Bank Owned Homes for Sale in Rancho Santa Margarita
As of today, there are 29 Bank Owned homes for sale in Rancho Santa Margarita – 10 single family detached homes and 19 condos. Remember, Bank Owned or Real Estate Owned (REO) means that the seller has been foreclosed upon by their mortgage holder and the bank now owns the home since their borrower could not continue to make their mortgage payment. You will get a very quick response from the bank on these properties, and will be asked to close escrow very quickly – usually in 20 days. Be careful and make sure you have your loan lined up (unless you are able to pay cash) – the banks usually apply a penalty charge of at least $100 per day for every day the close is delayed at the fault of the buyer.
Rancho Santa Margarita Bank Owned Condos for Sale
There are 26 Bank Owned condos for sale in Rancho Santa Margarita – the lowest price is $174,000 for a 1 bedroom 1 bath home with 882 square feet, no garage.
There are also several 3 bedroom 3 bath on the market in Rancho Santa Margarita – ranging in price from $324,900 to $449,000 – quite a bit of difference in the pricing. Just make sure you are aware of the condition of the property when you decide to buy one of these Bank Owned deals.
REO Single Family Homes in Rancho Santa Margarita
There is a single story Bank Owned house for sale in Rancho – it has 2 bedrooms, 2 bathrooms, is 1211 square feet with a 2 car for $439,000 Buy this one for yourself to retire in - can you imagine what single story homes are going to be worth in 10 years as the Baby Boomers continue to retire?
You might also want to check out this 3 bedroom 3 bath Bank Owned home for sale with 1904 square feet and a 2 car atatched garage for $534,000. On a corner lot – could be a great deal.
Be careful with Bank Owned homes – while I’ve spent a great deal of time on the potential for a great deal, you have got to know what you are getting in to in these purchases. Always have a home inspection, and if you can, have a mold inspection done as well. Sometimes these homes have been vacant for months, and were not well taken care of before that point. Learn more about mold, and how to detect it. And the value of a home inspection.
Short Sale Homes for Sale in Rancho Santa Margarita
There are 92 homes for sale in Rancho Santa Margarita that are Short Sale listings ranging from $162,900 to $749,000. Twenty-four are single family detached homes and the rest are condos or attached homes.
Short Sale Condos for Sale in Rancho Santa Margarita
The lowest priced property in all of Rancho is a Short Sale listing at $162,900 – a 1 bedroom 1 bath condo in the Los Flores condos near RSM Intermediate School with no garage, but inside laundry and a carport.
Buy this one for a rental and have your foot in the market for your kids’ college condo as the market comes back. You can always work a 1031 Tax Deferred Exchange to get them closer to campus!
Short Sale Single Family Homes for Sale in Rancho Santa Margarita
On the flip side, how about this 3143 sq ft 4 bedroom 3 bath 3 car garage with lush tropical yard and soaring ceilings for $749,000? Well, here’s the story on this one – it’s been on the market for over a year, started out at $880,000, bank approved Short Sale at $740,000. What does “bank approved Short Sale” mean, you ask? It means that you will get an acceptance of your offer of only offer on the table.)
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