an individual that has market knowledge.
Experienced realtors are much more likely to point out the right property for you, or at least they might know someone that does. When working with real estate agents that are well versed in your desired location, you might have to pay huge dividends for those looking for off market listings.
Orange County Real Estate Investors Explain REOs
REOs are also known as real estate owned properties, Orange County Real Estate Investors say that these are essentially homes that have been repossessed by the lending institutions that lend out the loan in the first place. When homeowners default on a loan, a bank typically takes the property as a way to recoup what they “lost.” Although, banks aren’t necessarily in the business of property holding, they would rather sell than hold on to them as a non performing asset.
The bigger banks that hold homes, stand to lose, with the more money they hold they incentivized to sell the home. These homes are often times sold at a discount. Because of this result, first time homebuyers that address banks with a buyer’s packet could find themselves a heck of a deal. In recent years REOs have increased, but it’s still not as high as those homes listed on the MLS.
Orange County Real Estate Investors say that there are certain homeowners that don’t even know they want to sell. It could be in your best interest to identify prime selling candidates that haven’t put their home up for sale yet.
- Pre Foreclosure Property Owners
- Expired Listings
- Delinquent Property Tax List
- Out Of State Landlords
- Probates and Inherited Properties
- Free and Clear Landlords
Orange County Real Estate Investors say that auctions represent a great opportunity for buyers that are prepared. There are a few ways for first time homebuyers to benefit from auctions. Now, there will be properties priced a bit too high or that might require a lot of work, but that doesn’t mean your dream home isn’t at an auction. It’s every likely to find properties where the opening bid is a fraction of what the property is actually worth.
On the flipside, there could be undervalued properties that are priced about right, and could be worth a bit more if rehabbed properly. If you want to avoid the MLS, you could have better luck at an auction. Just familiarize yourself with the rules, and happy bidding.