The Foreclosures are Coming! The Foreclosures are coming!

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Laguna Beach Foreclosures

The Foreclosures are Coming! The Foreclosures are coming!

THE FORECLOSURES ARE COMING!!! THE FORECLOSURES ARE COMING!!!

But then again who really knows.

Over the past 4 to 6 months I’ve been representing different investors that have been buying distressed properties – foreclosure and short

Laguna Beach Foreclosures

Laguna Beach Foreclosures

sales. They range from major construction companies doing significant rehab and selling to people who are buying to live in.
This has introduced me to people that have access far up the distressed property food chain. They are in the rare air of the bankers and asset managers that are in the inside.
Orange County Coastal Foreclosures Client Short Page
CMA Page
What are they saying?

They’re saying that since the bank’s year end in coming up, they are going to be ‘dumping’ (a strong word) on the market. They say it’s going to be around the November timeframe but I already see some signs of this happening.
For the last 6 months the distressed property level from Newport Beach to Dana Point has been around 225 properties and it’s been staying in equilibrium. However, over the past 3 weeks it’s popped up to 260 properties.
In Laguna Beach alone, for the last 12 months there have been 1 to 2 foreclosures on the market at any one time . Now there are 6 to 8.
Time to ‘Pay the Piper’

What a bummer! Things have been stabilizing, at least on the low end. People confidence is going up.
But what happens if this product is put on the market all at one time. Everything the banks have achieved by holding back their foreclosure inventory maybe for naught.
Orange County Coastal Foreclosures Client Short Page
CMA Page

What do you do?

Be prepared! I’ll help you.

Watch the distressed properties on a weekly basis. Talk to people like myself that have some insight. Watch the trends? Per sqft cost trends are a great way to get the most accurate trends.

Keep you ‘powder dry’. (I love that term) Get your loan preapproval and keep it current. Read all you can on the subject. Pick out your market area and watch it closely. What types of house are you looking for and focus in on it. Go to open houses in the area….
You are not going to time the bottom. This is most important. Change that mindset.

If you believe in Orange County real estate and are going to live in the house for a while, then you feel the values are going to come back over time. If you ‘time’ you’re going to see it in the rear view window.

Subscribe to my newsletter and you’ll be kept abreast of what is happening.

Orange County Coastal Foreclosures Client Short Page

CMA Page


About Author

Sean McCracken

As the OC Realtor I’ll help you find your special OC Coastal home at that special price. With my hand holding, I’ll take you through the buying process for the minimal amount of pain - Call Me @ 949-290-5317

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