If you’re considering purchasing a Orange County home in foreclosure, it’s important to understand the different steps involved.  Pre-foreclosure is the time between when the lender sends the borrower a notice that it filed a foreclosure lawsuit or a notice of default in public records and a time when the home will be auctioned off.  A notice of default should include the sale date when the property will be sold at a public foreclosure auction or at the trustee’s sale.

A borrower still has the opportunity to stop the process of a foreclosure after receiving a notice of default.  If you’re an investor looking for the best opportunity to purchase a foreclosure, this would be the perfect time to contact the homeowner to negotiate a deal to purchase the property.  To avoid foreclosure, borrowers can sell the property by themselves or consider the option of filing bankruptcy to halt the foreclosure process.

For up to the minute lists of Orange County homes in foreclosure, contact local Orange County Realtors to help you.