REO Properties and Foreclosure

REO or Real Estate Owned occurs when houses are foreclosed when property owners become unable to pay principal or/and interest payments due on their home loan. This property is then made to undergo a foreclosure process, resulting in an auction.

Ample time is provided to owners for remedying the situation before the house goes into foreclosure. Some people prefer this, since distressed properties are often available at discounts, providing more value for money.

These customers are looking for foreclosed properties caused due to financial issues faced by the owner.

There are many ways to find these properties. You also need to be aware of several things before finding yourself a proper agent/agency to help you out.

It helps to be aware of the reasons behind foreclosure and the process to be followed for finding and purchasing such properties.

REO Properties for Sale

This gingerbread cottage style SFR is ideal for both owner-occupants and for investors! This property is a little rough around the edges and therefore we are discouraging FHA or minimum-down conventional financing; prefer 20%+ down payment conventional. The property features a concrete driveway to a 2-car detached garage with automatic opener and covered access from the people door on the side. The front door is protected from rain with a covered porch and opens to a formal entryway leading to the living room with a wood burning fireplace and glass slider doors opening to a covered patio and cinder block fenced tree-lined backyard. Off the front door entrance to the left is a convenient ¾ bathroom that also serves the adjacent larger main bedroom which is thoughtfully separate from the remaining two bedrooms on the other side of the house. From the front door entrance to the right is a combination dining area and kitchen with tile counter tops, wood parquet flooring, vent hood, dishwasher, and double sinks with garbage disposal. The inside laundry room is adjacent with a back door that opens to the back yard and is near the breezeway on the south side which would be ideal for a dog run and also serves to access the covered people door at the garage. Also off the dining/kitchen area is a hallway which contains the forced air heat unit (central air unit is in the backyard) and features a full bathroom (combination tub/shower) with tiled floors and double sinks. His property is conveniently located near many freeways and a short drive to Disneyland, Knotts Berry Farm and many other local tourist attractions, entertainment, shopping & dining. The seller does not accept blind offers or escalation clauses. Cash offers require 10% EMD or $1,000 minimum, whichever is greater, and all Financed offers require 1% EMD or $1,000 minimum, whichever is greater. $870,000 Pending

11602 Norma Lane Garden Grove, California

3 Beds 2 Baths 1,373 Sq Ft

Listed by: Mike Potier, DRE #00458210 from Boardwalk Properties 562-708-0870

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Foreclosure Properties for Sale

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