California Garden Grove Foreclosure offers you a lot of homes which are still new and have not been occupied or bought before. These are homes which were put up by real estate builders and have been left unsold and are called hidden foreclosures. However, because they come under the foreclosure sales they are really cheap and are available at bargain prices. California Garden Grove city in the northern side of Orange County in California is home to a large number of Koran Americans and Vietnamese Americans.
What are hidden foreclosures?
Hidden foreclosures at California Garden Grove are not easy to list or to locate when you are searching for a foreclosure property to buy. This is because these are new homes which have not been bought up. Builders also avail of loans to build some homes which are either midscale or upscale and have to repay these loans regardless of whether they have managed to sell the properties or not. When this happens the banks which have given them the loans repossess the homes and put them up for sale. The banks usually get real estate agents or auctioneers to help them to locate buyers. Foreclosure auctions and government foreclosures have such hidden foreclosure homes on their listings. To locate such properties you would either have to get the assistance of real estate dealers or go directly to banks and other lenders who will be able to give you a clue about the homes which are on their foreclosure list. You could also do a no online search and get information on such properties.
Home owners find buyers before going in for default
Some home owners in California Garden Grove find buyers before they go in for default and sell the homes to them prior to foreclosure. Here again the buyer and the home owner have to locate each other so that the deal can be settled. The home owner gets a little more money in hand as the amount is usually between the difference between the market value of the property and the equity. Such homeowners are usually in several other financial problems and would want to settle the deal as fast as possible. The only problem is locating them and this could only be through dealers as the home owner would not have put a classified ad or been informed by the lender as yet that his property is going in for foreclosure.
Foreclosure homes at Property Auctions & loans
Foreclosure homes are put up for sale at various property auctions and buyers can bid for them just as they would for any other property at an auction. For buyers who require a loan to buy the foreclosure properties at auctions, there are many banks and lenders who are prepared to pay almost the complete amount whereas certain banks require the buyer to put down a 10% payment prior to the loan being sanctioned.