REO Homes for Sale in Orange County
Disclosures
As the buyer of an REO home for sale in Orange County, you will be required to sign disclosures that tell you point blank that the property is being sold “As Is” and “Where Is” and other legal jargon meaning that the bank, who is now the “seller” in the purchase contract, KNOWS ABSOLUTELY NOTHING about the condition of the home. The bank has never lived in the home, and whatever specific information that is usual and customary for a buyer to recieve from a seller as the California Residential Purchase Agreement stipulates, WILL NOT be provided. The bank can’t tell you if someone died in the home, if or when major repairs or improvements were made to the home, if pets ever lived in the home, or if the appliances work or not.
Investigations
Since the bank cannot tell you anything about the condition of the home, it is all the more important to conduct a thorough inspection of the home and all of its components. This may include a general home inspection, mold inspection and mold testing, pool and spa inspection, termite inspection, roof inspection, fireplace and chimney inspection, and a soils an geological study. You should also have the gas company check all the gas connections inside and outside the home. It would also be smart to have your insurance agent run a CLUE report - this will tell whether or not there has been a Home Owners’ Insurance claim on the property.
There are some great deals on Bank Owned Homes for sale in Orange County – just make sure you know what you are getting into and the condition of the home – then go for it!
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