Anyone have foreclosure experience?

[Sean Heath]

Anyone have foreclosure experience in OC? 

[Will Barnard]

Many people use the term "foreclosure property" and do not always know or realize that they could be talking about either a short sale, trustee sale, or REO. There is a large difference between the three.

Short sales are actually pre-foreclosures, trustee sales are the final step in the foreclosure process, and REO's are after the foreclosure process has been completed (post trustee sale when nobody at the trustee sale buys it and the lender receives title and becomes the owner of public record.

I have purchased many REO properties in the past, a couple in OC, but mostly in LA and I have also purchased short sales and trustee sales. Today, our market conditions are very competitive and spreads are thin, however, there is money to be made if you have the right team, systems, and competitive edge (drive and determination).