Investing in Distressed Mission Viejo Real Estate? Head’s Up on the Foreclosure Game
Marilyn Kalfus of the Orange County Register makes some great points about what can go right and what can go wrong in buying foreclosed Mission Viejo homes for sale at the Court House steps. The same rules apply to other Orange County cities for that matter. In a nut shell, when you buy foreclosure properties at auction, you are buying sight unseen. Sure, you may have driven by, looked in the windows, and if it looked vacant, you may have even gone in the back yard. (I am not suggesting you use these tactics, just setting up a hypothetical scenario.) The fact remains that you have not done any kind of inspection regarding the condition of the property. And a quick look in the window will not alert you to missing appliances, cracked slabs, and mold on the risk side. Nor will a little peek give you all you need to know on costly upgrades or amenities that could provide a huge reward.
And just remember, these risks and rewards also apply to ANYONE buying foreclosed home on the Court House steps. It’s just that these days, those folks are typically investors. Especially in Mission Viejo real estate.